Starting to get disruption in the legal world by the looks. Already in some areas Technology (AI) also smarter or more accurate and faster than the usual primitive time biased human case crunchers, they call it a competition probably for PC reasons but its really a productivity and accuracy/quality of work comparision in example 1. and In example 2 We get the best news possible for the professional (soon to be out of date) service sector, with the birth of the first ' Robot Lawyer ' that provides FREE, yes FREE legal counsel using AI which has already saved its clients $9mil !! and the robot Lawyer isn't even a one year old yet. Thats how most legal counsel should be.... FREE
Anchorage at SGH UK seem to be far better operators than the last lot, they cut more aggressively, are investing 30 mil pounds in Tech systems and AI and are now also ABS structured so they may well come good over there.
Heres a snippet of some AI stats i mentioned and the link.
Example 1 - AI has the upper hand at reviewing non-disclosure agreementsA recent competition “pitted twenty experienced lawyers against an AI trained to evaluate legal contracts.” Both the lawyers and the computers were given four hours to review 5 non-disclosure agreements for 30 legal issues. The machine won handily, with a 95% average accuracy (vs 85% for humans), and a strikingly low average time of 26 seconds (vs 92 minutes for humans). Example 2 - The world’s first robot lawyerIn a great example of what I call technological asymmetry, British entrepreneur Joshua Browder has invented “the world’s first robot lawyer”, a chatbot that provides free legal counsel using AI. He claims the invention has saved its clients over $9m, and he has expanded from parking tickets to landlord-tenant disputes, maternity leave coverage and data breach claims. At the moment this technology probably creates the biggest threat to sole practitioners and very small law firms. His most recent announcement states that “you can now sue anyone (in all 50 U.S states and 3,000 counties), fight corporations and beat bureaucracy” for free. https://pwc.blogs.com/industry_perspectives/2018/10/are-law-firms-taking-advantage-of-emerging-technologies-1.html
