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BENEFITS OF USE OF AI IN ARBITRATION
Artificial intelligence, or “AI,” is the term coined to describe the general process whereby large amounts of data are combined with powerful iterative data processing systems and intelligent algorithms, thereby enabling the software to learn automatically from patterns or features in the data. Arbitration is a document-intensive field of law that requires counsel and arbitrators to spend countless hours on legal research and document review. Due to an ever-growing demand for speed and efficiency, the present state of affairs cannot last.
The AI conclusions are reported to be remarkably accurate and often at a cost significantly lower than the countless hours a young lawyer would have to spend finding and attempting to analyze all the inputs. Thus, AI may serve to revolutionize the current disequilibrium in resources between parties who can afford the many lawyer hours such analysis may require and those who cannot.
Benefits of the use of AI in Arbitration
The use of Artificial Intelligence is sure to bring many advantages. They are few direct ones that are discussed below:
- The main use of artificial intelligence in arbitration today is to review increasingly vast amounts of digital arbitral data held by parties and their counsel in order to determine what is relevant to the particular case and then to analyze that data and present it in a more effective manner. This use of AI to process arbitral data has, and will increasingly, help to correct the cost and time problem created by the digital data at issue in complex disputes today.
- Expanding the use of AI to analyze arbitral awards to undertake actual legal reasoning and to provide reasoned advice about how companies and legal arguments have fared in the past, how arbitrators have decided issues, and how damages have been approached in similar cases.
- AI offers the potential of predicting results in advance including, for example- Chances of success generally, and with a particular decision-maker; Likely range of damages generally, and with a specific decision-maker; Timing to a decision before a particular institution, and before a particular decision-maker; Likely costs to be incurred. It will help reduce uncertainty in any dispute resolution process.
- AIs could also be used to assess evidence, which consists of arbitration of determining the relevance and materiality of documents. AIs could present a summary of the pieces of evidence produced by the parties and in the context of discovery or the analysis of the important quantity of documents, AIs could be more efficient than humans and less prone to mistakes.
- AI may render the use of court reporters obsolete as the AI platform would be able to record the hearing via microphones and provide a real-time transcript with speaker identification for all concerned.
- Arbitrators spend a lot of time on drafting standard sections of their arbitration awards, e.g., the parties, the procedural history, the arbitration clause, the governing law, the parties’ positions, and the arbitration costs. Arbitrators may save time and parties’ fees by delegating the drafting of such ‘boilerplate’ sections to AI machines.
- Appointments of robots would be less vulnerable to challenge on grounds of conflict of interest or bias. Presumably, also, their decision-making process would be less likely to be tainted by the very human weaknesses of bias, illogicality or just having a bad day.
- ai
- arbitration
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