The future of legal services is about levering advanced technology to boost efficiency, capture cost savings and keep current and prospective clients happy. This has created a race to implement solutions that tap into the power of artificial intelligence and machine learning.
In a recent LegalTech News article, author Sean Doherty takes a deep dive into how law firms are leveraging such technology to create new business models. He highlights one key point showing how law firms should be thinking about the future of AI.
“If law firms are to compete in the legal marketplace, they need to embrace the way the world around them is using data to create new value with AI,” Doherty writes.
He points to the fact that other industries are being disrupted by AI tools, including machine learning and natural language processing (NLP) to revolutionize how businesses and customers are doing business with each other. Firms are beginning to embrace predictive coding and analytics for document review, he notes, but highlighted that they aren’t doing enough to leverage AI on their own data to create new models for existing and future clients.
This article highlights NexLP’s proprietary Story Engine, and why it’s helping define the future of how AI is being applied to legal services.
“NexLP is developing products and services that will lead to widespread adoption of AI in law firms. Firms have data from open and closed client e-discovery and investigation matters that have been previously reviewed and coded. Using AI tools from NexLP, firms can turn that work product into meaningful insight for clients and create new business opportunities and recurring revenue streams,” Doherty writes.
Instead of re-doing budgets and cutting costs, he notes that law firms that want to achieve their revenue and client acquisition goals must learn from “retooling with AI to bring new approaches in delivering legal services.”
Want to learn more about the future of AI in law? Click here to read the rest of Doherty’s analysis.
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