Extract from Trudy Knockless’s article “AI Gives Legal Departments New Leverage to Demand Speed, Efficiency From Law Firms”
As artificial intelligence reshapes how businesses operate, legal departments are increasingly pressing their outside counsel to deliver work at a faster pace, according to a new study.
Clients now expect faster contract reviews, real-time risk assessments and quicker regulatory guidance, according to “Keeping Pace: Law Firms in the Era of AI-Driven Business,” a Law.com Pro Fellows report written by Aaron Boersma.
Boersma is an innovation lead with Ford Motor Co., but he produced the report completely independent of, and not connected with, the automotive giant.
The report noted that AI also is transforming business practices, as clients increasingly demand value-based models over traditional billable hours.
While all the changes spurred by AI might seem unsettling to law firms, to remain competitive they should embrace the technology and make it a core part of their operations, the report said.
