As research into Artificial Intelligence progresses, we move closer to the possibility of a mechanized future where labour and services get replaced by sentient machines running on algorithms.
Latest in this list of such services that might be threatened by such replacement is the profession of Law. If a report by UK consultancy firm Jomati Consultants is to be believed, by 2030, the “economic model of law firms is heading for a structural revolution, some might say a structural collapse.”
It becomes obvious, which aspects of the profession are more likely to be automated. Research and fact finding jobs, which require lot man hours and focus and are prone to errors, will be likely to go. A workforce that works quicker in least modified of conditions with “less salary,’ is a catch. The Jomati report highlights that currently although a junior lawyer doing this kind of work costs $100,000 a year as opposed to an AI which would cost $500,000, with more competition the prices will go down. “Even at this price they would be worth the cost as they can work 24 hours a day, 7 days a week with no downtime, thereby eclipsing the chargeable hours of the most workaholic lawyers,” the report says.
“The number of associates that firms need to hire will be greatly reduced, at least if the intention is to use junior lawyers for billable work rather than primarily to educate and train them ready to become business winners,” the Jomati consultants predict.
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A similar report published in predicted automation of 47 percent of US jobs in the next two decades. However, that report deemed lawyers at a low risk. Another report painted a similar picture in the UK job scenario, Motherboard points out.
(Image credit: The Community – Pop Culture Geek)