The legal industry is redefining itself under a flood of AI applications that emerge at a staggering speed. During a panel discussion at ILTACON 2023 in Orlando, I talked about the role of Artificial Intelligence in legal. This blog post summarizes my personal takeaways on how to successfully implement AI within law teams globally.
There is great momentum and a perfect opportunity to redefine the legal profession for the better. AI-powered tools are not only putting pressure on pricing, as certain services are being commoditized at a high speed, but also changing the nature of the legal profession. As clients are no longer willing to pay for a lot of the low-value services, like generating a non-disclosure agreement (NDA), firms are shifting towards a model where they focus on high-value services (such as client advisory on complex contracts with extensive tailoring and negotiation requirements) and looking to charge based on added value.
AI can help to meet changed client expectations and to attract and retain talent. By automating tedious and unrewarding tasks, these technologies free up skilled legal professionals to focus on high-value and more intellectually stimulating tasks. This not only enhances job satisfaction among legal talent but also maximizes their contributions to the firm’s success, ultimately benefiting both the professionals and the firm as a whole. Lawyers often possess a competitive drive to excel in their work, and AI can assist them in achieving greater efficiency and accuracy, contributing to their success.