First Technology’s Post

Thanks to Deloitte Legal for this insightful report, in which major clients provided their views on AI's impact on legal teams. Takeaways: 🚀 Respondents are generally ambitious, predicting high adoption in the short term. 👩💻 AI is expected to have the most transformative impact on document review and data extraction, within the context of contracts and commercial matters as well as legal operations. 🔎 For legal departments, it will be critical to focus on: thoughtful governance; broad rollouts for experimentation with the right training and feedback; evaluation of use cases and POC testing, by leaning on external partners; data hygiene for more data utility; and long-term planning for safety, skills accounting, and resourcing.

An AI webinar with a difference. NOT another discussion about how fundamentally important AI is (yes, we know that) and where AI might take us. Instead, we will reveal what the main legal vendors are doing, what this already allows law firms to automate, and what will be possible in 2025. Jeremy Hyman (JHA), Brendan Ridge (Intapp) and Cathy Kirby (Baskerville Drummond LLP) will be quizzed by host Andy Poole (Armstrong Watson). 14 November, 9.30am #AI #automation #timesaving #costsaving #solicitor #lawfirm #makingiteasier

Many of the most profitable law firms have embraced alternative fee arrangements. AI is unlikely to bring down the hourly rate model on its own. Competitive tension ensures reasonable pricing and best value while efficiency in service delivery is preserving/increasing law firms’ margins. This is a win-win for both corporates and law firms with more cost control predictability for the former. Coming up with productivity improvements may need to be measured from the perspective of staying competitive in a changing environment or for helping acquire new clients. https://lnkd.in/e_57BA_g Via Ken Crutchfield, Vice President & General Manager of Legal Markets at Wolters Kluwer Legal & Regulatory US #Legal #Legaltech #Procurement #Thoughtleadership #Ai

Excellent article by Marc Vogelsang (M&A Transactions, Real Estate and Tax Litigation at EY) on AI and due diligence. AI could become a game changer for both buyers and sellers (VDR preparation). Outside in buyer dd could also benefit from AI. AI generated summaries of lengthy docs would also speed up due diligence. Human and AI working together would also further speed up first dd drafts and make buyers more competitive (think auctions processes or preemptive offers). Marc’s concerns focuses on privacy and hallucinations. Interesting final comments on whether or not AI backed due diligence could become the new normal when assessing “fairly disclosed” condition. Should buyers of legal services now systematically request or at least ask their law firms about use of AI in due diligence and what would be the impact on due diligence speed and pricing? https://lnkd.in/ejDBpdcm #Legal #Law #Mergersandacquisitions #Technology #Ai

💼 While corporate America is sprinting, many law firms are still lacing up their shoes. As AI sweeps across industries, law firms are still holding back, cautious of adopting technologies that could reshape their services, according to a Law.com Pro Fellows report by Aaron Boersma. But that hesitancy could be costly. This gap leaves many law firms struggling to match the pace of their business clients, who are actively using AI to enhance speed and efficiency. 🚀 The Slow Pace is a Competitive Risk - corporate clients are moving forward fast with AI, expecting their legal partners to keep up. If law firms continue to hesitate, they risk becoming obstacles rather than allies in their clients' growth journeys. 📈 Firms Need Balance, Not Blind Adoption - the key isn’t a reckless rush into AI but a careful adoption that improves efficiency without sacrificing quality. It's about enhancing legal services while respecting the profession's demands for thoroughness and accuracy. ⏳ AI is Now Essential, Not Optional - with AI-driven workflows, clients expect faster turnaround—sometimes in hours, not days. This speed is about more than just efficiency; it’s about seizing opportunities that could vanish in today’s fast-paced market. 🤔 Generative AI in Personal Use as a First Step - to ease the learning curve, the report suggests attorneys first experiment with generative AI in their personal lives. Becoming familiar with AI in day-to-day tasks can pave the way for greater comfort and insight into its potential at work. The bottom line: Law firms can no longer afford to sit out of the AI race. To remain valuable to their clients and competitive within the market, they must adopt these tools thoughtfully but decisively.

