Artificial Intelligence (AI) continues its march into all spheres of life, and the field of legal services is no exception. This relentless pressure from AI is likely to generate both winners and losers, with the fate of each party hinging on their ability (or lack thereof) to integrate this disruptive technology into their current operation models.
A discussion on the subject was recently provided by Stephanie Corey, Co-founder of the legal operations consulting firm, UpLevel Ops. Corey dutifully pointed out that the firms which will come out on top in the ongoing AI revolution are those that master the incorporation of this technology into their existing compensation models.
There is no doubt that AI is poised to dramatically reshape the business landscape of legal firms. The intelligent technology introduces new potentials for increased efficiency and productivity that simply cannot be ignored. This shift, however, will not be without its challenges. The process of integrating AI may well prove complex and disruptive. Consequently, those lacking the initiative or the flexibility to adapt are at risk of being left behind.
One crucial area where AI is expected to have profound effects is in the billing system for legal services. Currently dominated by the billable hours model, it is anticipated that AI – with its ability to automate processes and complete tasks faster – could demand a reassessment of this model.
Despite the possible turbulence in the short-term, adjusting to the infusion of AI into the world of legal services is vital for firms that hope to stay ahead of the curve. This adaptation may not be easy for all, but for those who manage, the payoff is likely to be significant.
The AI revolution in the legal field is here and now and, those who are unprepared could find themselves trailing behind their more technologically savvy competitors. To emerge as winners, legal service providers need to view AI not as a threat, but as an opportunity – an innovative tool that, if harnessed correctly, could redefine the way they do business.