According to research conducted by Deloitte, over 100,000 roles in the legal industry are expected to be fully automated by the year 2036. In addition, firms can expect a “tipping point” for developing a new talent strategy in 2020. AI (Artificial Intelligence) has the power to completely revolutionize how firms conduct their operations. But, how will AI affect small law firms?
The biggest effect AI can have on small law firms is that it can help them reduce their operating costs significantly. Perhaps most importantly, AI can help smaller firms compete with larger ones, without the need for a huge staff on hand. As Jake Haller notes in a piece on Above the Law:
“Of course, smaller firms can and do win through sheer grit. Davids beat Goliaths in courts across America every day. But smaller law firms in that position have traditionally played at a handicap because the practice of law — and especially litigation — is very human-process driven.”
Where AI comes in is that it can help automate these time-consuming aspects of the legal process which usually requires human intelligence and reasoning. This means that a tiny firm – perhaps even just one solo lawyer – can conduct the same research and diligence as a firm with seemingly limitless research.
Easier to Review Documents and Conduct Legal Research
Software powered by artificial intelligence can significantly improve the efficiency of both document analysis and legal research for law firms of any size. Once you have flagged a document as relevant to a particular case, the software can quickly create an algorithm to find other documents of equal relevance. These systems leverage the ability of many newer AI systems to process natural language, meaning they can sort through documents both efficiently and effectively.
The benefit of AI technology is that it can produce results much more quickly than a human can, with results that are able to be easily statistically validated. This, in turn, can greatly improve the efficiency of a smaller law firm by allowing human researchers to review only the most relevant documents and bypassing the irrelevant ones.
Assist in Due Diligence
Just as with documentation and legal research, many smaller law firms find their legal support team bogged down in conducting due diligence on behalf of their clients. Due diligence is an essential part of any law practice, as the work helps corroborate information, and evaluate decisions rendered in previous cases in order to provide relevant counsel. AI can help smaller law firms more efficiently conduct due diligence. Just as with document reviewing and research, the algorithms which modern AI systems can produce can quickly – and more accurately – conduct due diligence than human personnel. In addition, removing this often tedious task from your human workforce can free them up for other important duties.
Assistance in research, documentation and due diligence are just a few of the benefits AI can have on your law firm. These systems can also provide unique, automated customer service for clients, help you effectively locate and target key demographics through digital marketing, and even compile intelligent leads for your firm.
Need More Advice? Contact Attorney Business Consulting Today
If you want to learn more about the effects artificial intelligence can have on your firm, give Attorney Business Consulting a call today.
At Attorney Business Consulting, we’ve helped hundreds of lawyers take the next step in growing their firm – and we’d like to help you, too. As the premier law office management consulting agency, we can assist with every aspect of running your firm. Contact us today at (339) 337-2655 for a free consultation.