How is AI going to impact the way law firms deliver for clients? This piece from Legal Futures touches on something we've been discussing here at Spork - the impact of AI on client expectations. The idea that using AI will reduce billable hours is one of the expectations law firms will have to manage. But billing is just part of the client relationship. How will law firms use AI to deliver, not just efficiency, but added value to those client relationships? Our new newsletter - launching this month - talks about exactly that. Make sure to follow us on LinkedIn to ensure you don't miss the inaugural issue next week! #AI #DigitalTransformation #ProfessionalServices #LegalTech https://lnkd.in/ejG3_7VH

12 𝐡𝐨𝐮𝐫𝐬 𝐨𝐟 𝐨𝐥𝐝-𝐬𝐜𝐡𝐨𝐨𝐥 𝐰𝐨𝐫𝐤, 𝐨𝐫 1 𝐡𝐨𝐮𝐫 𝐰𝐢𝐭𝐡 𝐀𝐈? 𝐓𝐡𝐞 𝐜𝐡𝐨𝐢𝐜𝐞 𝐢𝐬 𝐜𝐥𝐞𝐚𝐫 The legal world is evolving rapidly, with 𝐀𝐈-𝐝𝐫𝐢𝐯𝐞𝐧 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐭𝐨𝐨𝐥𝐬 𝐦𝐚𝐤𝐢𝐧𝐠 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐬𝐭𝐫𝐢𝐝𝐞𝐬. But how do they stack up against traditional methods in terms of efficiency, accuracy, and cost? ↳ 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: 𝐒𝐩𝐞𝐞𝐝 𝐔𝐩 𝐨𝐫 𝐌𝐢𝐬𝐬 𝐎𝐮𝐭 ~ 𝐈𝐧𝐬𝐭𝐚𝐧𝐭 𝐃𝐚𝐭𝐚: AI delivers search results in seconds, slashing research time. ~ 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐞𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: Quickly digest case law and statutes without manual trawling. ~ 𝐀𝐥𝐰𝐚𝐲𝐬 𝐎𝐧: Research anytime, anywhere, without waiting for office hours. ↳ 𝐀𝐜𝐜𝐮𝐫𝐚𝐜𝐲: 𝐆𝐞𝐭 𝐈𝐭 𝐑𝐢𝐠𝐡𝐭, 𝐄𝐯𝐞𝐫𝐲 𝐓𝐢𝐦𝐞 ~ 𝐂𝐨𝐧𝐬𝐢𝐬𝐭𝐞𝐧𝐭 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬: AI reduces the risk of missed information with consistent outputs. ~ 𝐑𝐞𝐥𝐞𝐯𝐚𝐧𝐭 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧: Get information that is directly relevant without wasting time on unnecessary research. ~ 𝐒𝐞𝐥𝐟-𝐈𝐦𝐩𝐫𝐨𝐯𝐢𝐧𝐠: AI gets smarter and more accurate with each use. ↳ 𝐂𝐨𝐬𝐭-𝐄𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐧𝐞𝐬𝐬: 𝐒𝐚𝐯𝐞 𝐌𝐨𝐫𝐞, 𝐃𝐨 𝐌𝐨𝐫𝐞 ~ 𝐋𝐨𝐰𝐞𝐫 𝐋𝐚𝐛𝐨𝐫 𝐂𝐨𝐬𝐭𝐬: Automation means fewer hours spent on routine tasks. ~ 𝐈𝐦𝐩𝐫𝐨𝐯𝐞 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: Less time spent means increased productivity and efficiency for all personnel. ~ 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐅𝐨𝐜𝐮𝐬: With less time spent on research, you can focus more on meeting your client's needs. AI-driven research is transforming the legal landscape, offering unmatched speed, accuracy, and cost savings. While it 𝐝𝐨𝐞𝐬𝐧’𝐭 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐥𝐲 𝐫𝐞𝐩𝐥𝐚𝐜𝐞 𝐭𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐦𝐞𝐭𝐡𝐨𝐝𝐬, 𝐢𝐭 𝐞𝐧𝐡𝐚𝐧𝐜𝐞𝐬 𝐭𝐡𝐞𝐦, making it clear that the future of legal research is a blend of both worlds. As AI continues to evolve, its role in the legal field will only grow, pushing law firms to adapt or risk falling behind. #court #law #ai #AI #legal #legalGPT #claw #Legalinformation #founders #lawyers #legalresearch #costeffective #accurate #GPT

