2024: The Year of AI For Legal Business Development

DataPlus AI
January 4, 2024
2
min read

Welcome to 2024, a year that’s shaping up to redefine the business of law, thanks to Artificial Intelligence. If you’re in legal business development, research, or competitive intelligence, leveraging the power of AI will help you differentiate your practice and drive more business.

AI in the Practice of Law
LLMs & Document Automation: AI is not just a buzzword; it’s expected to become an integral part of the legal practice assisting the review and creation of documents faster.

AI for Legal Research: Reducing legal research hours is turning into a reality across firms as they seek to improve efficiency and accuracy on behalf of their clients.

Smaller Models: AI models will become smaller, cheaper and multimodal allowing for more companies to add LLMs to their data and products.

Big Bucks Spent by Law Firms on Legal Tech: The projected $5.8 billion investment in legal tech underscores the industry’s commitment to innovation. It’s clear that technology is the new cornerstone of legal practice.

The Challenges of Applying AI to the Practice of Law
More for Less: It is widely known that clients are already pushing for better rates without compromising quality of service, forcing law firms to find innovative ways to stay competitive and profitable.

Standing Out Gets Tougher: Marketing legal services has always been a tough task. With AI leveling the playing field, every firm will have access to the same smart tools, making it harder to stand out. It’s now more important than ever to find unique and meaningful insights that matter to clients.

Rethinking Billable Hours: The traditional billable hour is under pressure, and this will soon impact profits per partner. Now is the time to consider how technology can create a more sustainable and profitable operating model.

Using AI for Growth and Client Development
Despite the challenges, AI is more of a friend than a foe. AI might seem daunting, but it’s a friendly and powerful technology if used properly in the business of law.

Here’s how:
Innovate to Grow: The most successful firms will be those that adapt to change quickly and adopt AI to find more clients to make up for reductions in billable hours.

Test Products Designed for Legal BD: Put AI to the test and experience how it helps you work smarter by helping you find relationships, touch-points, clients, and markets that will allow your partners to find more revenue and convert prospects into clients.

Leverage Tech Experts and Enthusiasts: Identify and empower the tech enthusiasts across your firm. Their expertise could lead the way in integrating and leveraging AI tools.

The message is clear: AI is not just changing the practice of law; it is changing the business of law by offering new avenues for growth and differentiation. By understanding and integrating these technologies, your firm can look forward to a future where innovation and efficiency are at the heart of legal services.

DataPlus AI — Co-Pilot for Legal Business Development

DataPlus is an AI-platform that offers three distinct skillset modes that allow business development professionals, researchers, and competitive intelligence staff to 1) Search; 2) Analyze; and 3) Generate high-quality and thought-provoking insights that lead to meaningful conversations with their current and prospective clients.

By leveraging DataPlus, legal business development professionals can save time, streamline their client screening process, and gather deep insights about their current and prospective clients, industries, markets, and competitors. To learn more about DataPlus and experience the benefits, sign up to try the DataPlus platform today.

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