The doctrine of precedent is an important principle in several legal systems. This means referring to a previous judgment, which could be as early as in the 1800s. The doctrine of precedent is expressly incorporated in various judicial jurisdictions across the globe.
It is incorporated in India by Article 141 of the Constitution of India, 1950 which provides that the decisions of the Supreme Court are binding on all courts within the territory of India. Similarly, the decisions of a High Court are binding on all the courts below it within its jurisdiction. It is also an important element of the British legal system where a hierarchy is established in the British courts in which some cases are bound to follow the previous decisions while some cases are not.
Today there is an explosion of information — 90% of the world’s content has been created just in the last 2 years. Even paralegals need support!
1. Formal models of legal reasoning
2. Computational models of argumentation, decision-making, and evidenced reasoning
3. Legal reasoning in multi-agent systems
4. Executable models of legislation
5. Automatic legal text classification and summarization
6. Automated information extraction from legal databases and texts
7. Law-bots to automate minor and repetitive legal tasks
8. Risk assessment, pricing, and timeline predictions of litigation
9. Automated Contract Reviews
10. Compliance Monitoring
What if we had a way to automate and enable data to be readily discovered and available for the usage of legal experts? Third Ray Insight Engine solves just this problem. It can extract information from any document and make it available to take decisions.
Going further, Third Ray Insight Engine can provide an integrated environment for legal experts and customers to review, collaborate and summarize actions. We will cover some of these areas in subsequent posts.
Meanwhile, we would love to hear from you on what areas of legal aspects do you think AI and ML can make a significant contribution.
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