It is an exciting time within the legal industry. A time of Innovation, Improvement, and Modernization means that our industry (well inside the firm, in-house legal, technology teams and management advisory companies) is making advancements in the culture and acceptance of technology and Artificial Intelligence within the practice of law and compliance. This is an important period given the lack of progress over the years and the future anticipated impact.
Gartner predicts that AI augmentation will recover 6.2 billion hours of worker productivity by 2021. Run a google search for “legal and artificial intelligence,” and you’ll find content just in the past month discussing AI and:
- Contract Analytics
- Crypto Currency
- Legal Hackathons
- Posing threat to the legal profession
We are seeing pockets of the industry moving past the AI novelty stage to accepting and using AI in practical legal applications. The most exciting news we are seeing at Seal and shown in recent surveys is that companies continue to feel they are receiving benefits from AI projects. For six consecutive years, NewVantage Partners has conducted an annual survey on how executives in large corporations use data. 73% of respondents in their 2018 survey said they have already received measurable value from these initiatives.
What is most interesting about the movement is that survey results indicate that developing advanced analytics to support improved business decision making was identified as the highest priority and generated the highest success rate. The combination of executive corporate buy-in, corporate investment, project successes and the forward moving progress within legal acceptance of AI, is creating disruptive forces within the legal industry.
How does this affect business as usual for the legal industry? Not too much impact within Large Law; ALM reports that the law firm market share is still 60-70%. But ALM statistics also tell a story that the new law narrative gaining market share is the combination of Legal Technology, ALSPs, and law departments.
Take PWC for example. Their increased adoption of technology and AI around business problems creates new breakthrough opportunities around solving contractual, compliance, tax and regulatory problems as well fuels growth for their clients by providing valuable, actionable data insights. At the 2018 LegalWeek conference, their presence was strong with a team showcasing their in-house version of the Seal Software technology. Focusing on displaying to customers that technology can improve the quality of work by handling once manual tasks now automated, faster, and potentially more accurately across more complex and larger volumes of contracts and other data.
PwC is ramping up investment in this area as they seek to not only defend market share but take on new business in a variety of different verticals and attacking different business challenges. It is exciting to work with the PwC team, and to see them generate new types of insights for intelligent decision making to increase revenue, mitigate risk, drive down costs and inefficiencies for their clients.
To find out more about PwC’s use of Seal, please reach out to: