Rohit Talwar will help you synthesise what you learn at INSIGHT on 17 November with his session, “The Exponential Law Firm: Unlocking the Growth Potential of AI and Disruptive Thinking.” Rohit is a global futurist specialising in the future of the legal sector, professional services and exponential technologies. His clients include top global law firms, Fortune 500 companies and more. He is also the editor of The Future of Business and a forthcoming book on The Future of AI Business. I spoke with Rohit last week about the progress and potential of AI in the legal industry.
Rohit shared three things exciting him most about artificial intelligence. First, he sees the legal industry “dipping its toe in the water” of disruptive technologies and better understanding the power of technology. Law firms traditionally have shown reticence towards the adoption of new technologies. AI will help the legal industry upgrade its thinking about technology. Second, Rohit believes we will see an explosion of development in the next 12-24 months for specific applications that streamline processes, support professionals and create new services to clients. Third Rohit said, “AI isn’t just changing a $650 billion legal industry. AI is going to help re-write the entire global economy. That’s $78 trillion today… Industries are going to need new codes of regulation when AI is involved in decision making. Every sector is going to be impacted. So this is a multi-billion dollar opportunity in the amount of legal work that could be created in updating regulatory frameworks, developing new contracts and oversight approaches and in the inevitable court battles and litigation cases that will follow in the wake of industry disruption. Uber and AirBnB have been a gift to the profession – imagine the opportunity created by change of that magnitude or more across literally every sector of the economy.” With this opportunity, Rohit Talwar believes “the enlightened law firms” can grow and help create the next wave of technology enabled industries.
We also discussed roadblocks to the adoption of new technologies. Rohit expressed concern regarding a vicious circle in which vendors do not use innovative technologies because law firms do not demand it; law firms in turn do not demand it because vendors do not promote innovation. The legal industry must invest in IT and innovation. Ultimately law firms must become IT companies in the business of processing information. Clients now demand that law firms keep up technologically and understand the client’s future strategies. Rohit saw exponential growth over the last three years in the number of firms working on at least one AI project. Anecdotal evidence suggests that, this year, at least half of the top 100 law firms in the UK have an active AI project and Rohit predicts next year every top 100 law firm in the UK will at least say they have one.
Rohit worries that too often people get excited when they learn about great opportunities with disruptive technologies and fail at adoption. Those in IT do not always have the business buy-in. They cannot explain the full potential benefits of the application of these technologies for the business. In the “Exponential Law Firm” session Rohit will share how to approach partners and professional staff to explain the business opportunities and new business models available with AI and emerging technologies. Beyond selling AI to management, Rohit will ask you to assess your support mechanisms within IT to demonstrate that you can think strategically and deliver innovation effectively. He will ask you to think about how to develop the missing pieces of the puzzle in your firms. These missing pieces include researching client sectors and how technologies affect them, developing new business models for new service offerings, creating the skills to do rapid proof of concept prototyping and networking to learn what other firms do.
In closing Rohit said “You have to get your managing partner on board (with AI)... Technology isn’t just how we support what we do in business, technology is becoming the engine room which will shape where we take our business.” Register for INSIGHT today to learn how best to get your managing partner on board.