Updated: May 10, 2019
Too much information, too little time
Every year globally, millions of documents pass through the hands of lawyers to build cases for their clients and this only grows over time. According to the Future Ready Lawyer’s Survey which interviewed 700 lawyers across the world, over 72% struggle with the increasing volume and complexity of document processing and want to focus on efficiency and productivity. The legal business is on the brink of information overload.
Costly operations and costing opportunities
Multiple functions within a law firm require high volumes of information access. More often than not, these functions are mechanical and repetitive requiring lawyers to go back and forth in searching, asking and validating information versus spending time with their clients or building the case. This translates to high running costs and reduced transaction rates as a business.
Artificial intelligence is reducing the mechanical rigor in the business of law globally. Here are 3 ways law firms can consider applying artificial intelligence in their business today.
A legally-trained search engine sifting across various knowledge bases
Documents sit across domains, in emails, sharepoints and data servers. Whether performing research for a litigation case, or locating the right precedent for a corporate matter, hunting for the right set of documents is a time-consuming exercise, especially for the uninitiated. Through integrating different knowledge bases, automatically tagging documents and providing a user-friendly search interface, natural language understanding artificial intelligence can do the heavy lifting and hone in on the right set of documents. Useful views like domain filters, document relationship maps and owners’ contacts also provide lawyers with proper context and expedite the decision making process.
An AI paralegal to extract and translate information accurately
Processing documents is highly labour and cost intensive because of the technical complexity of practicing law as well as the various different document types involved. Training artificial intelligence to identify, extract and validate the right documents and information at speed would dramatically reduce the manpower time cost, allowing lawyers to have more time with clients and build their cases.
A law-smart virtual assistant as the interface for global collaboration or 24/7 client service
Today’s knowledge driven companies like banks and hotels use chatbots on a daily basis to serve their customers and virtual assistants are smarter than ever before. They provide not only information but recommendations on a course of action based on understanding the conversation it just had. With knowledge stored in cloud, lawyers can participate in a multi-chat via a ‘Lawbot’ to access information and collaborate anytime, anywhere in the world, creating organisational scalability critical for global law firms. The virtual assistant can also interact with clients, answering common general legal queries that don’t involve a specific factual matrix.
In rethinking how lawyers search and process information through technology, law firms today can create a more collaborative and productive practice that will better poise their firms for success.
Taiger specialises in information access and knowledge extraction, with technology which applies four different disciplines of AI including the lesser known knowledge representation and reasoning. Forget the laborious data preparation process or the notoriously lengthy training phase – without requiring an immense amount of data, the system is taught to read and understand information just as how a human worker does, transforming completely unstructured information to valuable knowledge for businesses and their customers.
Taiger’s AI capabilities have in fact been recognized by the likes of Gartner, and have won them several awards including a recent global FinTech competition organized by Citigroup. Taiger is also part of the Info-communications Media Development Authority’s Accreditation@IMDA scheme in Singapore.
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Founder and CEO
Sinuhé Arroyo is the Founder and Chief Executive Officer of TAIGER, a global Artificial Intelligence company headquartered in Singapore with offices in five other countries across Europe, America and Asia-Pacific.
He is a Committee Member in the Info-Communications Media Development Authority (IMDA) that defines and drives the Technology Roadmap in Singapore, and in the AI Chapter of the Information Technology Standards Committee. He is also an Executive Member of both, the AI Chapter launched by the Technology Trade Association SGTech and the Personal Data Protection Commission in Singapore (PDPC).
Sinuhé Arroyo is a sought out speaker and has extensive research experience in the field of Artificial Intelligence, with numerous international publications in research journals and books. He is also a TEDx speaker on AI.
Prior to launching Taiger, Sinuhé worked as corporate development manager at Phion AG, where he carried out the acquisition of Visonys AG and successfully established new international business partnerships. Before that, he was a researcher at DERI, taking part in several world-class research projects that laid the foundations for computational semantic technology. Prior to DERI, he worked at iSOCO S.A., contributing to one of the first commercial semantic technology projects worldwide back in 2000.
He holds a Ph.D. in Artificial Intelligence from the University of Innsbruck (Austria) and an MBA from the University of Chicago Booth School of Business, in which he still participates as an active member of some entrepreneurial initiatives, including being a judging member of the New Venture Challenge.
He self-taught programming at the age of 10 years old and has authored 5 patents.