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Clients are pressuring law firms not only to cut costs but also to change the value proposition for delivering legal services. They want more productivity for their dollars and actionable intelligence that differentiates a firm from the competition.
The key question, then, is how can you best achieve this? How can law firms provide critical insights, comprehensive business knowledge, and data-driven strategy in a way that differentiates them from other firms vying for a company’s business?
There are two possible answers: you can do more than your competitors or you can do it better than your competitors. With the right tools at your disposal, there is a third option: you can do both – and that’s where technology comes in.
Let’s take a look at five ways technology can reshape the economics, productivity, and service quality of your law firm.
1. Deliver fast and thorough case law research with the help of AI
Incorporating AI technology into legal practice is no longer an unknown new frontier. It’s today’s reality and, more importantly, clients have come to expect it from the firms they employ.
What’s more, the rapid development and accessibility of AI have led some experts to posit that it won’t be long before a failure to understand and use AI could be considered a lack of competent representation.
By using tools that employ advanced AI techniques, attorneys can gather insights from large sets of data and focus on the information that matters most, enabling them to be more efficient and strategic, and offer more value to their clients.
Although attorneys may never feel completely confident in their research, they can sleep easier knowing that their research tools are employing technologies such as natural language processing and machine learning to help them find that needle in the haystack they are looking for.
Artificial intelligence can accelerate legal research time, discover things the human eye would miss, and help produce better results. Search engines powered by machine learning can sift through massive volumes of documents to find the right information in a fraction of the time it would take a human.
Bloomberg Law offers AI-powered legal research tools such as:
Points of Law enabling attorneys to quickly find language critical to a court’s reasoning to support their legal arguments.
Docket Key helping attorneys find an on-point brief, sample motion, or precedent material with only a few clicks.
Brief Analyzer drastically reducing the time spent analyzing a legal brief, identifying relevant authorities, and preparing a credible response.
Smart Code is a virtual annotated code applying machine learning to research state and federal codes, rules, and regulations to quickly identify the strongest and most useful case extracts.