Artificial Intelligence & Traditional Law Firms
“People don’t have to worry,” says Khalid Al-Kofahi, vice-president, R&D at the Thomson Reuters Centre for Cognitive Computing, a new technology centre that will focus on research in machine perception, reasoning, knowledge management and human-computer interfaces. “Most of the innovations in artificial intelligence and machine learning will introduce automation at the task level, which will allow people to focus on more complex tasks.”
All of this does not bode well for traditional law firms. A recent global research study by Deloitte concluded that conventional law firms are no longer meeting today’s business needs. The majority (55 per cent) of participants in the study — legal counsel, CEOs and CFOs — have taken or are considering a significant review of their legal suppliers. The study also points out that purchasers of legal services want better and more relevant technologies, to be used and shared on integrated platforms.
The drive toward AI, however incrementally, will likely also mean that law firms are going to have to review their traditional billing model, says Furlong. The time when law firms were the only game in town, where lawyers were the “only vehicle” by which legal services could be delivered, is coming to a close, and AI is going to help to put that to an end, he says. “All of these innovations like artificial intelligence are going to reduce the amount of time and amount of effort required to obtain a legal outcome, so the very lax business model of selling time and expertise, rather than outcomes and results, is coming to an end.”
Source: Artificial intelligence | Canadian Lawyer
Read MoreLegal AI: It’s not just for Big Law – Salazar Jackson and ROSS Intelligence – Artificial Lawyer
In fact, AI is as useful for the small firm Davids as much as it is for the Goliaths of Big Law. One could also argue that it is a great leveller, allowing smaller firms to do more, more quickly and therefore compete more easily with larger firms.
Source: Legal AI: It’s not just for Big Law – Salazar Jackson and ROSS Intelligence – Artificial Lawyer
Read MoreLegal AI: It’s not just for Big Law – Salazar Jackson and ROSS Intelligence – Artificial Lawyer
In fact, AI is as useful for the small firm Davids as much as it is for the Goliaths of Big Law. One could also argue that it is a great leveller, allowing smaller firms to do more, more quickly and therefore compete more easily with larger firms.
Source: Legal AI: It’s not just for Big Law – Salazar Jackson and ROSS Intelligence – Artificial Lawyer
Read MoreA.I. Is Doing Legal Work. But It Won’t Replace Lawyers, Yet. – NYTimes.com
“Where the technology is going to be in three to five years is the really interesting question,” said Ben Allgrove, a partner at Baker McKenzie, a firm with 4,600 lawyers. “And the honest answer is we don’t know.”
Source: A.I. Is Doing Legal Work. But It Won’t Replace Lawyers, Yet. – NYTimes.com
Read MoreA.I. Is Doing Legal Work. But It Won’t Replace Lawyers, Yet. – NYTimes.com
“Where the technology is going to be in three to five years is the really interesting question,” said Ben Allgrove, a partner at Baker McKenzie, a firm with 4,600 lawyers. “And the honest answer is we don’t know.”
Source: A.I. Is Doing Legal Work. But It Won’t Replace Lawyers, Yet. – NYTimes.com
Read More2017 Global Digital IQ® Survey: 10th anniversary edition
… in some ways company leaders are no better equipped to handle the changes coming their way than they were in 2007. In fact, Digital IQ—the measurement of an organization’s abilities to harness and profit from technology—has actually declined since we began asking executives to self-assess their own organizations. Enterprises aren’t so much falling behind as struggling to keep up with accelerating standards. And looking ahead, it is clear most are not ready for what comes next—and after that—as technologies continue to combine and advance, and new ways of doing business go from inception to disruption seemingly overnight.
Source: 2017 Digital IQ: PwC
Read More2017 Global Digital IQ® Survey: 10th anniversary edition
… in some ways company leaders are no better equipped to handle the changes coming their way than they were in 2007. In fact, Digital IQ—the measurement of an organization’s abilities to harness and profit from technology—has actually declined since we began asking executives to self-assess their own organizations. Enterprises aren’t so much falling behind as struggling to keep up with accelerating standards. And looking ahead, it is clear most are not ready for what comes next—and after that—as technologies continue to combine and advance, and new ways of doing business go from inception to disruption seemingly overnight.
Source: 2017 Digital IQ: PwC
Read MoreBlockchain digital process: PwC
But over the long term, the greatest promise is with intricate forms of agent-managed peer-to-peer automation—a highly efficient Internet of Things empowered by an Internet and web of agents, smart transactions, and contracts. The rest of the 2010s likely will be a period of tinkering, comparable in some ways to the late 1990s. Considering there are hundreds of both blockchain and artificial intelligence startups, and sizeable venture capital (VC) investments across both, the possibility also looms of a boom-and-bust period that could mirror the dot-com era in its breadth and depth. By the time the last half of the 2020s materializes, companies might have made their way through what Gartner calls a Trough of Disillusionment to the adoption of a transactional environment very different from today’s.
Source: Blockchain digital process: PwC
Read MoreBlockchain digital process: PwC
But over the long term, the greatest promise is with intricate forms of agent-managed peer-to-peer automation—a highly efficient Internet of Things empowered by an Internet and web of agents, smart transactions, and contracts. The rest of the 2010s likely will be a period of tinkering, comparable in some ways to the late 1990s. Considering there are hundreds of both blockchain and artificial intelligence startups, and sizeable venture capital (VC) investments across both, the possibility also looms of a boom-and-bust period that could mirror the dot-com era in its breadth and depth. By the time the last half of the 2020s materializes, companies might have made their way through what Gartner calls a Trough of Disillusionment to the adoption of a transactional environment very different from today’s.
Source: Blockchain digital process: PwC
Read MoreBlockchain public or private: PwC
Blockchain technology is embeddable and can be subsumed by larger systems, and it’s best to think of blockchains in terms of what will eventually surround them. They will not stand alone, but will function within the core of multiple, increasingly distributed ecosystems.
Source: Blockchain public or private: PwC
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