In a rapidly evolving legal market, it’s vital for law firms to stay ahead of the curve. Some firms are turning to emerging technologies to gain a competitive edge. One such is DLA Piper, whose US vice chair, Loren Brown, has recently spoken out about the firm’s plans to incorporate generative artificial intelligence in its operations.
Brown, in an extensive interview with Bloomberg Law, emphasized the necessity of embracing technological advancements to remain competitive in the industry. In his view, law firms charging exorbitant fees for routine tasks are not future-proof models.
- “If your business model is based on charging more than $1,000 an hour for very routine work that could be automated quite easily, then that’s not a very good business model to begin with. We all have to prepare for the likelihood that the more routine aspects of our business will be the most disrupted by technology. And we’re perfectly comfortable with that.”
From Brown’s perspective, it seems that DLA Piper is not only comfortable with the disruption caused by technology but also eager to leverage it in terms of artificial intelligence. The firm believes that AI can provide insights beyond what another firm might offer, even if the two firms have equally skilled attorneys. If accomplished, such a development could certainly tilt the market in their favor.
- “If our firm and a competitor firm go to market with equally great lawyers, but we have unique access to AI products that drive insights beyond the reach of the competitor firm, we think that tilts the market in our favor.”
As per the original article, it is clear that DLA Piper is making significant strides in integrating AI into its practices. This development sends a clear message to other major law firms and corporations — adapt to leverage AI’s advantages or risk being left behind in the increasingly digital legal landscape.