There are many potential benefits to using Robotic Process Automation (RPA). An important benefit is that can automate repetitive and manual tasks in every industry. RPA is a great fit for law firms that need to perform many volume-driven tasks daily to meet their compliance obligations. With the recent advancements in RPA, many services-based industries within the Banking, Financial Services, and Insurance (BFSI) space have had a head start on adopting RPA. However, law firms are lagging behind with barely scratching its potential uses for them to make profit from it.
RPA In The Legal Industry Examples
- Automated background checks could be used to help a law firm predict its labor costs in cases. It can predict the financial risk associated with representing prospective clients.
- A bot could be trained to recognize key terms in an email that trigger the task of uploading case information and related documents.
- A computerized fraud investigation tool is trained based on concepts like linguistics and emotions in order to recognize suspicious behaviors. When this new model is applied to fraud investigations, it can instantly identify patterns based on the existing knowledge. As more data becomes available and analyzed by the tool’s technology-driven system for pattern recognition, accuracy will increase rapidly.
RPA In The Legal Industry Benefits
Automation technology can provide broad opportunities for law firms to streamline their work, reduce costs, and free up more time. As RPA becomes more and more popular, it will automate processes that would take hours upon hours for professionals to complete. With a greater possibility of human error or negligence involved in these types of tasks, there is an increased chance of not being completed successfully.
When there is more experience with AI and RPA, there can be more stakeholders’ buy-in. Though these tools carry significant expenses, their efficiency can also result in time and cost savings for the law firm.
Automating routine work and generating swift insights, AI can reduce the burden on legal departments faced with a deluge of information. The review of e-discovery materials, like many other tasks, are much more efficient if they are carried out by RPA software bots.
The Case Management System (CMS) is a vast database in which all of an attorney’s notes and correspondence are stored. Employees spend hours each week tracking their progress through this complicated process by manually entering data. This task can be automated with RPA to free employees from mundane tasks such as submitting cases numbers every day at e-filing portals.
In a world where technology has grown exponentially, legal software is on the rise. Firms and departments across all sizes are discovering that AI-powered tools like Robotic Process Automation (RPA) can drastically improve critical processes while saving time. These can be accomplished without hiring additional employees or dismantling existing workflows. The initial costs to implement RPA can be recovered with the lasting benefits of costs and time savings for the law firm