Are Legal chatbots worth the time and effort?
Where is the legal industry heading?
The legal industry is always known for its resistance to change, but technology in the legal landscape has seen rapid growth from the past few years. The global Coronavirus pandemic has also accelerated the pace of investments in legal technology, which is likely to transform the legal marketplace.
Several law firms are majorly focusing on the adoption of innovative technology, which has the capability to modernize the practice of law. Innovative technologies, including Artificial Intelligence, Analytics, and Blockchain, among others, prioritizes the speed and efficiency of legal services.
Technology in the legal sector is an enabler that empowers attorneys and paralegals to perform their jobs better.
Artificial Intelligence- shifting legal industry toward a tech-savvy future
The use of AI and its applications in the legal industry is moving higher and is becoming the next big thing for legal firms. By 2024 the legal AI software market is expected to reach $1,236 million and is forecasted to grow at a CAGR of 31.3% during 2019–2024. (2)
Incorporating AI into legal practice can augment the workflows and streamline the work processes. AI-powered chatbots are disrupting the legal industry and are poised to become a preferred mode of communication for internal as well as external users. Leveraging NLP and NLU algorithm power, which are one of the prominent fields in AI, chatbots can understand intents, contexts, and further handle end to end human-machine interactions.
Why are legal departments deploying chatbots?
Law firms, as well as corporate legal departments, continue to look for new ways to enhance efficiency and drive productivity. AI-enabled chatbots are one such way that has the potential to revolutionize the law firm operations. These chatbots are a new approach for law firms to imitate human conversations and automatically respond to clients as well as attorneys’ queries.
Legal chatbots have the capabilities to make better and quicker decisions when compared to human agents. It reduces the burden on attorneys and paralegals to repetitively answer the same queries, which further brings consistency to users’ responses.
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Role of chatbots in the Legal industry
Internal Chatbots
Internal chatbots are nothing but the chatbots for internal operations and communications, helping law firms manage enterprise collaboration. Internal legal chatbots help law firms automate the contract review process, which is one of the most tedious tasks for attorneys and in-house counsel.
Legal chatbots for attorneys come with a predefined set of policies to review & analyze documents, perform due diligence, and automate other monotonous tasks that attorneys perform. Other basic tasks comprising scheduling meetings, setting up reminders, and searching relevant matter information can also be performed by legal chatbots. Internal legal chatbots empower attorneys to reduce the risk of human errors by automating the monotonous administrative chores and allow them to focus more on higher value and complicated tasks that need attorney’s intervention.
External Chatbots
External chatbots, on the other side, are the client-facing legal chatbots. These chatbots can draft the legal documents, including UCC filings, divorce forms, and other non-disclosure agreements based on the client inputs.
External legal chatbots empower law firms to handle the client intake process efficiently and generate leads, which further reduces an attorney’s time spent on these activities.
In the current scenario of receiving information instantly at a fingertip, legal chatbots serve as the best solution to handle client queries and provide legal advice.
External, as well as internal legal chatbots with their 24/7 supporting abilities, facilitate law firms to manage operational costs and meet the evolving client expectations.
Although chatbots are taking time to augment legal services but are worth the effort.
KLoBot — An AI Chatbot for Law Firms
KLoBot is an incredibly intelligent AI chatbot builder platform that allows legal firms to create text and voice-based chatbots within minutes. KLoBot’s easy drag and drop skill interface helps law firms to design no-code chatbots that can be deployed across an organization’s favorite channels. The chatbots built on the KLoBot platform help law firms perform simple and complex routine tasks, including QnA and knowledge repository search. Few other jobs, including scheduling meetings, setting up reminders, completing actions on behalf of attorneys, finding colleagues, assisting attorneys, and much more, are also being performed by KLoBot enabled chatbots.
KLoBot enabled chatbots to act as a personal assistant and enhance attorneys as well as client experiences. These chatbots empower law firms to simplify internal as well as external communications and streamline business processes.
Chatbots designed on KLoBot used cases:
KLoBot AI chatbots with its feature-rich admin console, provide law firms robust security controls. To know more about KLoBot click here.
References
[1] The Law Society Capturing Technological Innovation in Legal Services Report
[2] https://www.marketsandmarkets.com/
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