AI IN LEGAL & ACCOUNTING
The value of AI for the legal sector lies in the automation of previously tedious manual processes, allowing to devote more time to valuable and strategic work while cutting costs, increasing accuracy and enhancing service. The legal profession was in the past mainly dominated by manual work.
Given higher cost pressure in some areas such as tax law, accounting related work as well as, in some cases, during M&A, law leads to the need for leaner processes to ensure profitability. The development of technology makes it now possible to support the lawyer in the number of manual processes. Until a couple of years ago, most of the work in the legal sector was manual, the computation of models on textual data was impossible or very costly. Modern natural language processing and text analytics turn out to be a game changer in this area. Now it is affordable to run large-scale analytics and machine learning on textual data like numbers and data tables.
Many applications are using natural language processing and supervised learning. Some possible areas are listed below.
Areas and samples of AI application in Legal & Accounting
- Applications can be in the defense of cases and to support a lawyer in finding the right cases to refer to.
- Other application scenarios can be when the lawyer wants to get a quick check on whether there is a law or existing judgment that would stand between his case and winning it.
- In M&A the application of text analytics to sort documents is already in place at some larger banks and data room providers.
- Generally dealing with more and more textual data makes it difficult for the lawyer to find information quickly and efficiently. Here AI can help improve document search and find quicker more relevant textual information that can be extremely valuable for the legal work.
Meet the industry leader
Legal & Accounting, 2021.AI
Björn Preuß is a Senior Data Scientist at 2021.AI and the company’s industry leader in accounting and legal, working closely with financial clients. Bjorn is the business owner of two models at 2021.AI and always brings in client perspectives to the production of our products and services.
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