August 17, 2023 {3 Minute Read}

AI Strategy for Law Firm Leaders

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.

Please share your thoughts with us and feel free to share this content with others!

!! Must Read

What every CEO should know about generative AI

Source: McKinsey & Company

LawVision's Take

Firms must mobilize now and embrace the unique opportunity presented by generative AI. In 2023, recent developments have brought a very technical subject into the hands of non-experts, making English language the hottest new programming language. Law firm leaders must devise strategies to participate in the new world. 

>> Deeper Read

Your AI Legal Strategy Framework Part 1: Separating the Signal from the Noise with the Help of “Bootleggers and Baptists”

Source: Mark Medice, Principal | LawVision

LawVision's Take

The integration of AI technology within the legal industry has catalyzed a transformative shift, compelling law firms to swiftly adapt or risk losing competitive ground. This transformation is not merely confined to accelerating productivity but extends to reshaping traditional business models and strategic approaches. Law firm leaders must now consider strategy as a creative design process, fostering innovation, adaptability, and ongoing learning. By embracing AI, firms can envision new capabilities, transform their business models, and leverage frameworks such as McKinsey's "Rewired" to combine organizational capabilities with individual expertise. One key aspect of this transformation involves gradual, iterative changes that may seem small initially but can lead to profound innovation and growth. The focus is not merely on automating tasks but on evolving the entire firm into a more scalable, innovative, and client-responsive entity, positioning it as a formidable competitor in the AI-enabled marketplace.

Join the #LawVisionAIStrategyExchange

LawVision's AI Strategy Exchange is a real-time executive roundtable that fosters collaboration, strategy, innovation, and knowledge sharing among a select group of executive participants, specifically in the realm of generative AI. Our inspiration for this initiative came from the identified need for a forum that connects leaders with insights into the strategic implications of AI. Underpinned by decades of experience in law firm strategy and expertise in AI and data, the LawVision team is uniquely positioned to facilitate this Exchange. It is an opportunity to bridge these worlds, a topic that can be particularly difficult for many firms.

We would love to have you consider participating in the Exchange. Your insights and expertise could make an invaluable contribution to this pioneering initiative.



** Industry-Leading Learning

AI Strategy Immersion Program: In Rapid Pursuit of Success

Building a strategy focused on fast-moving topics like AI requires a different approach. Assumptions are quickly proven false and new ideas are introduced, which means individual and organizational priorities change – fast. Fostering a design mindset among your lawyers and staff is now a critical business function.

Strategic AI Immersion, Trends, Tools, and Applications

• Learn about what AI is and what it means for law firm leaders
• Why should law firm leaders care about this now?
• Executive-level overview of AI architecture
• Define a pilot project related to data, AI, and its implication for the practice
• Discuss how the above might serve as a template for business model innovation
• Optional: Sandbox a tool using methods above with a LawVision partner or a tool of your choosing
• Consider the ethical implications for data, client confidentiality, and bias
• Learn about a methodical approach to studying, deploying technology

Ready to schedule a complimentary, confidential, one-hour assessment of your firm's current AI strategy (especially if there isn't one)?