How generative AI helps law firms to compete

How generative AI helps law firms to compete

We explore the conclusions from a recent 成人影音 report and show how embracing AI will help law firms stay competitive and meet ever-evolving client expectations.

The recent 成人影音 report, Generative AI and the future of the legal profession, shows that more than half of lawyers expect firms to work with generative AI in the next year, a number that rose to 73% when accounting for large firms. Two reasons clearly explain the increasing embrace of AI: law firms need AI to remain competitive and clients will increasingly expect firms to use AI.

In this article, we are going to explore why firms cannot afford to ignore generative AI. We will show how the tech can revolutionise work in law firms, how it will meet evolving client demands, and how those two factors will allow firms to stay ahead of (or not fall behind) the competition.

Generative AI will help firms stay competitive

The applications of generative AI are endless. An AI aggregator, , shows the dizzying range of possible applications. The aggregator shows nearly 6000 AIs covering everything from the expected 鈥 writing code, writing content, writing contracts 鈥 to the absurd 鈥 perfecting small talk, suggested travel itineraries, crafting beer, and so on.

But the most popular generative AI platforms seem to be simple, performing the everyday tasks that define our workdays. Most produce information 鈥 written, video, audio, images, and so on 鈥 based on prompts that we feed into them. The most popular of these platforms include, among others, ChatGPT, Jasper, DeepAI, DALL路E 2, Soundraw, Jukebox, Synthesia, and Pictory.

These AI platforms are revolutionising everyday work, changing the world one memo, one document, one contract at a time. The legal sector has lagged behind other sectors in terms of general uptake, but more than a third (36%) of lawyers claim to have used generative AI, according to the 成人影音 report, and many more expect to make use of the tech in the coming years.

The main application of AI in the sector, according to the report, will likely remain on a smaller scale, mainly focussed on everyday tasks. At present, for example, lawyers use generative AI for research (66%), writing memos and documents (59%), and performing data analysis (47%). And those small tasks will be applied at a larger scale 鈥 in fact, almost all lawyers will eventually rely on AI.

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Such small-scale tasks can transform a law firm. Generative AI, used responsibly and geared towards providing accurate information, can provide a substantial productivity boost by streamlining and automating everyday law firm work, such as drafting and monitoring contracts, analysing essential data, producing authoritative content, performing early-stage legal research, and so much more.

The small-scale tasks may not feel substantial. But, considering we engage such tasks so many times each day, the small-scale amounts to huge productivity gains. That鈥檚 precisely why firms cannot ignore generative AI. Generative AI saves lawyers time and effort, according to the 成人影音 report, with almost two-thirds of respondents (65%) agreeing that generative AI would increase general efficiency. That efficiency improves firms. That efficiency helps law firms keep up with the competition.  

Meeting the expectations of clients

It also helps firms keep up with client needs. Clients do not expect AI, not exactly. But they expect results. Ben Allgrove, partner and chief innovation officer at Baker McKenzie, sums the sentiment up nicely: 鈥楥lients want their legal services needs met in an efficient, responsive, and value-driven way. They do not want 鈥淎I-powered solutions鈥; they want the right legal services to meet their needs.鈥 It is not AI that clients expect, but the best possible service. And the best possible service now relies on AI.

Consider one of the key use cases for generative AI: legal research. The , to use one example, helps lawyers perform legal research quickly and confidently, with the most comprehensive case law collection, editorial analysis, and data visualisation, all simplified and streamlined by the AI search experience. Lawyers can streamline myriad legal tasks, accelerate general litigation success, apply better legal strategy, and access the latest legal news 鈥 all of which is powered by AI.

Read up on the explainability of results from artificial intelligence

David Halliwell, partner at , summarises the sentiment: 鈥楪enerative AI is going to raise the standard for how law firms add value. Firms without it will struggle to provide the same level of data-driven insight and depth of analysis that clients will come to expect.鈥 That鈥檚 precisely why law firms cannot afford to ignore AI. The change can seem risky, at times, especially in a risk-averse sector. But the risk of ignoring the tech will prove much greater.

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About the author:
Mohammad consults law firms on how they can go about implementing a legal technology roadmap to increase profitability and reduce risk.