The world is definitely evolving in so many different ways. More and more companies all over the world are actually trying to catch up with how fast the world is changing because of modern technology.
Business who can’t seem to adapt to the change couldn’t help but close down, which is why almost everyone should be open-minded about it unless they want to be left behind. More and more people are trying to revolutionize things in different ways, just like this startup in New Zealand, that is trying to aim to introduce the Artificial Intelligence to law.
Understanding Artificial Intelligence
People are somewhat confused as to what exactly does it mean when someone says artificial intelligence. Basically, it is the ability of a machine or a computer generated a program to think as well as learn just like the human brain. It could even solve problems in much more advanced ways. One of the most popular artificial intelligence that is currently being used by many people is Apple’s virtual assistant Siri, as well as Amazon’s Alexa and Google’s Echo.
They are designed to make it easier for people to think and organize everything they are asked to do. It is the tech companies’ way of introducing artificial intelligence into the world. Another perfect example would be the smart car company, Tesla, which uses artificial intelligence to be able to drive itself. This is one of the reasons why people are trying to find ways to be able to make use of artificial intelligence in their fields of expertise, just like what this startup is trying to do.
Law Meets AI
A few weeks ago, the 2018 TechCrunch Disrupt Battlefield was held in San Francisco and a startup is known as McCarthyFinch actually developed a service platform powered by an artificial intelligence for legal matters. It started way back in New Zealand, wherein a law firm known as the MinterEllisonRuddWatts wanted to know what exactly would it be like if they actually take on the AI, in relation to the legal process. The aim is said to be for legal matters process quickly, which would be more efficient on both the legal representative and the client. This was also confirmed by their president, Richard DeFrancisco.
The company president explained that they are actually working on this idea to take on the digital world, so they could become one of the first law firms in the world to be innovative. Making it as it seems they are the law firm of the future. They have discovered that there is a huge number of PhDs who are working on AI that also worked with a bunch of lawyers as well.
This idea then became an internal project that began last year, and eventually emerged as an artificial intelligence platform. In order to be able to get started, MinterEllison, together with the New Zealand VC Goat Ventures gave a pre-seed of $2.5 million.
The main goal of the project was to be able to make tams easier especially when it comes to processing legal document reviews. They are also looking knot automatic even the document tagging. DeFrancisco stated that lawyers actually spent hours when it comes to tagging since they need to identify what’s relevant and what are the things that are unnecessary. All of the hours that are being used to tag can be used for other important things.
McCarthy Finch AI Goes Worldwide
The key is to use the natural language of processing, which would enable the company to understand all the documents that have a higher level of accuracy. This is to prevent documents from being trained since this is something most law firms don’t have time to do. Instead of selling the platform that they are working on to law firms, they want to be able to be the ones to actually market the AI skills and use them as a service to software vendors. This would help them in a massive way since they wouldn’t need to build their own AI from nothing.
They are currently doing a trial on some of the biggest law firms in the world, although DeFrancisco can’t actually give their names, he mentioned that a large law firm in Europe has already taken an interest. They are originally based in New Zealand, which is why they are planning on opening an office in the United States, but he stated that their engineering team will have to star in New Zealand.