Recent research suggests that law firms understand the importance of technology such as AI and Robotics and the real value it can add to their organisations. Of a recent poll 73% of law firms agreed that to get ahead and be at the top of their game at 2025 they need to introduce AI to their workflows. But as of the end of 2018, only 53% said they were considering a plan to introduce this technology. Of the 53% the majority were committed to introducing AI, and only a small proportion were looking at blockchain, robotics or augmented reality.
Instead there is much more interest and action around robotics and AI and its impact on law, which is undoubtably important. Creating something that teaches itself, changes and who isn't necessarily programmed, does raise interesting questions around liability.
However, just because the law around complex AI hasn't been fully scoped, it doesn't mean that AI carefully introduced into back office workflows shouldn't be a priority for law firms. Not only should workflows achieve and demonstrate compliance, they should reduce risk and allow your solicitors to work with less effort.
Importantly, it can help law firms realise significant ROI, as traditionally firms maintain profit margins by charging the same hourly rate across a project, no matter the level of value added. Therefore, rather than a junior solicitor reviewing a document for points of law, AI tools can be just as effective, if not more so, as they are often much quicker.
Disclosure and the pressure for this process to change has begun in earnest this year. Judges will have the power to limit the scope of disclosure, to prevent the document dumping of previous years, which keep opposing lawyers busy for months and therefore increase legal costs.
These changes will put pressure on legal firms to adopt AI and Robotics to help wade through evidence and be able to 'hone in' on the most relevant information. In turn this should reduce the cost and complexity of legal disputes, helping law firms remain competitive.
If you are interested in how AI and Robotics could benefit your organisation, get in touch, and we'll happily discuss the subject in more detail:
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