JOIN OUR WEBINAR: GOVERNANCE AND THE IMPACT OF AI Are you a Governance leader, considering how AI might impact your function? Have you considered the possibility of AI agents drafting Board Minutes? Have you considered how AI agents could support other teams to understand your Delegations of Authority Policy? Have you considered how teams like tax, law and finance might use AI agents to find the documents, data and reports they need? We are seeing an ever-growing number of questions and concerns from clients around how AI will impact their Governance functions, and the answers must be carefully considered. To find out more, join the second webinar in our series, Imagining the Future of Governance: Governance and the Impact of AI   Time: Friday, 27 September Date: 11am Speakers: Mike Fry, Technology and Transformation Partner, Robert Welch , Group Company Secretary at Tesco, and Steve Donelan , EY’s Tax & Law Digital Growth Lead Sign up using the link below! https://lnkd.in/eDek_Xxb #BetterWorkingWorld #FutureOfGovernance #AIandGovernance #DigitalTransformation #CorporateGovernance #TechInnovation #GovernanceTechnology

✨ 5 Legal-Adjacent Gen AI Use Cases for Law Firms In the fast-evolving legal sector, forward-thinking firms are embracing generative AI to redefine operational excellence and client service. Dive into how industry leaders like Crowell & Moring, Husch Blackwell, and Orrick Herrington & Sutcliffe are pioneering with AI to set new industry standards. ⭐ Drafting Client Alerts from Public Hearings (Crowell & Moring): Transforming transcripts from congressional hearings into client alerts, enhancing efficiency in delivering timely and relevant regulatory updates without compromising client confidentiality. ⭐ Creating Biographies for Internal Use (Husch Blackwell): Using generative AI to compose over 100 biographies for summer associates, significantly reducing the manual labor hours traditionally required for such tasks. ⭐ Producing Daily Market Reports (Orrick Herrington & Sutcliffe): Employing generative AI to aggregate and synthesize public financial and legal data to generate daily market reports for the firm's lawyers, providing them with current insights and trends. ⭐ Querying the Firm’s Employee Handbook (Orrick Herrington & Sutcliffe): Allowing employees to interact with the firm's employee handbook using generative AI for quick and intuitive access to firm policies and procedures. ⭐ Streamlining Accounts Payable Workflows (Orrick Herrington & Sutcliffe): Developing generative AI tools to optimize the accounts receivable department's processes, aiming to automate standard financial operations such as invoice processing and payment tracking. These use cases demonstrate the versatile application of generative AI in law firms, extending beyond legal analysis and documentation to include various facets of business operations and internal administration. By doing so, firms not only increase efficiency but also potentially create new value propositions for their clients. 🤔 How is your law firm harnessing AI to transform operations and services? Share your experiences and insights below! #legalops #legaltech #generativeai --- Sources include various articles from AmLaw. See comments.

#Deloitte Report on #theFutureofLegalWork? caught my attention. Here few thoughts: 💫 Legal services are one of the sectors prone to be most impacted by AI. The legal function, working with and generating documented output, is a data driven activity by excellence. AI systems feeding on this accumulated collective legal data, will allow to scale legal expertise today still too often confined to the individual lawyer or lost on some drive. 💫 With the legal activity transforming, the role of the in-house lawyer will also change. While AI driven solutions will replace some of the legal tasks, final validation of the output will remain necessary and part of the human oversight. The in-house lawyer will thus remain key to ensure overall accuracy and integrity of the process, starting from data feed till output validation. 💫 Gen AI will also help corporate legal departments to catch up on their lagging data management systems and label and contextualize the vast amount of unstructured legal and other data, an important feed for AI systems that will allow the lawyers to better connect the dots and make trade-offs to inform more complex contract negotiations. 💫 Exiting times for the Gen AI enhanced in-house lawyer who will gain more time for problem solving, critical thinking and emotional intelligence, all creative skills underpinning the lawyers role as trusted business partner!!! #AI #contracts #legalinnovation #legaltech #genAI https://lnkd.in/eiVhmSUg