Law of Innovation Sample Assignment

LAW OF INNOVATION

Innovation is the general driving force behind the creation of small businesses and
entrepreneurship. Innovation applies not only to product ideas and new businesses but also to the
internal operations of the organisation. The Successful business owners constantly innovate
various internal processes and systems in relation to sustain and create a source of competitive
advantage (Benkler., 2017). Even the global economy needs those companies which create an
unending range of new products, technologies, systems and services. So innovation has to be
implemented to various things and not only to the products. According to Weyrich, Innovation
include three phases:-
 Invention phase:- In this phase ideas are generated
 Implementation phase:-In implementation phase the appropriate ideas are selected and
improved.
 Market penetration Phase:-this is the phase in which ideas are used for commercial gain.
Innovation is also paying an important role in law firms (Li and Du., 2017). Generally
Artificial Intelligence (AI) refers to the advancement of computer systems able to operate tasks
generally requiring human intelligence like speech recognition, decision making, translation
between languages and visual perception.
These days law firms are using Artificial intelligence to more effectively conduct
research and bill hours and perform due diligence. Even some expect that the effect of AI to be
much more transformative. It's estimated that AI will exclude most legal and para-legal research
or innovation within the next decade. As Artificial intelligence is rapidly improving, the value of
human forecasts without AI advancement will likely reduce (Reid., 2018). But this does not
indicate doom for lawyers. However. AI will change the way through which humans take
decisions and will employ machine derived forecasts as an improvement to human judgement.
So the quality of human judgement is improved by machine forecasts and analysis will increase.
Traditional legal departments and law firms who applies efficient advanced legal
technology and AI will be well settles to deliver improved decision making, real time insights
and enhanced efficiency. In these legal firms, lawyers will become capable to do what they get
trained for, and that innovation or technology can not replicate (Marchant., 2017). Lawyers will
exercise a higher order cognitive ability or skill including critical creativity and thinking and then

they will apply their independent judgements. Hence they will do smarter, quicker and accurate
work using cognitive computing technology and AI.
The McKinsey Global Institute discovered that technology will translate various concepts
of legal work but legal experts estimate that high paid lawyers will utilize their time on working
on projects with high level cognitive demands and on the top steps of legal ladder, so non-
lawyers or automation will operate the routine legal services.
Technology is translating the legal profession but automation will not be able to make
professional judgement (Krishnamoorthy and Rajeev., 2018). It will enable those who employ,
leverage and adopt it to give cost effective and better legal services and good representation for
their clients. Lawyers and legal organisations which embrace AI legal automation will extract
those advantages and gain competitive benefit over those who do not.
So legal technology and AI will not advance or automate the legal occupation out of
existence. Technology will provide productivity and growth by driving efficiencies and
increasing accuracy. The various less routine use cases which include document mining,
forecasting case outcomes and legal research are becoming faster, cheaper and better with the
help of intelligent software. For law firms and lawyers who applies advanced technologies and
AI, legal work will become effective and more efficient (Will A.I. Put Lawyers Out Of Business,
2019).

REFERENCES
Books and Journals
Benkler, Y., 2017. Law, innovation, and collaboration in networked economy and
society. Annual Review of Law and Social Science. 13. pp.231-250.
Krishnamoorthy, C. S. and Rajeev, S., 2018. Artificial intelligence and expert systems for
engineers. CRC press.
Li, D. and Du, Y., 2017. Artificial intelligence with uncertainty. CRC press.
Marchant, G. E., 2017. ARTIFICIAL INTELLIGENCE AND THE FUTURE OF LEGAL
PRACTICE. Scitech Lawyer. 14(1). pp.20-23.
Reid, M., 2018. A Call to Arms: Why and How Lawyers and Law Schools Should Embrace
Artificial Intelligence. U. Tol. L. Rev. 50. p.477.
Online
Will A.I. Put Lawyers Out Of Business. 2019. Online Available Through:
<https://www.forbes.com/sites/cognitiveworld/2019/02/09/will-a-i-put-lawyers-out-of-
business/#5a9b8a2931f0>.