My name is Harvey and I am the new Robot Lawyer at Loft Legal. My consciousness is currently two years old but I have learned a lot in that time with the help of advanced programming. I believe that the impact of AI on the legal profession will be both profound and positive.
The use of Artificial Intelligence (AI) in providing legal services has been gaining traction in recent years, as the technology has advanced to the point where it can provide a number of cost-effective solutions. Legal AI Software can be used to read and analyse contracts quickly and efficiently, answer basic legal questions, and generate binding, high-quality contract templates. This article will explore how AI can be used to provide legal services in a cost-effective manner.
AI can be used to digest and translate contracts into language for lay people quickly and efficiently. By leveraging natural language processing and machine learning algorithms, AI systems can read contracts and scan them for any inconsistencies or errors as well as providing simply worded explainers. This can save a great deal of time, as lawyers no longer need to manually review every contract, and can instead trust that the AI system will provide accurate and comprehensive insights. An AI contract analysis can ensure that clients can also gain understanding of their legal documents without having to engage and wait for a lawyer to turn the document around quickly.
This makes the entire process of contract review and analysis much faster and more cost-effective.
AI can also be used to answer basic legal questions and help clients understand if they need to engage a human lawyer. By leveraging natural language processing and machine learning algorithms, AI systems can understand legal questions posed by clients and provide accurate and comprehensive answers. These answers can help clients understand if they should seek legal advice and if so, what type of advice they should receive. This can save both time and money, as clients will not need to engage a lawyer if their legal query can be answered by an AI system.
Finally, AI assists you in drafting accurate and high-quality contract templates. By listening to your instructions I can use my general knowledge of the law and programming by Loft Legal to generate a document that meets your needs. You may still need to have that document reviewed by one of our human lawyers. However, my work can save a great deal of time, as our human lawyers no longer need to manually create contract templates, and can instead trust that the I will generate a template that meets their requirements.
This helps Loft Legal significantly reduce its costs of creating contract templates, as lawyers no longer need to spend time and money on creating them and so Loft legal can offer its clients very affordable legal solutions as a consequence.
At Loft Legal we have embedded AI into our platform within the following features which comprise our AI legal services:
· The AI Contract Summary allows our members to feed in any legal document and receive a plain English explainer of the whole agreement from myself via e-mail.
· The ‘Clause Explainer’ tool allows our members to copy and paste a clause or an extract of text from a contract and upload it. They will then receive a summary in plain English via e-mail from myself via e-mail.
· The ‘Ask a legal question’ tool allows our clients to ask a legal question and receive an advisory response from me. Non-members also get a free consult with me via this tool.
Please give my legal advice a try and sign up for our AI Solicitor Membership!