Five days, and thousands of legal technology experts in one venue has the power to generate a lot of impactful conversations. Our team certainly got that vibe on the showroom floor, and during our educational presentation by our SVP Damon Goduto on why firms are struggling to adopt AI technology — even when they know they must adapt to the future of where the market is headed. To keep the conversation going, we’d love to share the 8 key takeaways our team gathered at the conference.
Ready to talk more? Click here to reach out to our team today to learn where our Cognitive AI solution can help your team overcome challenges across your eDiscovery, Investigative and Compliance departments.
ILTACON 2019 Recap: The Future of Legal Tech
Change Has Been Slow, Which Is Creating Solution Fatigue: The legal industry is conservative, but receptive to change. Firms are overwhelmed with options, and those who help cut through the noise will stand out from the rest. Dramatic change will occur in the industry as friction gets removed from the tech implementation processes.
The Legal Industry is Evolving — But is Still Fragmented: New startups are entering the legal industry to disrupt the status quo but there isn’t quite a consensus across the market about how to bridge the gaps on what legal firms need to address their greatest pain points.
Law Firms Want to Automate Manual Processes: AI and analytics tools are increasingly being used for litigation documentation, discovery, legal research and contract analysis.
The Future is All About AI and Analytics: We believe innovative technology like AI models to help firms enhance their discovery processes, and it was clear the industry is shifting its mindset in this direction. The sheer number of sessions at ILTA dedicated to the application of predictive analytics shows the interest and growing importance of these critical trends as the legal industry evolves.
Tech Investments Aren’t a Quick Fix: It was made clear that AI is not just a quick financial investment — it requires a time investment. Best, lasting results come from time to train models, and taking care to use the right data to train.
Current Systems Pose Risk and Challenges to Maintain: Adhering to ever-changing regulations, security vulnerabilities are just two challenges firms face — all while evolving and innovating. Cloud-based systems are inevitably the future of IT in legal, and adoption is looking more promising than ever. Data from the American Bar Association indicates that more than 50% of firms have invested in cloud computing technology.
NER Capabilities Generated Strong Interest: Search keywords & RegEx solutions are ok for predictable data patterns like credit card numbers, but don’t solve the problem of uncovering PHI and other sensitive corporate data. We saw strong interest toward self learning NER models as a critical capability to solving this problem.
Firms Want Immediate Value: Many discussions were held about AI models, model building, proactive monitoring with models and reusing models across matters. Firms are ready to buy into the technology, but worry about the work/brain power it will involve. Firms want models that are ready to use — driven by the power of machine learning. Value-now is how firms think as a business. Value up-front will help firms scale with technology faster.
READY TO TALK MORE? CLICK HERE TO REACH OUT TO GET YOUR OWN DEMO TODAY