Deep dive into the topic of how should the future law firm look like (especially in the areas of technology, AI, and the use of the principles of agility) with our colleagues Ondřej Dvořák and Miroslav Hyrman, addressed to the lawyers and legal-tech professionals, held at the Embassy of the Czech Republic in Luxembourg, on October 26, 2023.
On one hand, operating a law firm without modern technologies is impractical. On the other hand, the entire legal sector is observing, uncertain of how AI will transform the industry. Will there still be a role for human lawyers in the coming years?
How will the law firms of the future treat us, and how far are current law firms from meeting these expectations?
The way of many young people who want to become good lawyers will be totally different from what we know so far. A lot of browsing documents, searching, preparing research, reading texts and legislation, everything is slowly falling away. The legal industry is undergoing a significant transformation before our eyes.
Law firms are pushed by clients to the faster delivery of cheaper services at any time. But the lawyers are fighting with old-fashioned time-consuming long manual processes and chaotic structures. Evolving clients’ expectations pushing law firms towards modernization and digitalization.
The transformative potential of Artificial Intelligence (AI) and legal tech is poised to redefine how law firms operate in the digital age.
And here we return once again to the main point – what are the crucial pain points that the law firm of the future should meet? As we clearly see it, it should fit into the following four categories:
The agile transformation of the company is shaking up the old order. It is reflected in the management of the company, in teamwork and in the handling of tasks. For example, a board with an overview of the current tasks in progress will streamline teamwork and give everyone a view of what things are being worked on in the company and what state they are currently in. Regular meetings and good task assignments will help shake off chaos, streamline work and improve repetitive processes. Feedback and learning from mistakes made is an integral part of improving things, as is transparent communication in the team and brainstorming.
Utilizing Artificial Intelligence in the legal field not only saves time on routine tasks and data analysis but also significantly augments our capabilities. AI enhances legal research and predictive analysis, allowing for more accurate and comprehensive insights. Additionally, it frees up attorneys to focus on higher-level, strategic tasks, thus ensuring both efficiency and accuracy. This integration of AI effectively complements human expertise by automating complex data processes and providing advanced analytical tools, thereby transforming the landscape of legal services.
Lawyers spend most of their time with their clients to understand their needs. They are highly focused on delivering personalised, convenient services. Its emphasis is on building long-term relationships through exceptional client experiences. Such an approach increases client satisfaction and loyalty, fostering a positive reputation and trust.
Law firms have traditionally grappled with managing large volumes of data. In this context, integrating data analytics into the decision-making process is essential. Employing technology that continuously learns from data can optimize performance and enhance client outcomes. This approach significantly empowers lawyers to make informed, evidence-based decisions, fostering both effectiveness and innovation in their practices.
What future changes in law worry you?