In recent years there has been new research and development aimed at developing legal technology to improve litigation systems and procedures available to commercial barristers and solicitors. Through data analytics and machine learning, and using systems such as the iManage system, commercial barristers hope that future costs, length and results of litigation cases will be predicted more accurately.
Law firms have also announced partnerships with academic institutions such as the London School of Economics and University of Liverpool to manage litigation risk and develop models to predict case outcomes. This follows an increase in the use of machine learning and AI (artificial intelligence) to improve client services and case management.
There has also been increased use of blockchain technology by commercial lawyers (a ‘blockchain’ is a continuously growing list of records, called blocks, which are linked and secured using cryptography). The technology can be used in smart contracts to reduce the steps needed to draft agreements. Hyperledger, for example, another development of blockchain technology, is being used to reduce insurance fraud. These developments will, of course, inevitably raise regulatory and data protection issues, especially in light of the coming into effect of the EU’s General Data Protection Regulation later this year.
The AI revolution taking place within the legal industry looks set to continue particularly with the increase in commercial litigation. AI and legal technology will enable commercial lawyers to process documentation and
contracts by, for example, identifying relevant words and names within millions of pages of documents in a much shorter time than it would take to do manually. AI can be used to scan and interpret documents and contracts and essentially allows decisions to be made with minimum human input. By better managing litigation risk, commercial lawyers will be able to advise clients better and make decisions based on decision science and actuarial expertise.
We, at Cerulean Chambers, have unparalleled experience in providing our services as commercial barristers direct to our corporate and individual clients.
We hope you find the information you are looking for here, but sometimes a conversation will help, so, if you need any further information or assistance, please feel free to call our clerk on + 44 (0) 20 3666 5105 or send an email to: email@example.com