New technologies are disrupting work like never before in history.
A growing number of tools using artificial intelligence (AI) technology have the potential to solve time-consuming tasks in the work place. This leads us to the question, if AI technology can address time-consuming tasks in the workplace, does this mean the workforce will have greater time to think critically and problem solve?
For instance, recent estimates state that the aggregate AI business value is forecast to be $1.2 trillion in 2018 and $3.9 trillion in 2022.
As human-machine interaction increases, we're left with a big question: can AI replace humans at work?
The simple answer is yes and we're beginning to see in industries like manufacturing, retail, media and marketing how AI and automation are truly transformative.
So what about the legal sector?
According to McKinsey, it's expected that 23% of legal work in the US has the potential to be automated in the future through the use of AI-powered technologies.
In a recent study, LawGeex, a legal tech startup, challenged a group of 20 experienced lawyers to test their skills and knowledge in a legal battle against its AI-powered contract review software.
The result was that AI-powered software matched the top-performing lawyers for accuracy of the analysis, however excelled when it came to the speed to undertake the analysis.
As the technology evolves and becomes more sophisticated, perhaps AI tools will dominate legal work, or perhaps we will see a combination of AI tools and lawyers' critical-thinking skills.
It's difficult to say how AI will impact the legal industry, time will tell. What is certain however, is that technology using AI and automation have the potential to redefine the legal industry.
When it came to speed, the AI far surpassed the legal minds, taking just 26 seconds to review all five documents compared to the lawyers’ average speed of 92 minutes.