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The law firm is at a fork in the road, whether it knows it or not. The world around it is changing, and the time has come to make a decision – adapt to the new normal, or continue with its current state. The legal department is now savvier - in business, technology, operations and options – and is faced with performance and cost pressure, has a growing list of alternatives to the law firm for many of its services. Law firms that continue operating at the status quo are likely to face struggles, and an uncertain future; while law firms that adapt and push their strategy forward will have the opportunity to come out on top. While not the solution to adaption, artificial intelligence cannot be overlooked when making changes in both the business and practice of law to keep up with the pace and remain a competitive option for clients.
The path to using artificial intelligence is not quick, and requires planning, resource building, trial and error, a continuous approach and culture shift – all before any benefit is realized. Those that commit, open the doors to reduced or eliminated manual and labor intensive tasks, more accurate decisions, reduced costs, higher retention and a better customer experience. Artificial intelligence is not a replacement for lawyers, but rather a tool to improve efficiency and accuracy that will not eliminate the need for lawyers, but will change how legal services and advice are consumed and delivered.