A number of law schools around the world have started to incorporate specific sections of data science into their programs because unlike how it was before, understanding data science is slowly becoming very important for lawyers.
The Power of Prediction: AI is Beating Lawyers
In a study conducted in the UK, it was found that artificial intelligence is currently better at reading and interpreting data, in order to make a valid prediction regarding the outcome of financial disputes at the court of law. The reputed lawyers managed to only predict 66.3% of the outcomes accurately, while the AI-powered software managed to do the same with 86.6% accuracy. That’s a wide gap, but it isn’t as bad as it seems.
Lawyers are Also Beating the AI Elsewhere
It is to be noted and understood that the comparative test was concluded, based only on simple financial cases where the facts were presented in an orderly fashion so that the artificial intelligence’s analytical abilities wouldn’t be put under stress. In real-world scenarios, however, where the unpredictability of human behaviour and the variable, incomplete nature of the complex data played a factor, the AI couldn’t even comprehend the situation.
A perfect example of that would be medical malpractice lawsuits, where AI cannot possibly gauge the emotional impact of a situation where a patient is suffering from continuous physical and/or mental pain, due to a neglectful situation that they shouldn’t have been subjected to in the first place. Miami medical malpractice attorney services offer a high satisfaction rating without the use of artificial intelligence because, in situations like that, robots simply have no direct application.
However, the AI can still be useful in such situations, as they can help attorneys dig up information and history relevant to the case and assist them in preparing the case file against a sued health institution. Therefore, the collaborative effort in between man and machine can produce the best results, but there is no possible way that in the majority of the real-world scenarios, artificial intelligence will be able to replace actual human lawyers for the foreseeable future.
The Lawyers Did Not have Sufficient Knowledge in Modern Data Science Interpretation
As was made evident by the various findings, the huge difference between the predictive accuracy was mostly because how unprepared current lawyers are in interpreting big data. Therefore, familiarizing future lawyers with the necessary concepts of data science and training them to interpret big data better will help them become better than their predecessors. It is for that reason, incorporating big data education and other concepts of analytics into a financial law course is definitely the right approach.
Additionally, it might even be a good idea to teach lawyers how they can work in collaboration with modern data interpretation software. Instead of seeing them as competitors, it’s time that lawyers and attorneys started seeing AI as it is: a very complex, capable, and intelligent tool that they can use to further augment their own intelligence and abilities to produce better results for their clients.