How AI is reshaping legal work according to oneAdvanced
The shift in the legal industry brought about by AI is not just a subtle refinement but a complete overhaul. For law firms willing to adopt and adapt, the onset of AI is an opportunity to redefine their operations and services, improve efficiency, and deliver higher value to clients. With 27% of firms already using AI tools and an additional 43% actively researching it, we investigate how AI has become a formidable force in legal work, transforming it from the inside out.
A new dawn in document management
Gone are the days of manual sorting through heaps of documents and files. AI systems today are proficient at not only storing and managing data but also at understanding and organising it. With document management being a foundational and often time-consuming task in the legal profession, this AI capability is a game-changer.
AI platforms equipped with machine learning can now review contracts and legal documents with incredible speed and precision. They spot inconsistencies, provide summaries, and even accelerate discovery processes, which historically involved labour-intensive scrutiny by legal teams.
LawGeex found that, when reviewing legal documents, AI had an accuracy of 94% and completed 5 NDAs in just 26 seconds, compared to the average lawyer accuracy of 84% and speed of 92 minutes. Freeing up an additional 91 minutes and 34 seconds for fee earners to focus on more pressing legal matters.
Capturing time, enhancing value
Time is money, especially in the legal domain. AI’s efficiency in capturing billable hours not only saves time for lawyers but also increases the accuracy of the billing process.
AI-based solutions offer automated time capture, tracking billable hours as lawyers go about their work. By integrating with tools attorneys already use, these systems record and categorise tasks, minimising billable hour leakage and ensuring that no work goes unnoticed.
Offering insights into value-based billing, helping firms understand which services and tasks provide the most significant returns. This strategic approach to billing could potentially reshape how a firm structures its services and client arrangements.
The legal industry’s new engine
Legal workflows are often complex, involving numerous steps and stakeholders. AI brings precision and reliability to managing and automating these processes, ensuring that nothing falls through the cracks.
AI-driven workflow automation systems enforce standard procedures and maintain consistency across the firm. By eliminating manual intervention, these systems reduce the possibility of errors and ensure that clients receive uniform high-quality service regardless of the individual handling their case.
With AI, law firms can now scale operations more effectively. By automating some aspects of the workflow, firms can handle larger volumes of work without significantly increasing their headcount. This not only slashes operational costs but also creates a more predictable cost and resource management model.
Reshaping legal work, not just production
It’s crucial for law firms to understand that AI isn’t just a tool for optimising existing workflows; it has the potential to redefine legal work itself.
AI’s presence in law firms is creating new roles, such as legal technologists and data analysts. These professionals bridge the gap between legal expertise and AI capabilities, shaping the future of legal work from within the industry.
With mundane and repetitive tasks being automated or streamlined by AI, lawyers are freed up to focus on higher-value services, such as counselling and strategic planning. This shift not only increases job satisfaction among legal professionals but also results in more satisfied clients.
Adopting AI is not a one-time event but a continuous process of evolution for law firms. It requires a commitment to ongoing learning, staying abreast of technological advancements, and adapting to a new professional landscape.
A managed route
As law firms embrace AI to streamline operations and enhance services, it’s imperative to approach its usage with caution. Managed AI implementation involves meticulous consideration of data privacy and security concerns. Firms must prioritise robust data management practices to safeguard sensitive information and maintain client trust. Additionally, a balanced approach to AI adoption ensures that ethical considerations are paramount, preventing potential biases or unintended consequences.
By taking a managed, cautious approach to AI, firms can harness its transformative potential while mitigating risks, ensuring a sustainable evolution of the legal profession aligned with ethical and regulatory standards.
AI’s role in reshaping the legal industry is undeniable. It’s a force that cannot be halted, but it can be harnessed. For law firms willing to ride this wave of change, the potential is immense. The firms that can successfully integrate AI into their operations will be the ones rewriting the rules and setting the standards for the legal profession of tomorrow. The question is, will your firm be among those shaping the future, or merely subjected to it?
