India harnesses artificial intelligence in legal technology market
Generative artificial intelligence (GenAI) has immense potential to bring about greater automation in the global legal technology sector. This was reported by
IANS, a partner of TV BRICS.
A source claims that the use of cutting-edge technologies for contract lifecycle management, legal matter management, e-billing, expenditure management, and legal document management has significantly increased.
According to reports, incorporating GenAI within these domains will only quicken acceptance and purchase.
Legal technology use cases are expected to rise quickly as a result of the widespread availability of consumer products like ChatGPT and Bard, according to experts. Globally, lawyers must also be aware of the risks and restrictions associated with adopting GenAI in addition to its promise.
Though there is considerable risk associated with automating certain company operations, legal department managers may encounter challenging inquiries from upper management if they do not recognise the potential of automation in the legal department.
The way legal organisations operate could be drastically altered by new technologies; this transition is quickly approaching. The field of law is conservative. Compared to other goods and services markets, this one has a slightly slower pace of technological advancement. However, since progress is unstoppable, it is up to humanity to advance artificial intelligence for the good of civilisation.
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