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Opportunity or wasted capital?

Opportunity or wasted capital?

By Mira Stammers

Practice Management Technology 


Artificial intelligence can create opportunities, however, introducing it into your firm requires deep consideration of the impact it may have on your business model. Snapshot:
AI is slowly penetrating the legal profession in Australia.
Some firms remain unsure about whether the investment is warranted.
Benefits are numerous, provided business models are reviewed.
Artificial intelligence is infiltrating the legal profession, and law firms are starting to adapt. A recent survey of 100 London law firms found nearly half (48 per cent) are already using AI software, and another 41 per cent are planning to do so.1 This trend is reflected in Australia, with many of the most forward thinking firms employing AI for services including document review, due diligence and legal research. Others remain uncertain about the probable impact of AI on the profession. Of concern is whether the capital investment required for AI will ultimately help firms improve efficiencies, increase profits, ward off competition and create hardier value propositions.

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