Legal Tech: Establishing, Collecting, and Analyzing Metrics for Success
Liza Pestillos‑Ocat
As legal tech vendors, we’re often asked, “What’s the ROI on your software?” Our response is familia(...)
Generative AI in litigation: Turning talk into transformation
Opus 2
In recent years, generative AI (GenAI) has captured the legal industry's attention, moving from buzz(...)
As legal tech vendors, we’re often asked, “What’s the ROI on your software?” Our response is familiar to lawyers and legal professionals: It depends ... on which benefits you care most about. Firms could measure the success of new legal tech implementation in various ways, including cost savings from operational expenses or efficiency increases, risk reduction, client satisfaction, and improved win rates. However, in practice, only a small number of firms are tracking the types of metrics that measure legal tech returns.
In recent years, generative AI (GenAI) has captured the legal industry's attention, moving from buzz to real-world applications within law firms. According to a recent Lexology Masterclass webinar, 94% of participants believe GenAI is here to stay, with 84% viewing it as a competitive advantage. As firms begin implementing AI to streamline the litigation lifecycle, a thoughtful approach is essential for success.
Artificial Intelligence (AI) is making significant inroads in the legal sector, with an impressive 82% of lawyers now either using or planning to integrate AI into their practices. This figure is up from 39% last year according to recent LexisNexis research - underscoring AI’s surging popularity in a profession known for its heavy workloads even if traditionally risk-averse. But while AI powers through data-heavy tasks, its limitations have become more apparent as its use has increased in the legal sector, making clear that it’s no substitute for human expertise. Instead, AI amplifies what lawyers do best, enhancing efficiency while leaving critical judgement, strategy, and client relationships firmly in human hands.
This cybersecurity month, Brian Rogers, regulatory director at Access Legal, part of The Access Group, explores the IT security landscape and how law firms can navigate challenges through investment in the right legal technology.
The digital landscape is more complex than ever. The threat of cybercrime has escalated across many industries - including in the legal sector. Law firms, in particular, are a prime target for cybercriminals, owing to the vast amount of sensitive client information they are responsible for managing, as well as the often large sums of money they handle on behalf of clients.
Welcome to Part II of our exploration into the intersection of Information Governance (IG) and Artificial Intelligence (AI) in today's legal landscape. In Part I, we established the foundational importance of IG as the bedrock upon which AI's transformative potential is built within law firms. We discussed how having accurate and easily accessible data is essential for utilising AI technologies effectively, helping firms work more efficiently, adhere to strict legal regulations, and maintain a competitive edge.
Our technological landscape is changing. The combination of information governance (IG) and artificial intelligence (AI) is a turning point for improving operational performance, handling risk, and encouraging innovation. As legal practices face the growing complexity of data management, adopting clear and thorough IG strategies is crucial. IG, which includes various policies, methods, and technologies for managing and protecting information, sets the stage for using AI effectively. Integrating AI provides opportunities to improve efficiency, make better decisions, and automate routine tasks. However, combining AI and IG comes with its own challenges, requiring a careful balance between embracing innovation and following regulations. This discussion will explore the relationship between IG and AI within legal firms, emphasising the need for a well-planned strategy to use their combined benefits while reducing risks.
In our first article, we outlined the significance of data minimisation for law firms, especially as they transition to electronic and cloud-based document management systems. We covered the definition and principles of data minimisation, the challenges of moving to cloud environments, and the importance of minimising data prior to migration to streamline processes and reduce risks. We touched on the benefits for law firms such as reduced storage costs and enhanced cybersecurity. We concluded Part 1 emphasising the strategic advantages of data minimisation in cost reduction, security enhancement, and compliance, urging law firms to prioritise these practices in their digital transformation efforts.
While technology and new compliance regulations are growing at an alarming rate, legal services face the challenge of handling data, particularly with the shift towards online and cloud-based systems for document management. The increase in the amount of data brings more responsibility in managing the costs of storage and data transfer, as well as protecting the confidentiality of client information against unauthorised access. This article, the first in a series, looks at data minimisation as a strategy for managing data, focusing on keeping only what is necessary for valid legal reasons.
Engaging stakeholders with effective tactics
In part 1 of our series on building a business case, Chris Giles provided the framework for building a business case that will resonate with organisational leaders and secure the support and resources to launch initiatives that will propel the organisation forward. In part 2 of our series, Antony Wells explores the methodology and the art of communicating the message.
Generative AI can be a powerful tool for automating routine yet important tasks, allowing corporate attorneys to focus on more value-added work, like practicing law. However, concerns linger about the accuracy and reliability of generative AI output and the technology’s ability to effectively maintain data privacy and security. These concerns are being addressed head on, with both government action and various industry initiatives defining necessary guardrails for this rapidly evolving innovation.
Engaging stakeholders with effective tactics – Part 1
Headlines today are frequently dominated by data breaches and news of additional rules and regulations governing the management and use of information. As a result, organisations find themselves at a crucial juncture, facing both significant risks and opportunities. The scope of information governance has transitioned from being a side task to becoming a central focal point.
Copyright © 2023 Legal IT Professionals. All Rights Reserved.
We offer organizers of legal IT seminars, events and conferences a unique marketing and promotion opportunity. Legal IT Professionals has been selected official media partner for many events.
