Is your firm or legal department ready for AI (Artificial Intelligence)? Both corporate legal departments and law firms have leveraged the power of AI for years. The first wave of AI applications in law focused on automating tasks: document processing, contract analysis and legal research.Today, powered by the vast volumes of legal data and advanced computing capabilities for processing the same, legal AI has entered a new phase; one where technology can support predictive analysis and higher-order decision making. It holds the power of enabling the legal industry to make the shift from anecdotal to data-driven insights (e.g. with budget estimation), and it holds the promise of better-informed guidance for clients, enhanced risk mitigation and optimized delivery. This sea change has the potential to not only increase the productivity and accuracy of work in corporate legal departments, but also boost law firms’ financial performance from both the top and bottom line, all while helping deliver higher value to clients.Legal experts believe that applied AI will increase the depth, quality and technical value of services that legal departments and law firms provide. Yet despite these developments, the legal industry lacks substantial AI success stories that are much more than small gains with specific tasks. Firms and legal departments often treat AI as plug and play technology without considering its impact on employees, nor understanding how work needs to change when AI makes existing processes obsolete. Just as with other large-scale changes, legal must rethink and rewire existing approaches to AI in order to achieve overall success.
Jose Lazares - Vice President of Product and Business Management, Intapp#Virtual