90% of law firms will be done away with automation. Most of the DD, vetting and drafting work can be done by sophisticated machine learning softwares far better than grumpy tired associates at night 2 am.
Indian law firms have been slower in accepting technology. There's also the factor that the financial incentive to code towards a product that will be bought by 5-10 firms is low. However, the sophistication and ability of AI is already there. You just need machine learning to become more popular before a random teenage can code a software that need can eliminate 90% of DD work,
Not as straightforward as that. AI still isn't that sophisticated and it won't get there anytime soon. Also, if AI does attain that level of sophistication, then rest assured that will make redundant the bulk of the tasks executed by people in any profession, not just in law firms.
There is no evidence yet of AI drastically transforming the legal sector in even Western nations that are far quicker than than others at adopting technology.
Some AI applications will undoubtedly help lawyers in a law firm execute their tasks faster, but no AI application will completely replace humans in this sector in the near future.
Will hiring increase rapidly or will it continue at the same.
Will law firms be able to bill higher and higher over the years. Future of Partners and Associates.
We are talking about the long term, 2030's, 40, 50's and 60's.
Let's try and predict what will change over the years.
Indian law firms have been slower in accepting technology. There's also the factor that the financial incentive to code towards a product that will be bought by 5-10 firms is low. However, the sophistication and ability of AI is already there. You just need machine learning to become more popular before a random teenage can code a software that need can eliminate 90% of DD work,
There is no evidence yet of AI drastically transforming the legal sector in even Western nations that are far quicker than than others at adopting technology.
Some AI applications will undoubtedly help lawyers in a law firm execute their tasks faster, but no AI application will completely replace humans in this sector in the near future.