Note: This article is just one of 60+ sections from our full report titled: The 2024 Legal AI Retrospective - Key Lessons from the Past Year. Please download the full report to check any citations.

Key Applications

Document Review

AI-powered document review tools can review and analyze a far greater volume of documents in a day compared to human reviewers, accelerating the document review process. AI software has the potential to reduce the total number of hours professionals spend reviewing documents by up to 40%.[12] The global e-discovery market (not a focus of this whitepaper, but relevant to document review) is expected to reach $17.1 billion by 2027, with AI playing a significant role in its growth.[13]

Legal Research and Analytics

AI-driven legal research platforms can reduce research time by up to 70% compared to traditional methods.[14]

Contract Analysis and Management

76% of respondents to a 2023 survey already use contract management software.[15]

Regulatory Compliance and Risk Management

Machine learning algorithms can reduce 'false positives' and detect suspicious behavior and risk-classify elements within a transaction as being higher or lower risk more effectively, compared to humans.[16] AI and machine learning can enhance the effectiveness of Anti Money Laundering (AML) systems by improving accuracy in identifying suspicious transactions and reducing false positives.[17] 60% of financial institutions are already using AI for risk management.[18]