AI Strategy Newsletter for Law Firm Leaders: Legal AI Strategy and the Hare and the Tortoise

AI Strategy for Law Firm Leaders

November 2, 2023 | Volume 1, Issue 12 | 🕐 5 Minute Read

Welcome to LawVision's AI Strategy Newsletter, a key component of our AI Strategy Exchange program. This newsletter is crafted to be succinct and focused, highlighting what we believe to be the most essential readings on AI strategy. We then contextualize these ideas within the legal sphere, tailoring our insights specifically for law firm leaders.

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💡 Must Read

Generative AI in Legal Work - What's Fact and What's Fiction

Source: Thomson Reuters

LawVision's Take

The introduction of Generative AI in the legal industry has been marked by an unexpected surge of enthusiasm, defying the sector's historical reluctance to embrace new technology. A survey by Thomson Reuters unveiled that while 82% of respondents recognized the potential of Generative AI for legal tasks, with 51% advocating its use, only a mere 3% had actually implemented it. The majority of legal professionals are adopting a cautious "wait and see" approach.

Currently, the responsibility for overseeing Generative AI adoption largely falls on CIOs, IT directors, and CTOs. However, it is becoming increasingly imperative for law firm leaders, including partners and managing partners, to engage with this transformative technology. This commitment should not be taken lightly; it necessitates a methodical and strategic approach.

Generative AI promises to revolutionize legal practice by enhancing speed, efficiency, and consistency in areas such as research and document review. Nevertheless, the introduction of this technology poses significant questions regarding billing practices and the demonstration of value to clients, which will demand innovative responses from law firms.

👓 Deeper Read

Why Your Strategy for AI Might Be to Not Do AI

Source: Forbes

LawVision's Take

The Forbes article addresses the current AI hype, urging a measured approach amidst the excitement. It underscores crucial elements for a successful AI strategy: data management, ethics, innovation, education, and governance.

In prior newsletters, we've explored key facets for law firms embracing AI: silencing the noise, establishing intelligence streams, lawyer education, and strategic foresight. The article's headline may imply stagnation, but its core message champions prioritizing organizational knowledge in the face of accelerating AI advancements.

🔔 Interesting News

Mexican Law Firm Launches Chatbot

Source: ALM (login required)

LawVision's Take

Law firms worldwide are increasingly utilizing large language model applications for various purposes, including content summarization and addressing legal queries. This trend signifies the growing importance of these tools in legal practice. Notably, Mexican law firm Von Wobeser y Sierra has taken a pioneering step by launching VonBot, an AI-powered chatbot tailored for internal use. Developed in collaboration with Datasaur, this tool assists over 150 lawyers within the firm by answering questions and summarizing content. By leveraging generative AI, the firm aims to enhance its services and focus on value-added work for clients. Customized solutions like VonBot address privacy concerns associated with commercially available large language models, ensuring a more secure and efficient legal practice. This innovation reflects the commitment of law firms like Von Wobeser y Sierra to integrate cutting-edge technology to better serve their clients, aligning with evolving industry standards. Spain's Cuatrecasas has also adopted generative AI tools in Latin America to enhance its legal services across multiple countries.