The mystique around AI technology is driving a tendency for lawyers, especially those working in small practices, to believe that it’s inaccessible. And, it is a luxury that only larger legal firms and departments can afford. The increased adoption and availability of AI solutions is proving that it is not only accessible but may be necessary.
Firms of all sizes are turning to AI-powered technologies to steer them towards innovative approaches to meet their clients’ needs and automate business processes. Legal tech spending hit $1 billion last year, with lawyers embracing new tools like case management software such as eDiscovery, mandated in some states. AI-based solutions are now being used to automate processes like patent tracking and are extending into services like live video-streaming to better connect with clients.
As with every innovation, the legal industry finds both pros and cons to adopting new technologies. In a recent Forbes article, legal professionals are battling both the benefits of deploying AI-based solutions into their practices, as well as the human toll these may have. The fear that these solutions can eliminate positions, like paralegal and legal research and reduce the number of billable hours a lawyer can charge is substantial.
Regardless of this, law office productivity software, in particular, continues to be in great demand. For a profession that is highly document-based, tools like customized legal speech recognition offer many benefits when it comes to creating and managing legal documentation. The ability to easily dictate or transcribe audio files gives lawyers tremendous flexibility in ensuring comprehensive and accurate data is captured and distributed within critical practice and case management systems.
AI can seem intimidating. As new tools and technologies emerge faster than ever, it can feel hard to keep up. Legal professionals realize that this trend will continue and they need to embrace solutions that will empower them to be more productive and meet the evolving expectations of clients.