Artificial intelligence (AI) will reduce firms’ overhead costs and free up solicitors’ time, according to the Solicitors Regulation Authority (SRA).
An SRA paper, Technology and Legal Services, published last week, suggests the technology will become ‘commonplace’. It explains that legal work carried out by computers is not less accurate than work carried out by humans. In one test, it took real-life lawyers 92 minutes to complete a task but AI finished the job in 26 seconds.
Paul Philip, SRA chief executive, said the report ‘highlights the potential for technology to add further value’.
In separate research published last week by conveyancing software company InfoTrack, however, 46% of 178 legal professionals admitted they’re not comfortable with new tech. More than half the law firms surveyed cited cost as the main barrier to implementing new technology.
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