Peer to Peer: ILTA's Quarterly Magazine
Issue link: https://epubs.iltanet.org/i/1538025
P E E R T O P E E R M A G A Z I N E ยท S U M M E R 2 0 2 5 65 aim to achieve by implementing AI-powered technology. Successful AI adoption depends not only on the technology itself, but also on how strategically it is deployed. In this article, we examine four strategies that can help legal professionals optimize the return on their AI investments, ensuring that innovation translates into meaningful impact. KNOW YOUR OUTCOME Implementing an AI tool requires a clear understanding of expected returns on investment. Defining strategic outcomes at the project's outset will simplify technology selection and guide implementation, including change management and adoption. It also sets realistic expectations for AI capabilities. The market for AI in the legal field is increasingly crowded. As with any new technology, AI capabilities are often misunderstood. It is essential to have a clear understanding of the various types of AI available. Generative AI can summarize documents, create content, and is often paired with advanced search platforms. Agentic AI can act independently on your behalf by making decisions and performing tasks. These technologies can automate tedious processes for both lawyers and business professionals. Extractive AI identifies and extracts specific content from a document, such as deal terms or parties. When selecting AI solutions, it is crucial to consider how the tools will access content, whether through integration with firm systems or uploading to vendor systems. The costs of some AI features can be surprisingly high. Comparing defined outcomes with available products and resources helps firms determine the feasibility of implementing a particular tool. PRACTICE PRODUCTIVITY By efficiently sifting through large volumes of information and streamlining repetitive tasks, AI can help lawyers and legal professionals focus on more substantive and strategic aspects of their work. AI tools can generate content, summarize documents, and streamline the production of client work. When coupled with advanced search platforms, these tools enable legal professionals To effectively shape the future of legal practice with AI, firms must first identify the problems that need to be solved and define the strategic business outcomes they aim to achieve by implementing AI-powered technology.