Episode 32
· 04:53
Welcome to Law Tech Daily - the podcast that answers "what happened in legal tech this week?". Join us each Monday, Wednesday, and Friday as we dive into the exciting world of legal tech news. Don't forget to hit that subscribe button to stay up-to-date on the latest episodes! In today's episode, we'll cover legal tech updates, including Hivelight and Morae expanding consulting, as well as the observed trends in AI and Information Governance.
Let's dive in!
Here's what happened in legal tech recently...
Startup Hivelight, co-founded by Ash Kelso and Xabi Errotabehere, aims to improve productivity within legal teams. The Asia Pacific Legal Innovation & Technology Association (ALITA) is now accepting nominations for their law tech innovation awards, which will be announced in September 2023. Interestingly, the awards now include in-house and operations innovators for the first time. Additionally, global legal services provider Morae plans to expand its consulting and spend management services, demonstrating the growth of its Strategic Consulting group.
A few key trends emerged within the industry. Firstly, the importance of Information Governance (IG) in law firms is being acknowledged, with a push for dedicated steering committees to manage IG policies and drive transformation. Another trend is the adoption of Artificial Intelligence, specifically generative AI, which is expected to have a significant impact on the success of law firms. AI has the potential to automate tasks, enhance efficiency, and reduce costs, making it an indispensable tool for the future. Legal operations professionals are playing a crucial role in this transformation by reviewing use cases, devising implementation strategies, and educating their teams.
These recent developments highlight a couple of important points. Firstly, the legal industry's drive towards productivity and digitization is relentless, as evidenced by initiatives like Hivelight and Morae's expansion. Secondly, AI is no longer just a futuristic concept – it is already making substantial impacts on workflow and efficiency within law firms. However, interestingly, confidence in AI's ability to revolutionize higher-level legal tasks, such as litigation strategy or merger negotiations, remains relatively low. We'll cover this more shortly as part of our key story.
Before that... Finally, the emphasis on Information Governance reflects the industry's shift towards data-centric operations, indicating the increasing importance of data management and protection in the sector.
Notably, Hugo Seymour's comments on how AI could benefit in-house legal departments highlight the technology's ability to analyze contracts, identify risks, and mitigate unforeseen litigation and commercial losses.
Not let's have a look at our main story.
Wolters Kluwer has released a survey that sheds light on the potential impact of generative AI in law firms. According to the findings, legal professionals see generative AI as a catalyst for transformative efficiencies and success in the coming years. The survey highlights the significance of efficiency as a driving factor, with over 80% of respondents expressing their belief that AI will bring about substantial changes in legal research and routine tasks. This, in turn, will enable lawyers to dedicate more time to high-value legal work.
However, the survey also reveals a degree of skepticism among legal professionals regarding AI's ability to handle complex legal tasks such as litigation strategies and merger negotiations. While AI's impact on roles such as document reviewers and paralegals is expected to be substantial, positions like law firm partners are considered less susceptible to obsolescence.
These findings point to a potential transformation in how legal professionals approach their practice and business processes. The increasing implementation of AI in the legal sector has the potential to reshape traditional workflows and redefine the allocation of resources. As law firms adapt to the capabilities offered by generative AI, it becomes crucial for legal professionals to stay informed and embrace the changing dynamics of their profession.
And that's a wrap.
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