Traditional law has paved a trail of stagnation, but now that AI and ALSPs have broken into the industry, suddenly nothing is certain. My research on the NewLaw industry unraveled the two biggest sectors of Alternative Legal Service Providers; LPOs and Alternative Staffing Providers. Together, the two sectors cater perfectly to the legal market; one arm focuses on completing menial legal labour with cost effective outsourcing, and the other arm focuses on insourcing experienced legal talent for projects that necessitate expertise in a certain area. Soon though, these two arms will become one fully functioning limb, homogenizing the industry to achieve versatility and supersede the benefits of turning to a traditional law firm. It seems masochistic to abide by TradLaw standards when law firms and in-house counsels finally have the option to automate tasks or outsource/insource various legal work.
Linklaters, where Singapore-based Sophie Mathur, a firm Partner and global co-head of innovation has been helping the firm to adopt AI, including a program dedicated to reading, analyzing and reporting on large amounts of documentation without reference to practice area. MinterEllison, where Partner and innovation leader Andrew Cunningham is helping the firm innovate across a range of areas including AI. Baker & McKenzie -- In an email interview for this article, Sydney-based Partner Adrian Lawrence, who is strongly engaged in the firm's innovation strategies explained that: "AI is an increasingly important tool in the arsenal of any law firm, in particular for large-scale matters which involve significant quantities of both structured and unstructured data, such as large litigation matters and major M&A transactions. Given these larger matters tend to be undertaken by BigLaw, rather than NewLaw, my expectation is that BigLaw is likely to be more advanced with use of AI solutions at this stage. The majority of commentators see AI as an enhancement of existing capabilities, allowing services to be provided more efficiently and effectively, rather than a replacement of traditional client-facing legal services. There will always be an important role for the experience and human judgment which is an inherent part of good legal advice."
Aparna Bundro, Business Development and Communications specialist and former lawyer, comments on whether AI robots may be the next inflection point in the legal industry after NewLaw, and considers the extent to which law firms will be inclined to invest in AI robots. As evolutionary beings, we are constantly looking for ways to extend ourselves, to rewire and upscale our abilities, and artificial intelligence (AI) is becoming a big part of our modern reality, and what some call trans-humanism. Whether AI brings to mind Kubrick, the Internet of Things or Smartapps, the applications of the technology are endless. But what does this mean for lawyers? But for the tech-savvy maverick practitioners, who welcome the opportunity to'change lanes' every once in a while, AI in a legal universe can bring more opportunities than threats.
The artificial intelligence'sweet spot' in the legal industry is where legal expertise can be combined with technology to solve clients' repetitive problems, according to a NewLaw firm founder. Speaking with Lawyers Weekly, the managing director and founder of Hive Legal, Jodie Baker (pictured), said there is a place in the legal market where artificial intelligence can thrive. "That sweet spot is where the clients can really find something that's going to change the level of efficiency that they can achieve," Ms Baker said. "So it's looking for those areas where there are repetitive issues but it's not commoditised." Ms Baker said repetitive issues often arise in highly regulated industries and lawyers can improve their efficiency, as well as their clients', by embracing artificial intelligence.
ISBN: 978-1-78358-174-0 (Ark Group, 2014) Author Chrissie Lightfoot – named in the 2015 list of the'World's Top Female Futurists' & LinkedIn as the No.1 best-connected & most engaged woman in the legal industry, 4th in all sectors, 2015. "It's here at last! Four long years of waiting are over. Its innovative style, approach and language went where no-one else had quite been before." Wait'til you get a load of Tomorrow's Naked Lawyer! Tomorrow's Naked Lawyer takes off from where The Naked Lawyer left you.