Artificial intelligence technology gets more advanced every year, so it’s no surprise that AI is transforming the business of BigLaw. More and more, law firms are implementing innovative AI solutions and realizing that tech can contribute to greater revenue growth and operational efficiency.
In fact, a Harvard Law report states that since AI can quickly peruse more relevant data, it is “better than lawyers at predicting the outcomes of legal disputes and proceedings.” Even the most experienced and reputable lawyers can’t be expected to painfully pull out and analyze every case and precedent in the way that advanced AI technology is able to accomplish.
Many of these tools help law firms with efficient research that allows for a greater caseload, and, in turn, higher revenue. One of the leading AI research tools is Westlaw Edge, which utilizes AI-driven search tools and document analysis to support accurate legal research and amplify legal strategy at leading firms, including Locke Lord.
Other AI tools, like Kira, analyze documents and contracts, which makes it easier for legal teams, like Latham & Watkins, to accelerate their task management and improve internal workflows.
Clearbrief, which is a Microsoft Word plug-in that leverages AI to improve brief-writing, incorporates examples of relevant case law. This application, trusted by Orrick, Herrington & Sutcliffe, can help strengthen arguments that indirectly build a reputation and attract more clientele.
As demonstrated, there are plenty of options for improving efficiency, automating mundane tasks, supporting legal research, and analyzing data. While these tools are helping firms beat out opposing counsel, increase operational efficiency, and manage heavier case loads, they don’t help bring in new clients. For that, turn to The White Letter Group, an AI-powered solution specifically designed to identify, find, attract, and acquire high-value clients and cases to drive revenue growth.
White Letter skyrockets clients, revenue, and growth using high-powered AI. It also enhances digital marketing efforts, which means it can help firms gain digital visibility & trust, acquire high-value cases, outmaneuver competition, & dominate practice areas. Furthermore, White Letter helps firms establish digital traffic and credibility – which, when trying to stand out among over 1.3 million attorneys in the United States, is an essential edge to have. Lastly, this approach eradicates the overreliance on unreliable client acquisition methods like word-of-mouth, referrals, and poorly targeted advertising.
Firms can now bolster operations, revenue, marketing, and all around capabilities by incorporating a variety of AI-driven solutions to legal research, brief writing, and client acquisition. Doing so allows for greater efficiency, lower overhead, better preparation, and predictable client acquisition. Whether it's Westlaw Edge to support research, Kira to analyze documents, or White Letter to acquire new clients – artificial intelligence can, and should, be a cornerstone to every ambitious law firm.
The legal sector is as competitive as ever. Every law firm is seeking a way to exceed the expectations of its clients and surpass the capabilities of its competitors. Providing good legal advice is a given but differentiating how you service your client’s needs is the real challenge.
This is where artificial intelligence kicks in. Think of it as technology mimicking functions of the human intellect, completing certain tasks that typically require the heightened intelligence of our human brain.
Now, artificial intelligence is not a new concept – in fact, it has long been a prevalent feature in the evolution of law firms as they adapt their processes and strategy in an ever-increasing competitive market. As technology has advanced, law firms seeking more growth opportunities are using AI to streamline, optimize, and advance nearly every aspect of how they do business.
In fact, a report from the University of Oxford, England concluded that around half of solicitors surveyed are now using at least one type of AI technology to support their services. Similarly, MarketsandMarkets research shows that the legal AI software market is set to grow from $0.3 billion in 2019 to $1.2 billion by 2024.
As well as the more recognised AI platforms, we’re also seeing stand-out technology created specifically for law firms, such as ROSS Intelligence, who describe themselves as “the world’s first artificially intelligent lawyer”, with their founder, Andrew Arruda stating that ROSS Intelligence can “read over a million pages of law in a second, finding the exact passages [lawyers] need.”
This kind of gift of productivity and efficiency can become invaluable as firms seek to expand their client base and grow their profit margins. With the rapid and successful emergence of AI in the business of law, it’s safe to say that firms that haven’t yet invested in AI may soon find themselves significantly behind their AI-powered competitors.
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