An Industry in Transition

As the legal industry adjusts to the new reality of Artificial Intelligence, it is clear that AI is the most consequential technology for the industry. Industry analysts and legal professionals expect that AI will impact efficiency, delivery of services, recruiting, the leverage model, and even perhaps affect established views of the value of time. Particularly as companies like Harvey AI, Spellbook, CaseText, and others are driving efficiencies and also encouraging GCs to keep work in-house.

We at DataPlus believe that AI should be leveraged for revenue growth.

Expected Economic Impact of AI

1. AI consultant Toby Brown estimated a 13% revenue decline and a 7% cut in profit margins.

2. Goldman Sachs estimates that 44% of legal tasks could be automated using generative AI, ultimately reducing the number of hours billed to clients.

3. Experts from KPMG expect clients to force law firms to use generative AI for tasks it can do more cheaply and efficiently than work traditionally done by junior lawyers.

In light of the anticipated reduction in demand, billable hours, and Profit Per Partner, the impact of AI will add significant stress on fee earners and those aligned to revenue generation efforts, including marketing and business development teams.

AI as an Engine for Revenue Growth

At DataPlus we are building a solution to the economic impact AI will have on the legal industry. Our team of enterprise technologists, math PhDs, data experts, and intelligence professionals have come together to build the industry's first business origination engine. A market monitoring system that facilitates client acquisition and identifies new matter opportunities based on real-time signals across market, company, competitor, and regulatory data.

Our business origination engine is designed to provide law firms with valuable insights and opportunities that may otherwise go unnoticed. By analyzing vast amounts of data in real-time, our platform can identify potential clients, anticipate their legal needs, and provide law firms with the information they need to proactively engage with these prospects.

New Dynamics

At DataPlus, we recognize the adverse effects that revenue dips and profit per partner have on recruiting, lateral departures, and market prestige, so we have made it our mission to help law firms not only maintain their competitive edge and culture, but also grow their market share to new levels.

We believe that the future of the legal industry lies in AI geared towards growth and using it to drive success. At DataPlus, we are committed to being a partner in this journey, providing law firms with the tools and expertise they need to thrive in an increasingly competitive and dynamic market.

A Collaborative Approach to Growth

We invite you to learn more about DataPlus and how our business origination engine can help your law firm seize new opportunities for growth. Together, we can drive success and prosperity in the legal industry.

Sincerely,

The DataPlus Team