Category Archives: Business Strategy

Artificial Confusion: AI Will Create More Legal Jobs – Not Take Them Away

In the future, AI has the power to reduce legal costs and change law firm business models.

As the CEO of an artificial intelligence legal technology company, the most common question I’m asked – often, nervously – is whether technology will replace lawyers. The fear is understandable. Computers have “learned” how to assist in tasks that used to be attorneys’ jobs, like due diligence, eDiscovery, and legal research, to name just a few. After enough tasks are taken away, what will be left for attorneys to do? Read More……..

 

Seven Benefits of Artificial Intelligence for Law Firms

by Avaneesh Marwaha, July 13, 2017 issue of Law and Technology Today

Have you heard the buzz? Artificial intelligence is taking the legal world by storm—and lawyers are embracing the change, despite their traditional resistance to technology.

In today’s world, data is growing explosively. While that massive store of data contains correspondingly voluminous and useful information—especially for the practice of law—it also takes massive time to analyze. And then there’s the monotony, boredom, and frustration felt by humans who are trying to plow through a Sisyphean task, and the ever-increasing need for speed in response to client, court, and regulatory agency demands. Together, these challenges add up to a seemingly insurmountable obstacle to maintaining a smart, functional legal practice—at least for mere mortals who occasionally have to stop to eat and sleep.

Thankfully, computers are evolving just as quickly as the data boom, and they’re here to save us from ourselves. Artificial intelligence, or AI, refers to computer software and systems that don’t just do tasks they’ve been programmed for in advance—they actually learn as they go, improving their performance through feedback. These programs can quickly learn to complete data-intensive tasks that were previously relegated to bored and weary humans. By recognizing patterns in the relationships between words or data points, computers learn how to identify relevant information, recognize mistakes, and spot inconsistencies—all faster, and usually better, than humans do.

What does all this mean for lawyers? The primary areas where AI is being applied in the law, so far, include the following broad categories: …………………………….Read More

BigLaw embraces the remote work trend

By Allison Deerr, posted 8/1/2017 in ABA Journal

With an emerging workforce focused on career paths offering better work-life balance, BigLaw firms are changing the ways they attract new talent and meet the demands of the modern professional. One of the newest perks: the virtual office. But in an industry reliant on face-to-face communication and notorious for a culture of working long hours, the change in remote work policies for lawyers has been a gradual one, marked by firms wetting their feet with regional beta tests before rolling out companywide initiatives.
After its own successful beta test, Morgan, Lewis & Bockius announced plans this year to allow its associates in the U.S. and the U.K. to work remotely up to two days a week. Jackson Lewis and Baker McKenzie have also launched new flexible work programs. In a press release, Jackson Lewis describes its remote work program as a “win-win” that will help the firm continue to attract and retain top talent “without sacrificing productivity, responsiveness or engagement.”
Top on the list of concerns for firms considering remote work programs are cybersecurity and productivity. Steve Falkin, managing director of IT strategy at HBR Consulting in Chicago, helps firms create flexible work cultures through mobility solutions and secure remote access. According to Falkin, technology can solve many of the barriers that might have prevented firms from embracing remote work in the past.
“Today’s lawyers have varying work styles, and technology should support that to the greatest extent possible,” Falkin says. “Allowing lawyers to have flexibility in the type of devices used to access firm systems—and ensuring they can work at times and in the manner that best fits their lifestyle—is key.”
Baker McKenzie already had technology in place to allow for flexible work arrangements before launching its new program, bAgile. Peter May, chief talent officer, says the firm hopes a more formalized program will ensure its flexible work options are available to everyone—not just the people who were already utilizing them. “We … wanted to create a more formal and comprehensive framework that went beyond remote working. This is about educating our people about what’s possible,” May says.
Some firms have expanded their remote programs to include staff. Sarah Leonard is a legal assistant participating in an “agile work program” offered by a large global law firm in Washington, D.C. She says she started utilizing her firm’s flexible work program in December because the commute from her home in Southern Maryland was “extremely taxing.” Leonard now works one day a week from home using a laptop provided by the firm and a virtual private network.
When she started at the firm, Leonard says, the agile program was just being implemented for nonattorney staffers. “Presently, a large majority of attorney assistants take advantage of the program in some fashion, either by working from home, working custom hours or working longer hours and having a day off. This schedule has positively benefited me both financially and emotionally,” she adds. “One day a week I’m able to wake up, walk across the hall to my office and take my dog to work.”
In the most recent survey by the Diversity & Flexibility Alliance, a D.C. think tank, 26 of the 28 participating law firms had formal flexibility policies. But despite this fact, the survey found many attorneys may perceive flexible work options to be detrimental to their long-term career advancement, with only 1 percent of equity partners and 5 percent of associates utilizing such programs.
Despite the number of firm lawyers actually taking advantage of flexible work programs, such policies may still help firms attract new talent. A PwC study in partnership with the University of Southern California and the London Business School showed work-life balance to be a top priority of millennials. PwC’s NextGen reported 64 percent saying they would like to occasionally work from home, and 15 percent of men and 21 percent of women saying they would give up some of their pay and slow the pace of promotion in exchange for working fewer hours.

 

This article was first published in the August 2017 ABA Journal magazine with the headline “Dialing It In: BigLaw embraces the remote work trend.”

10 Trends Reshaping the Legal Industry

THE LEGAL MANAGEMENT DIGITIZATION MYTH

by: Gary Fiebert, Partner, Smock Law Firm Consultants

Introduction
You cannot pick up a copy of any business or law related publication (either in print or on your laptop) that does not contain one or more articles espousing the use of digitization applications to enhance productivity and profitability. As law firms seek to play catch-up to their clients and, at the same time, improve their own profitability, they are seeking more and more ways to streamline their internal operations and the external practice of law. Law firms are looking towards enhancing their operational work flows read the full article here….

Artificial intelligence disrupting the business of law

Firms are recognising that failure to invest in technology will hinder ability to compete in today’s legal market

Its traditional aversion to risk has meant the legal profession has not been in the vanguard of new technology. But it is seen as ripe for disruption — a view that is based not least on pressure from tech-savvy corporate clients questioning the size of their legal bills and wanting to reduce risk.  Read the Full Article