“What changed in the market to make a law firm do a 180 degree shift in business strategy?
Here are a few thoughts:
- “There is a heightened understanding of ‘legal data’ and process design, which in turn has proven fertile territory to then move up a gear into fully automating parts of ‘the legal production line’.
- Once lawyers see their work as a process, with data as ‘fuel’ and AI doc review/prediction systems/research platforms, process automation and expert systems all performing legal work, removing friction and creating productivity boosts, then things start moving quickly.
- AI systems that can analyse huge amounts of unstructured data are being seen as not just time-saving engines that might alter billing practices (and hence be a challenge to adopt), but tech that creates new value and new services that were not possible before.
- That when clients hear so much about AI systems, and see their own companies using machine learning and NLP elsewhere in the business, then it’s hard for them not to wonder what’s going on and ask their advisers about it as well.
- That law firms hate to be left behind, so when the top firms in the world embrace automation of legal tasks then the rest of the market needs to move as well or risk a significant strategic challenge.”
Via Artificial Lawyer – read full article here: http://ow.ly/wDT730gZQti