Will AI make lawyers obsolete?
The AI already started changing legal profession. This trend will accelerate will need for less lawyers, but having more options for cheaper and affordable legal services.
A recent report from Goldman Sachs found that 44% of legal tasks can be performed by AI, such as due diligence, research and data analytics. AI has already demonstrated that it can extract information from text, answer specific questions about its contents, and reduce the time spent preparing legal documentation.
According to The Economist, AI can impact the legal profession in the following main ways:
– reduce the number of lawyers
– reduce the manpower advantage of big law firms
– change ways how firms make money
– make legal services cheaper and more available
Changes in the legal profession will be profound.