INSIGHTS FROM LEGALTECH INNOVATION EXPERTS
Technology and Innovation Leaders from Major Law Firms Discuss their Achievements, Challenges, and Priorities of 2018
- Our biggest achievement was the launch of our combined intelligence solution for contract negotiation. It essentially sifts contracts for legal issues using powerful AI technology from LegalSifter, combined with written in-context advice from TLT lawyers. It merges the speed and efficiency of machine learning with the expertise and quality assurance of experienced lawyers.
- We have created our first commercial technology platform which is receiving great feedback, but if I have to choose one it would be TW: Detect. With TW: Detect we have brought together a ground-breaking tool which scans activity on the dark web to keep our clients safe.
- Our most significant development has been the first real use of AI technology in the business, which has significantly reduced the time taken to analyze source documents and produce specific reports.
- We have redeveloped our core, virtual lawyer product, KLAiM, from the bottom up. We’ve abstracted the core competencies from their narrow application in previous iterations of the product and generalized those so that they can be applied to a much broader set of legal processes and jurisdictions.
- Our biggest achievement has been the great start we have had exploiting the benefits of the new finance system and the associated Global Data Warehouse, especially in terms of some of the global reporting now available as well as the ability to enable systems-access to the data. The Australia National Blockchain project has also been an incredibly exciting development, as have the myriad of other AI and machine-learning pilots and trials that we’ve undertaken.
- Our most significant tech development has been the additional layers of security we have provided for our business including containerization of our mobile devices to meet client security requirements. This has the added benefit of enabling our staff to be more productive and efficient on their devices.
- 2018 has seen a mass of new legal experts who ‘get’ tech and who have therefore really moved us on in terms of delivering new agile client-facing capabilities. This internal network has sped up the adoption of new technology across our client base – and not by spending ever-increasing sums and employing more technologists – but by creating a far better network of existing team members to unlock the value of tech.
- The most significant technology delivery for us this year has been the refresh of our end-user technology to support agile working across our London office. This has included the implementation and adoption of softphones, collaboration tools and eFiling, which has significantly reduced our reliance on paper.
- For us, the most significant development has been our investment in and adoption of our Master Data Management strategy. This is underpinning the investment we have made this year in our data scientists who are now applying their skills to drive insight out of the data which we hold, enabling us to make data-driven decisions for the business and our clients. [Legal IT Insider, Dec 24]
Law Firm Leaders Predicts for Innovation in Law in 2019
- We’ve set up our Markets Innovation Group, and also A&O Consulting, aimed at that point where law firms typically leave off and other providers tend to come in. In A&O Consulting, we’re bringing in management consulting techniques, and combining that with A&O’s regulatory and legal expertise, tackling some of the operational and implementation challenges that companies and institutions have.
- Digitization and data analytics is an increasingly important way to efficiently engage with clients. There’s great opportunity to deploy different kinds of predictive analytics, so having proper data sets and data hygiene in place is critical.
- There are a number of emerging themes, one of which is collaborative working – not just between clients and their law firms, but joint projects with consortiums of law firms and standard-setting organizations, like the Accord Project. These types of platforms are contributing to legal market transformation, and opening up the industry to these new ways of working will become increasingly common.
- We’ve been making some structural changes to support our own digital transformation. We have been importing some of the structural concepts from more mature digital industries into the firm. For example, we have introduced the concept of product ownership, whereby our associates work very closely with our global technology and innovation teams and with clients to create client-facing products.
- The use of data analytics to drive more personalized client insight will be another key theme. As we’re using AI more and more, we’ll have more and more structured data to tailor those insights to individual clients more effectively. In the last two and a half years, we’ve been doing a lot of the heavy lifting, the foundational work, to really digitize what we do. We can now start capitalizing on that. [Yahoo, Dec 24]
Technology and Innovation Leaders from Major Law Firms Talk About the Most Exciting LegalTech Trend Right Now:
- I would say, the analysis of legal decision history to forecast outcomes. There seems to be a small group of new AI tools which are attempting to work with the smaller datasets available in areas of litigation and case summary. For example, we are working with a start-up called LitiGate, which promises to recommend winning arguments for case filings. These really are in the sphere of augmented reality at present, providing lawyers with suggestions and insight rather than the system claiming to give a single answer.
- I think it is a combination of a number of things: adoption of predictive analytics based around richer and more consistent data, blockchain and the opportunities afforded by smart contracts, and then the enormous opportunity offered by an increasing degree of comfort with using the cloud.
- I would say automation. It is being adopted in many areas and at all levels, even if it is really only using old technology to make something faster and more consistent.
- For me, it is data. We have so much of it: if only we could harness it and then use it more effectively. As an industry, we’ve always been good at using data but the problem is it’s in unstructured form and in people’s heads.
- The most significant legalTech trend is the growing recognition of data as currency, vis-a-vis our clients as well as how we manage our business internally.
- Artificial Intelligence is now becoming increasingly effective, and at a stage where it can be deployed sufficiently cost-effective to add value to the firm’s practice.
- It really is that focus on co-creation – bringing tech specialists together with others to deliver workable solutions. That applies equally to client problems as well as how we create tools to ensure our people can operate effectively wherever they are based. We have run a number of workshops recently with clients in areas like retail and financial services, where the client brings a problem to the table and we use a wide range of specialists to help them solve it – this is definitely something we expect to see more of in 2019. [Legal IT Insider, Dec 24]