By: N. Pirilides & Associates LLC
AI has been part of our lives for the last 5 plus years, and data will start to play a vital role in the legal tech scene.
The question of whether AI could replace lawyers, as well as how the policy makers should regulate AI through the law, is almost outdated.
The real issue is how lawyers and law firms will interact with AI. Law firms currently use AI mainly for internal purposes, such as back-office administration and marketing, and they will need to comply with the existing regulatory framework, such as the EU AI Act. It is also estimated that there will be a change on the business models and the structure of the law firms, including the hiring policies to prioritise AI-competent professionals.
Several studies support the idea that computer programs are better than humans in predicting the outcome of the legal decision-making, and it is also questionable whether AI can be used in judicial (or arbitral) decision-making. Although judicial decision is primarily the application of established legal principles or rules on the proven facts of a case, particular attention should be brought to the distinction between confidential and non-confidential data, the various sources and structure of data, as well as the necessity of issuing non-biased and reasoned decisions.
Despite the traditional structure of law firms in Cyprus, N. Pirilides & Associates LLC has already been aligned to all these parameters and, admittedly, we experience an innovative cultural change, which is not only challenging but also attractive. The future is almost now!
