The legal division at ALM Intelligence has released a report, which provides a detailed look at how law firms are affected by the current state of artificial intelligence.
Today, like many industries, law firms are faced with having to make critical decisions, adapt to the changing environment, or push onward in a ‘business as usual’ mindset.
It should be noted that artificial intelligence does not represent a singular solution to survival.
However, embracing the technology will help law firms meet their current and future challenges faster, and will open the doors to ancillary revenue streams.
“The path to using artificial intelligence is not quick, and requires planning, resource building, trial and error, a continuous approach and culture shift,” said Erin Hichman, Senior Analyst at ALM Intelligence and author of the report.
“Artificial intelligence is not a replacement for lawyers, but rather a tool to improve efficiency and accuracy that will not eliminate the need for lawyers, but will change how legal services and advice are consumed and delivered.”
The wheels are in motion
According to Deloitte, 100,000 legal roles will be automated by 2036. Indeed, the idea of AI and automation to the legal profession is nothing new, and is something that has been considered for sometime, like in other industries.
By 2020 law firms will be faced with a “tipping point” for a new talent strategy, with Deloitte’s report finding that “businesses must prepare effectively now so they are not left behind by the end of the decade.”
The legal industry should embrace the ethos of NextLaw Labs, “the first legal technology venture created by a law firm,” and commit to AI and innovation.
“Many aspects of the legal profession are based on precedent, which makes the use of AI for numerous repetitive knowledge tasks and other functions very interesting,” said Patrick Fuller, Vice President, Legal, ALM Intelligence.
“The use of AI will continue to increase, driven by legal departments seeking efficiency, consistency, and predictability, and by law firms pursuing differentiation and scale.”