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Artificial Intelligence (AI), a novel technology that can mimic human intelligence, has gained significant traction in recent times. AI can help automate routine tasks and streamline workflows, thereby resulting in increased efficiency and saving costs.

In the legal world, AI can help automate routine tasks associated with legal research, analysis, and billing. This blog post details the various applications of artificial intelligence in the legal industry and covers the growth drivers and top segments in the legal AI market.

Applications of AI in the legal industry

Below are some of the many ways lawyers and law firms can use AI:

E-discovery: E-discovery is one of the simplest and most common applications of AI in law. It’s a form of digital investigation that attempts to collect non-privileged data by scanning documents relevant to a case or claim.

Legal research: Another aspect where AI can help lawyers is legal research. With AI, legal professionals can quickly scan large databases related to regulations, practice areas, and jurisdictions.

Document management and automation: Many law firms now prefer electronic document storage as they take up less space as compared to their paper counterparts. However, sorting and finding documents is still challenging. Using tagging and profiling functionality, AI-powered software can help with the storage and organization of legal files.

Litigation analysis: Determining the value of a lawsuit needs an in-depth examination of precedent-setting cases. And this is where AI comes in. With AI, lawyers can easily draft highly accurate and appropriate documents.

Industry Analysis and Growth Drivers

According to our latest analysis, the market for legal AI is projected to grow at a healthy CAGR rate. The legal AI market size and share was valued at USD 1.51 billion in 2022 and is expected to grow at a CAGR of 18.00%, generating an estimated revenue of USD 7.87 billion by 2032.

The market is primarily driven by:

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·??????? Growing data privacy concerns

·??????? Improvement in the quality of legal services

How Can Legal AI Benefit Legal Firms and Clients?

Legal AI can provide numerous benefits to both legal firms and their clients. Some of them include:

Enhanced productivity: AI can automate routine manual tasks and other time-consuming activities for law firms. That way, legal professionals can have more time for other important tasks.

Improved access to justice: AI tools developed by Legal AI market key players can reduce barriers to justice, especially the high cost associated with seeking legal help. By saving on routine work, law firms can reduce the costs for their clients.

An enhanced client-centric experience: With AI tools taking care of the manual and tedious work, lawyers can have more time to spend with their clients. This, in turn, fosters better client relationships and results in an enhanced client experience.

Solutions Segment Held the Largest Market Share

The segment’s dominance in the Legal AI market can primarily be attributed to the rising usage of legal AI to streamline the operations of legal services. With AI-powered software, repetitive and time-consuming tasks within legal practices can be automated. In addition, the advent of innovative solutions incorporating features such as machine learning and predictive analytics presents significant opportunities for the growth of the segment.

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Effectively Handling Extensive Data Amounts

The adoption of AI in the legal realm has allowed law firms and legal departments to simplify several time-consuming tasks. The various advantages linked to AI-driven legal tools are anticipated to drive the legal AI market demand over the forecast period.