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Training in Big Data Could Become Important for Lawyers in the Future

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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.

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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.

Strongest year-by-year growth in a decade expected

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The number of business trips and the cost of those trips is set to rise in 2019, according to the 14th annual International Travel Management Study (22 October 2018). Almost half (45 percent) of the 777 corporate travel managers surveyed by AirPlus in 24 countries expect their company to travel more in the year ahead. That figure is up from 35 percent in 2018 and the highest since the global financial crisis of the late 2000s.

Only 10 percent of travel managers believe their company will travel less, while 44 percent expect no change. India is the country where the highest number of travel managers (83 percent) forecast more trips in 2019. In contrast, 33 percent of Russian travel managers, more than any other country, predict less travel.

Travel managers are economic optimists

Almost half (46 percent) of travel managers expect the global economy to affect business travel positively in 2019. That is well up on last year (27 percent) and the highest figure in the six years the study has asked this question. Only 16 percent of travel managers expect the economy to affect business travel negatively, down from 20 percent in 2018.

The optimism among travel managers may seem surprising given several risks threatening to slow the global economy in 2019, including Brexit, slower growth in the Chinese economy and international trade disputes. But at time of writing the International Monetary Fund’s 2019 forecast is for global GDP growth of 3.5 percent (slower than 2018 but still a relatively high figure), and business travel volume and GDP have long been shown to correlate.

Expect business travel to cost more in 2019

The almost inevitable consequence of more travel is more cost, and sure enough, 51 percent of travel managers expect their company to increase its travel spend in 2019 — up from 41 percent in 2018.

“Our travel managers’ prediction of increased corporate travel highlights the importance that business travel has gained over the years. Regardless of any possible positive or negative effects of the global economy, travel managers consider business travel to be necessary and essential in order to gain new business and meet corporate challenges”, says Yael Klein, a marketing director. “But more travel also means companies need to pay increased attention to controlling their rising spend. Luckily, there are many excellent tools and techniques to help track and manage travel spend. 2019 is definitely the year to put these good travel management practices in place, or review them if you already have a strong managed program.”

Action points recommended to control budgets include:

  • Make sure you have a good corporate payment solution providing the best possible travel spend data.
  • Review your policy to identify fresh potential savings.
  • Re-visit your supplier deals. If you have more spend, you also have more spending power.
  • Communicate. Tell your travelers that costs are increasing

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WTTC Brexit Warning: 700.000 travel tourism jobs at risk in Europe

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Gloria Guevara, President and CEO, WTTC

Over 300,000 jobs could be at risk in the Travel & Tourism sector in the United Kingdom and almost 400,000 in Europe if the UK leaves the EU without a deal on 29 March, according to a new analysis from the World Travel & Tourism Council released today.

A “No Deal” Brexit would have a damaging impact on one of the UK’s most important economic sectors.

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According to WTTC, which represents the private sector of Travel & Tourism globally, the industry contributes more than €1.5 trillion to the EU’s GDP (10.3% of total) and supports 27.3 million jobs (11.7% of total). In the UK, the sector contributes £213.8 billion to GDP (10.5% of total) and supports four million jobs (11.6% of total).

The WTTC analysis models the impact on the Travel & Tourism sector over the next decade, based on the 7.7% forecasted fall in economic activity across the wider UK economy modelled by the International Monetary Fund (IMF). In this situation, a No Deal Brexit would result in:

  • A loss of 308,000 jobs in the UK economy
  • A loss of 399,000 jobs in the rest of the EU
  • A loss of £18.6 billion in GDP to the UK economy
  • A loss of £22.0 billion in GDP to the economies of the rest of the EU

To minimize the impact, it is crucial that:

1. The UK should continue to have access to the Single Aviation Market

2. Visa-free travel between the UK and EU should be maintained and the movement of people should be as seamless as possible while maintaining security

3. The mobility of labor for Travel & Tourism employees across the UK and EU should continue

4. Security co-operation to avoid hard border checks and lengthy delays are paramount

Gloria Guevara, President & CEO, WTTC said, “The UK is the fifth largest Travel & Tourism economy in the world. Given its importance to the UK economy, it is now clear that a No Deal Brexit would have a dramatic impact on one of the UK’s most significant sectors.”

“If the IMF prediction on the wider economy is realised, there would be a total cost across Europe of over £40 billion and over 700,000 jobs compared to our projections. Our Members are already seeing an impact on their businesses and workforce.”