As only 7.5 percent of law firms in the United States have begun using artificial intelligence (AI) as of 2017, those early adopters are able to position themselves as forward-thinking innovators. It will likely be years before AI serves a significant portion of the legal market. However, even firms that adopt the technology later rather than sooner will be able to leverage its marketing value.
AI, a technology that can be trained to think like humans in reviewing and analyzing massive amounts of data, has been deployed by law firms to assist with things like contract management, due diligence reviews, e-discovery and more. And it does these tasks quickly, reducing the time spent on this work from hours, weeks, or even months to a matter of minutes.
That, of course, offers clear advantages for both lawyers and their clients. Firms that use AI for these types of tasks are able to provide legal services faster and more cost effectively. Further, automating this work frees up significant time for lawyers, enabling them to enhance their profiles as trusted advisors.
When the firm Baker Donelson implemented Kira, billed as "market leading machine learning AI software," to conduct due diligence for transactions and contract review and analysis, the firm actively touted the innovation. Baker Donelson secured media placements for key firm personnel who were able to speak to the value of the technology in practical terms and place it in the context of enhanced client services. This media outreach was valuable in not only positioning the firm as an innovator, but in demonstrating that the firm has been deliberate and thoughtful in its adoption of the technology.
Both of these are important messages to convey to clients and to the marketplace at large. A firm that has adopted AI has a key opportunity to position itself as both responsive to client needs and sophisticated enough to adapt to an ever-changing and increasingly competitive marketplace.
Even clients who have only a vague understanding of AI -- or no understanding at all -- will recognize what its implementation means: innovation, efficiency, value. These will remain compelling selling points for firms that adopt AI today, tomorrow or even five years from now.
By Gina Eliadis, Content Manager, Baker Donelson for the September/October 2017 LMA Mid-Atlantic Region Newsletter