The future success of law firms depends on how well they do ONE thing
The legal industry is at the top of the list when it comes to embracing new technologies – and that’s exactly what’s going to help them deliver more value and create new revenue streams.
The ability of law firms to adapt to change is now the key metric for long-term growth and development. This sentiment is echoed in an article we wrote recently, ‘Companies who avoid change aren’t likely to last long’, in which we looked at some of the legacy behaviours that are holding back organizations.
Considering the rapid pace at which new technologies are able to get to market, speed of technological change is a big concern – and law firms are feeling the pressure to act.
Artificial intelligence has already proven itself
Advances in AI technologies have already shown their value in the legal sector, especially when it comes to unequalled productivity and efficiency gains.
The Law Firm Without Lawyers – the first firm of its kind to use AI – launched last year using ‘Ailira’ (Artificially Intelligent Legal Information Resource Assistant), bringing with it legal support to rural Darwin. “There is a huge untapped demand for legal services, and by reducing price and bringing access to justice, we can both benefit the consumer and benefit the legal profession,” writes lawyer and developer, Adrian Cartland.
While Ailira can’t give full legal advice just yet, she can ‘offer helpful legal information’ and help individuals access human lawyers, all in a ‘more efficient and cost-effective manner.’
Law firms are seeing the potential
While some view the pending change as threatening, others see opportunity.
According to Lawyer’s Weekly, firms are looking not only at the impact new technologies will have on employment, but also how they can actively ‘develop and implement innovative strategies to pair human resources with technology’ and free up resources for more complex, high value work.
Early results from the upcoming CommBank Professional Services Insights Report show that 53% of firms cited the ‘potential to leverage new or emerging technologies as the key driver of innovation’, and 42% are ‘seeking to improve efficiencies and productivity through their innovation activity’.
Overall, ‘improved efficiency’ was viewed as the primary goal of innovation, with client outcomes a close second (although many of those result from having greater efficiency).
We’re helping law firms remove barriers to innovation and be more efficient
Desire for innovation in the sector is strong, and the tech is already available. Lawyers and other legal professionals have wasted time and resources repeating ineffective archaic processes for too long, and they are starting to pay attention.
Ansarada’s Material Information Platform is transforming the way lawyers operate by bringing together all the relevant client and material information into a single portal that delivers a 360° view of activity and insights. The experience for a client is transformed with a clear set of requirements and scorecard to drive faster preparation and a smoother collaboration.
The Platform simplifies, accelerates and improves processes – from day-to-day interactions to critical deal preparation – by enabling secure, scorecard-driven collaboration and task automation, providing real-time data-driven insights, highlighting risks and opportunities, and giving users the foresight to make strong decisions and act quickly.
As Lawyers Weekly puts it, “we expect to see even greater disruption through technology, automation and analytics and ongoing demand for new and differentiated solutions for clients.” With more disruption for the legal sector ahead, the Material Information Platform is a purpose-built solution you can benefit from already.