Transcription in law is certainly nothing new. But, this decades-old necessity in the legal system has come a long way from the totally manual processes that were once the industry norm.
Cutting-edge transcription vendors are harnessing developments in AI speech-to-text technology and incorporating latest advancements into their solutions. All of this helps to boost accuracy to near-perfect levels in order to meet sky-high industry standards in law.
In recent years, the legal industry has experienced a paradigm shift in the delivery model for various services. This model, coined Legal Process Outsourcing (LPO) involves delegating various processes, like transcription, to external vendors, allowing law firms and legal departments to minimize costs, increase flexibility and focus on more critical activities. Most importantly, this allows organizations to leverage the latest technologies that are typically not available in-house.
The legal sector heavily relies on audio and video files, as all processes are typically recorded for use in cases. All of these files must be transcribed to maintain accurate records, which have the power to make or break a case. An AI-based solution drastically speeds up this notoriously slow process, giving legal professionals faster access to precise information so that cases can be solved quicker.
Here are the top 8 advantages of AI-enabled transcription for the legal sector:
1. High Accuracy: The use of machine learning algorithms ensure that the technology learns from any mistakes and keeps improving with time, further boosting accuracy
2. Easy: Users can flexibly upload files and download completed transcripts through multiple online channels
3. Fast: Automating the majority of the transcription process significantly cuts down on turnaround time and boosts efficiency without compromising on high accuracy
4. Scalability: AI technology reduces turnaround time and enables growth by allowing organizations to transcribe a large volume of files without allocating valuable in-house resources for the task
5. Security: Confidentiality is one of the most significant concerns when it comes to legal transcription. Vendors that leverage AI utilize algorithms to monitor all activity and ensure that only clients have access to their files
6. Customization: Transcription of audio files is done effectively irrespective of the file format and is then delivered in the required template
7. Cost Effective: AI transcription is cheaper than paying the salary for an in-house employee to perform the task. It also enables law professionals to spend their time on core activities that boost profitability
8. 24/7 Availability: A web-based platform can be accessed anytime, regardless of traditional business hours or time differences
AI-based transcription technologies also open new opportunities for organizations that can benefit from text-based information derived from audio and video content. This information can provide index and metadata enrichment to be used in other legal processes, such as eDiscovery and document review. Moreover, automating transcription also reduces the risk for subjective interpretation of legal documents that can affect the outcome of a case.
Despite what sensationalist headlines may suggest, the rise of AI doesn’t mean that robots are out to steal anyone’s job. On the contrary, AI has immense potential to allow law professionals to take on a more strategic role, by leaving tasks like transcription to the machines. The purpose of AI, then, is not to replace legal jobs, but rather to augment them with enhanced speed and accuracy.