The legal service industry is currently undergoing a profound business model transformation driven by a highly competitive market where clients are starting to set the agenda. As revealed by a recent study, "intelligent automation and artificial intelligence are powering a new era" in which machine learning applications are used to support human knowledge for increasing the efficiency and productivity in the legal service industry, with the final objectives of improving the client experience and making legal services universally accessible.
Most law firms sit on top of a gold mine of information about their own legal business practices, in the form of unstructured and semi-structured data, which is waiting to be mined through the use of artificial intelligence, and specifically, natural language processing. Years of billing records are available at firms' FMS databases that contain insightful and valuable historic data describing the manner in which matters and legal work have been executed. AI and ML techniques enable unprecedented capabilities for defining new marketing, pricing and management strategies by leveraging the knowledge stored in such data repositories, helping firms to become more competitive.
Over the years, most of the AI and ML research community in the legal domain have been mainly focused on problems related to the practice of law. AILBIZ 2021 intends to be an opportunity to introduce the research community at ICAIL to a different aspect of interesting problems, which are mostly related to the business side of the legal practice. Consequently, we expect AILBIZ 2021 to provide opportunities for researchers, both experienced and newcomers alike, to participate in discussions, exchange ideas and engage in collaborations around the specific set of problems covered in the workshop; where AI and ML have the potential to drive a profound transformation on this global multi-million-dollar industry with high societal impact.