How do you charge a client for something that normally would take you 3 hours, but you can now do it in 10 minutes? @Damien Riehl explains how firms that utilize AI are changing their pricing models and the future of the billable hour. https://lnkd.in/dnnjbkAq #abovethelaw #law #ai
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Reading this just reinforces my opinion that while there is a lot of potential with AI, legal needs to start looking at use cases beyond work product. Gartner has a great framework to help drive AI thinking & strategy. Looking at this chart, we're only tackling 1/4 of the AI opportunities - based on our practice of law use case focus. https://lnkd.in/g_5qUu3T
Legal Tech Startup Evangelist and Founder & Host of the Legal Tech StartUp Focus community
From Roy Strom’s Big Law Business column at Bloomberg Law: “The AI hype cycle has crested, or at least the stock market seems to have thought so. The change in sentiment is also filtering through the legal industry.” One of several $$ quotes in the linked article: “‘The tools that are available are not that reliable yet, and the accuracy ratings are not great,’ said [Melissa] Sawyer [global head of Sullivan & Cromwell’s M&A group], whose firm started an AI practice group in May. ‘The more complex deal work involves judgment, experience and creativity and the AI just isn’t there yet.’” https://lnkd.in/e-vPupdB #legaltechnology #legaltech #legalgenai Melissa Sawyer Roy Strom
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The excitement around AI, particularly in the legal industry, appears to have peaked, with investors and legal leaders adjusting their expectations. While AI tools are improving efficiency in back-office tasks, they are not yet revolutionising client work as some had hoped. Legal experts like Ryan McClead and Charles Adams emphasise that while AI's potential is significant, it is not yet the "electronic lawyer" many anticipated. Current AI tools lack the accuracy and functionality needed for complex legal tasks, leading to growing scepticism among lawyers initially enthusiastic about AI's potential. Some law firm partners are now questioning the return on investment in AI, especially for client-related tasks. However, there is still optimism about AI's role in streamlining administrative tasks, with leaders like Sharis Pozen finding value in tools like Microsoft CoPilot for tasks like email management. Overall, the legal industry is navigating between the fear of missing out (FOMO) on AI advancements and the uncertainty about its true capabilities, with a focus on finding a balanced approach to technology adoption.
Legal Tech Startup Evangelist and Founder & Host of the Legal Tech StartUp Focus community
From Roy Strom’s Big Law Business column at Bloomberg Law: “The AI hype cycle has crested, or at least the stock market seems to have thought so. The change in sentiment is also filtering through the legal industry.” One of several $$ quotes in the linked article: “‘The tools that are available are not that reliable yet, and the accuracy ratings are not great,’ said [Melissa] Sawyer [global head of Sullivan & Cromwell’s M&A group], whose firm started an AI practice group in May. ‘The more complex deal work involves judgment, experience and creativity and the AI just isn’t there yet.’” https://lnkd.in/e-vPupdB #legaltechnology #legaltech #legalgenai Melissa Sawyer Roy Strom
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Managing Partner, Rosenthal Curry & Kranz, LLP/Lawyer | Expert in Real Estate, Business Acquisition & Estate Settlement | Putting People First | Passionate About Giving Back
Generative AI is transforming the legal profession in ways we’ve never seen before. How? It's automating tasks like document drafting, contract analysis, and legal research, saving firms time and clients money. It also offers predictive analytics that help lawyers forecast case outcomes based on historical data, giving them a competitive edge. Additionally, AI-powered tools are making legal services more accessible by offering affordable solutions for individuals and small businesses. The future of law is undeniably linked to AI, and understanding its implications is crucial for law firms to stay competitive and ethical. #AIinLaw #LegalTech #GenerativeAI #FutureLaw #LegalInnovation #AITrends #LawAndTechnology #AIEthics
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Indeed, a fascinating read from the Law Firm COO & CFO Forum on the potential impacts of AI on the legal industry. The article, available at #ThomsonReuters, delves into the transformative potential of AI in reshaping the legal landscape. The piece highlights how AI can streamline legal processes, enhance efficiency and ultimately, provide better client service. It also underscores the importance of collaboration between legal professionals and technology vendors to fully harness the benefits of AI. At #IDS, we are proud to be at the forefront of this technological shift. Our expertise in AI and other legal technologies, such as workflow automation and data management, allows us to provide top-notch services to our clients. We are committed to shaping a better legaltech ecosystem in collaboration with our technology partners. #LegalTech #AI #IDS #Collaboration
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As AI and large language models (LLMs) transform the legal industry, one big question looms: how will lawyers adapt to stay relevant—and profitable? This article highlights how automation is shifting the focus from routine tasks to higher-value work like strategy, creativity, and client trust. The future of law isn’t just about leveraging technology; it’s about redefining what it means to deliver value in an AI-driven world. #LegalTech #AIinLaw #LawFirmInnovation #FutureOfLaw #LegalIndustry #LegalInnovation #AIandLaw #TechInLaw
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Great to see that Routledge Taylor & Francis Group’s recently published research article on “Contemporary Issues in Finance and Insolvency Law” (https://lnkd.in/dQ-9akN8) references our Emerj Artificial Intelligence Research article on “AI in Law and Legal Practice – A Comprehensive View of 35 Current Applications” (https://lnkd.in/dpDiCfdC). AI is transforming the legal profession, streamlining research, analytics, and creative tasks. This Emerj article explores current applications, insights, and future trends in AI-powered legal workflows. Extra thanks to authors Leon E. Trakman and Robert Walters. #AI #ArtificialIntelligence #BusinessIntelligence #Analytics #ProfessionalServices #ProcessAutomation
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🚀 AI in Legal Services: Act Now! 🚀 2025 will be game-changer for the legal industry. With AI and GenAI advancing rapidly, law firms must lead the change or risk falling behind. 🔍 Key Points: - From Awareness to Action: Implement AI now to boost productivity. - Client Expectations: Clients expect AI-driven solutions. Be proactive. - Collaborate: Engage clients to create effective AI use cases. 💡 Takeaway: Don’t wait. Innovate and lead the future of legal services! #LegalTech #AI #Innovation #LawFirms #FutureOfLaw #ThomsonReuters
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A Law.com Pro Fellows report published this week noted that current research suggests AI not only increases productivity but also will increase the quality of outcomes for firms and clients. It also stated that with some firms slower to adapt than others, there could very well be a “cascading waterfall effect” in which up-market firms continue to increase their advantages over others by intelligently targeting their AI deployment and ramping up productivity and efficiency.
AI Will Ramp Up Intense Big Law Battle for Talent, Client Share
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Cracking read from #AboveTheLaw today, mates! They've been discussing why #AI and the #LegalProfession are a match made in heaven. It's all about the efficiency, accuracy, and time-saving capabilities that AI brings to the table. Not to mention the potential for reducing human error. It's a bit like having a cuppa on a rainy day - it just makes sense! At #IDS, we're chuffed to be part of this evolution, helping law firms and legal departments to streamline their processes with our #ArtificialIntelligence services. Working together, we're making the #legaltech ecosystem a better place. #collaboration #innovation #IDSservices
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According to a fascinating study conducted by ALSP UnitedLex, when asked what the top areas for improvement were, “inhouse lawyers said that the top priority was adopting AI tools (46%), as compared to law firms, which put this in sixth place in terms of importance (38%).” See other key topic areas where opinions greatly differed when rating the highest areas those surveyed felt most needed improvement https://lnkd.in/dgnccdWr. #legal #law #AI #artificalintelligence #lawyers
