Yes, in certain activities, says a research done by Professors at Duke Law, University of Southern California, and Stanford Law School. This study has found that Artificial intelligence (AI) is 10% more accurate than human lawyers in reviewing business contracts such as Non-Disclosure Agreements (NDAs), one of the most common legal agreements used in business. AI is now a game changer, even in the legal industry. AI-powered business transcription services are also simplifying the time-consuming process of manually transcribing word-by-word.
The study used LawGeex, a leading AI contract review platform against 20 US-trained top corporate lawyers with decades of experience, specifically in reviewing NDAs. Both the human and AI participants were scored based on how accurate their assessments were. The results of this document-analyzing competition between lawyers and artificial intelligence are as follows:
- LawGeex achieved an average 94% accuracy rate at surfacing risks in NDAs, compared to an average accuracy level of 85% across 20 human lawyers.
- The challenge took the AI platform 26 seconds to complete, compared to an average of 92 minutes for the lawyers.
- The longest time taken by a lawyer to complete the test was 156 minutes, and the shortest time was 51 minutes.
A first research of its kind, the report highlights the impact of AI on daily legal tasks. According to Gillian K. Hadfield, a lawyer who participated in the competition, “This research shows technology can help solve two problems – both making contract management faster and more reliable, and freeing up resources so legal departments can focus on building the quality of their human legal teams.”
Another instance for a better AI solution would be Blockchain technology that is now being used to build tools and infrastructure that help lawyers draft contracts, record commercial transactions, and verify legal documents. It could help reduce the time lawyers spend on routine tasks and that frees them up to spend more time on legal insights.
Consilio Survey Adds to Expectations
Another survey conducted by Consilio, a global leader in e-Discovery, document review and legal consulting services highlights that 53% of legal professionals believe AI will create more opportunity within the legal industry, while 40% says it will help the industry. Respondents of this survey also agreed that AI will enable lawyers to spend more time on higher level, strategic work and create cost efficiencies. Also, 62% of legal professionals surveyed said AI is impacting their day-to-day jobs right now and 95% expect AI to impact their day-to-day jobs in the next five years.
Though this technology can never entirely replace a human lawyer, it can assist them to a great extent in improving their job performance, in the same way affordable transcription solutions benefit the legal community with better documentation support.
