Peer to Peer Magazine

Summer 2019: Part 1

The quarterly publication of the International Legal Technology Association

Issue link: http://epubs.iltanet.org/i/1136335

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14 The Very Real Promise of Artificial Intelligence to Recapture Lost Billable Revenue B Y R YA N S T E A D M A N C orporate law departments have a very clear message for the law firms they employ: "We have fully embraced technolo-enabled efficiencies and cost controls in our workflows, and we expect a comparable level of accountability and performance from the outside firms we hire." If this message has not already captured the attention of law firms and their technolo committees, it should. The recent emergence of comprehensive alternative legal service providers like the Big Four, Accenture, UnitedLex, Axiom and others, only drives home the point that a reactive mindset toward technolo is untenable in today's hypercompetitive legal marketplace. Many firms are attempting to respond to the marketplace's digital challenge by investing in a variety of tools to speed up workflows and create new efficiencies. The ever-increasing array of available applications presents a different set of challenges, however. Besides the difficult choices in selecting the appropriate software, there is then a learning curve that users must navigate. Moreover, the constant transitioning from one tool to another can be a major distraction for lawyers – so much so, that investing in more applications than a firm is able to support can become an unfortunate example of the reactive approach to technolo that the profession needs to move beyond. The practice of adopting point solutions to address specific operational bottlenecks does little to boost revenue growth in the long run, suggest the authors of "Navigating a New Reality in the Client-Empowered Era," a report on a recent global survey of 300 of the world's top law firms conducted by Intapp in collaboration with The Lawyer. "Although driving growth is a strategic focus of law firms, to date they have primarily invested in technolo to drive operational efficiencies," the report's authors point out. "While every law firm in the survey considered intelligent automation and data-driven insights to be highly important, there is a significant gap

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