Artificial intelligence to many can seem like a daunting prospect; perhaps even more so if you’re a managing partner of a law firm. But could AI - specifically bots - transform your firm? Here are five ways you can stay ahead of the curve by exploring the possibilities of a law bot.
1) More billable hours
Every law firm wants to keep its billable hours up. By taking away some of the administrative tasks that lawyers would usually do, law bots are able to carry out some of these on your behalf.
It appears that automation of various levels can all impact positively on your billable hours. JP Morgan uses a programme called COIN. This system has enabled them to save approximately 360,000 hours that they’d usually spend trawling through commercial loan agreements. It reviews documents in seconds and occurs fewer manual errors than in human lawyers.
2) Attracting the best talent
Flexible working is bringing about change in the legal industry. With bots able to do some of the less arduous tasks, this could enable your firm to offer attractive flexible working benefits to your lawyers. Why would you not want to attract the best talent?
Some law firms are already offering a form of flexible working to their employees, proving it is possible for most to be as agile as possible.
3) Be a disruptor
Bots are already being utilised in the legal world, increasingly making the early adopters industry disruptors. By having bots that work alongside humans, it can demonstrate that your business is more advanced than your competitors. It should be about positive investment, not cost. It’s the case of being transformative in an industry that’s traditionally slow to adapt.
4) Client satisfaction
Clients aren’t as scared of bots as you might think. In our latest research, we found that clients are looking for their law firm of choice to be innovative. 70% of consumers would rather engage with a law bot over a human if it saved money and time. 56% also said they were prepared to pay more if it meant their legal issue would be resolved quicker. So, by having a bot, you’re likely to be increasing client satisfaction, rather than diminishing it.
5) Happy firm, happy lawyers
With the rise of the four-day week, automation will be key to its success. The Trade Union Congress have suggested that this century, it should be possible for most employees to move to this type of reduced working. By offloading some work through automation, this should enable a happier workforce, all whilst keeping billable hours up.
A study conducted in New Zealand found having an extra day off increased productivity. As a result, lawyers would wind up with an extra day off and be able to carry on successfully with operations. We’ll have to watch this space…
Are you ready?
Automation will be key to moving the legal sector forward. The question is, are you ready for a bot? Or are you earlier in your transformation strategy? Join the conversation #thefutureoflegal
Whilst bots are absolutely the next step, perhaps the first is to assess if you have strong enough ground for it. Perhaps getting to a point where you can enable your lawyers to work remotely is a strive towards both two and five in the list. In order to do so, you should consider your communications strategy. Is your workforce connected?
With office-based services, most workers are no longer confined to a desk in an office. And with rising cost of office space, its not always the most logical of answers to have the workforce there day in, day out. So if your workforce is connected by technology, then it can be of great benefit to the firm.
Are you using MiCollab, Microsoft Teams or other tools to keep you connected? If not, that can be the best place to start. By embracing transformative technologies, you can cover off at least some, if not all of the five points above.