Wishing you and your loved ones a safe and relaxing holiday season. The InfoTrack team will be taking a break from 5pm AEDT Friday 20th December 2024, returning 8.30am Monday 13th January 2025. A few members of our HelpDesk team will be on hand to assist with enquiries from 8am-6pm AEDT, Monday to Friday, on 1800 738 524. We appreciate your patience during this time. Happy holidays!

AI’s impact on the legal industry: Navigating the evolution

The rise of artificial intelligence (AI) has brought forth discussions, concerns, and possibilities in the legal industry. According to the Tech and the Law 2023 Report by Thompson Reuters, a staggering 51% of lawyers believe that AI poses a threat to their roles. However, a deeper examination reveals that there are multifaceted dimensions of a lawyer’s profession that AI, despite its advancements, cannot fully replicate.

Beyond automation: The essence of legal practice

As the legal industry continues to evolve in an era influenced by technological innovation, it is important to recognise the strengths and capabilities that lawyers possess and AI lacks. One of these key elements is the art of relationship building. The intricacies of understanding and human connection that lawyers weave with clients and colleagues is something that goes beyond artificial intelligence. The ability to provide meaningful communication with clients, understanding their unique needs, concerns, and objectives, remains a fundamental aspect where human intuition shines.

The Tech and the Law report highlights that 30% of respondents highly value the liberation of their teams from administrative tasks to allow them the opportunity to offer strategic business guidance. This is a distinct area of a lawyer’s role that AI cannot replicate. Unlike AI, lawyers have the capacity to analyse complex situations, navigate grey areas, and provide specific advice that considers legal, ethical, and business perspectives. While AI can optimise processes, it does not have strategic vision, nor the creativity required to provide strategic guidance for business expansion.

AI as a collaborative force

In the Australian legal landscape, InfoTrack has been at the forefront of embracing AI as a tool to enhance legal processes, rather than replace them. Through a suite of innovative products, InfoTrack demonstrates how AI can streamline workflows and reduce administrative burdens, allowing legal professionals to focus on their core competencies.

AI is used in many of InfoTrack’s solutions, including:

eCOS uses AI to read and extract data from Title Searches, to intelligently determine and suggest the necessary authority searches and certificates to compile a comprehensive Contract of Sale.

Similarly, Smart Certificates automates certificate analysis for data extraction. AI reads authority searches and certificates ordered, and not only pulls relevant data into the relevant matter, but also automatically populates details such as rate values in Settlement Adjustment Sheets, minimising errors and saving valuable time.

Text extraction is also utilised in solutions such as SettleIT, InfoTrackID, and in Section 32 smart questionnaires. AI-powered ‘textract’ capabilities eliminate the need for manual data entry, seamlessly populating information into relevant matters, ensuring accuracy and efficiency. InfoTrackID also uses AI-powered image comparison technology, revolutionising identity verification and documentation review.

Embracing AI

The evolving AI landscape presents both challenges and opportunities for the legal industry. While AI undoubtedly offers efficiency and accuracy, it’s imperative to recognise that the essence of legal practice extends beyond automation. The legal profession’s capacity for human connection, strategic insight, and holistic understanding remains unparalleled. InfoTrack’s approach showcases the harmonious collaboration between AI and human expertise, demonstrating how these two forces can come together to reshape the legal industry’s future.