Hi there,
Earlier this week, four of the top Global 200 law firms joined us in a webinar to talk about how GenAI is shaping the future of client services, including:
✔️ Their most compelling use cases for GenAI
✔️ How firms are communicating and working with clients on GenAI initiatives
✔️ Their take on how GenAI will shape the industry in the next 12-36 months
Here’s what they had to say.
1. The least interesting use cases 🥱 just might be the most important.
Of course, there's no one who's not eager to hear about the latest "game-changing" uses for GenAI.
To that, our panellists responded:
"While maybe not appearing groundbreaking, some of those things — like data redaction and extraction, improving accessibility, and improving firms’ operational efficiencies — are really quite a big deal for those specific users. We aren't changing the work that's being done here, but how the work is getting done — and that can have huge implications on speed, quality, scalability, etc."
2. Law firms are navigating a wide spectrum of client attitudes towards Generative AI.
Clients’ receptivity on GenAI spans a wide range, from conservative concerns about data usage and outside counsel guidelines that prohibit any AI use by firms altogether (hint…firms have been using AI for years now) to asking firms for help in testing innovative solutions, like chatbots.
In response, firms are taking a tailored approach to meet the needs of each client. And that also includes a large dose of client education and guidance targeted at helping clients understand the technology and its implications.
Overall, firms stressed the importance of ongoing communication, collaboration, and transparency to ensure clients are comfortable and informed about the use of generative AI in legal services.
3. It’s still early for firms to say precisely how GenAI will impact their pricing models (or is it?), but they did share their spiciest 🌶️ predictions on what the coming months hold in store.
"Generative AI will become like the calculator, the PC, the Internet, Excel, or spellcheck. It will become a part of everyday life so we need to keep experimenting, learning, using good judgment, and evolving.” – Shawn Swearingen, Faegre Drinker
"AI will not replace lawyers, but lawyers who use AI will replace other lawyers that do not use AI.” – A.J. Bahou, Bradley Arant
"We will move past what I consider very passive large language models and seeing more autonomous goal or task-driven agents that are able to go out and seek information and propose solutions based on specific tasks.” – Katherine Lowry, BakerHostetler
“I’ve got no idea where we’ll be in two or three years time, but the important thing is that the technology is being used. In the past we’ve seen a lot of great potential in technology solutions but very poor adoption. But here’s we’re seeing new technology actually being used at greater scale, and that’s quite exceptional I would say.” – Anthony Vigneron, Clifford Chance
There you have it folks. But there’s a lot more where that came from.
If you weren’t able to join the live event, you can find the replay here.
Cheers,
Jim
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