Digital White Papers

I L T A W H I T E P A P E R | K N O W L E D G E M A N A G E M E N T 16 H E R E ' S T H E P I T C H : T E A M K M W I T H A I T O D I F F E R E N T I A T E Y O U R F I R M project budgets and resourcing so that the terms are profitable. Newer, more innovative legal products and services are being offered routinely, and firms are forced to stay at least even with the innovation curve. So what makes a firm stand out from the crowd? How does a firm win new business or develop unbreakable bonds with existing clients? After all, most firms have polished resumes, well-orchestrated pitches, bright lawyers from top law schools and impressive lists of client references. There are multiple approaches and schemes that firms could develop to outpace the competition, of course. But to thrive in this new climate, one thing is absolutely certain—while excellent knowledge management is power, excellent knowledge management that's augmented with artificial intelligence is a powerful differentiator. AI is a game changer When AI was introduced to the legal industry a few years ago, stories of robot lawyers and science fiction drove the narrative, and frankly, scared people away. But now that early-adopting firms have begun to put legal AI technolo through its paces, some truly practical and valuable benefits have emerged. Firms who are actively using AI have offered examples like, "I've just been given thousands of files to review, and I have to tell my client next Monday how big this job is going to be and which ones they need to be concerned with." To accomplish this without AI, a firm would need to pull together a team to look through the thousands of documents manually (maybe tens or hundreds of pages each) and mark whether they require attention—likely a group of 10 or so people working for a solid 72 hours. With relatively basic amounts of intelligence, an AI engine, when it's presented with a bunch of files, can create a filter to surface only the ones that matter, saving a firm countless hours of effort and resource costs. Imagine what a firm could accomplish with a strate that captures every ounce of the organization's knowledge into one repository that's then analyzed by AI. Using just this one example above, you would be reducing costs, working more strategically, providing better results, delivering highly responsive services, and if you're looking at the bottom line, you're billing less yet increasing margins. Clearly a differentiator most firms only dream about. And for KM professionals, adding AI to your team means that you become the catalyst for driving new efficiencies, generating more revenue and transforming legal project management. You also can start small, solving a particular problem with AI and then scaling its use wherever and whenever it makes sense. If you're still not convinced, here are a few ways that KM plus AI can positively impact a firm. TRANSFORM THE WAY KNOWLEDGE AND BEST PRACTICES ARE SHARED Creating a deeper, more discoverable repository of knowledge with the help of AI has a number of powerful benefits. It virtually eliminates a key pain point for firms: people searching for information that Imagine what a firm could accomplish with a strate that captures every ounce of the organization's knowledge into one repository that's then analyzed by AI.

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