Bringing AI Into the Business of Law - The Playbook

DataPlus AI
February 5, 2024
3
min read

Our Market Observations Regarding the Adoption of AI Tools

The Playbook for adopting AI across Legal Business Development, Research, Competitive Intelligence, and Knowledge Management is a collection of insights that DataPlus has identified from interactions with different law firms looking to add Generative AI to the business of law.

Education is Crucial to Adopting AI

  • Legal professionals realize that technology competence is becoming essential in the legal industry.
  • Law firms are relying on innovation teams for AI education and training.
  • Most firms are thinking about education and CLE credits.
  • Law firms recognize their processes to even test products are too slow, sometimes unnecessarily slow and thorough.

Deployments

  • Some firms are doing formal AI roll-outs.
  • 2023 was the year of hype; 2024 is the year of execution.

Internal Policies

  • Most law firms do not have a formal AI policy.

Risk Awareness

  • Most firms are looking to bring AI to their operations teams since it is a less risky proposition than using AI in the practice of law.
  • In some cases law firms are asking for certificates of compliance before taking a solution to their IT team.

Operations

  • Firms are starting to think about project ROI, staffing, training, and procurement when it comes to AI-driven products.
  • Firms are considering the effect that AI will have on their leverage model.

Use Cases

  • Knowledge management teams are using generic ChatGPT for translation, summarization, and turning unorganized data into well-organized tables.
  • BD and CI teams want to use AI to search the web.
  • BD and CI teams want to use AI to build charts.
  • KM, Research, BD, and CI teams want to see citations to audit the information retrieved by AI.
  • BD and CI teams want to use AI to find trends, opportunities, and risks across clients and industries.
  • Some mid-size law firms are concerned with the cost of AI tools and they are thinking about passing the cost to the client or selling the service as an add-on.
  • Partners love to “farm out” tasks but are concerned about the impact on billable hours for junior attorneys.

Products

  • Law firms prefer products that fit their workflows and integrate with their other products and solutions.

Technology

  • Most firms are using Microsoft Azure.

Collaboration and Partnerships

  • Law firms are seeking to partner with vendors and rely on vendors to guide them through the product development cycle. 
  • Law firms want to have a seat at the table and be updated when pivots/changes happen, when models get updated, etc.
  • Law firms are doing lots of partnerships, especially with younger companies.

Client Discussions

  • In some cases, law firms are bringing internal teams to client meetings to speak about AI.

To discuss your firm's initiatives or to learn more about this playbook drop us a line!

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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