The Law Society Gazette recently published an article titled “How To: Set free your robo-lawyer” which touches upon many of the observations that we at Nextlaw Labs share about the legal tech industry:
- The doom and gloom predictions about AI’s negative impact on jobs in the legal industry are overstated, as the benefits of automating legal work far outweigh the costs and risks
- Law firms cannot ignore the technological breakthroughs and disruptions that are occurring in the industry and should get on board or risk falling behind
- AI is already being applied in a couple key practice areas including using e-discovery in litigation and data extraction in practices which require significant amounts of contract review, and there is much more to come.
- The benefits of AI in the legal industry are wide-ranging, from enhanced services and cost savings to clients to greater job satisfaction from attorneys.
- Partnerships between law firms and legal tech vendors come in all shapes and sizes, but many of the technologies are coming from small vendors with early stage products that require significant legal input from lawyers.
The article concludes with a shout out to what Dentons and Nextlaw Labs are doing in the industry with specific mention of:
- Nextlaw Ventures portfolio companies, ROSS and Beagle, as examples of AI-leveraging startups that Nextlaw Labs is accelerating
- Predictice, as an example of a co-innovation partnership that was started by Dentons’ Paris office. Marie Bernard, CEO of Nextlaw Labs commented: ‘Looking at the track record of previous similar, litigation, it delivers an estimate of benefits, as well as a map of the most favourable jurisdictions depending on the type of problem. The tool could eventually help lawyers adjust pricing according to these statistics,’
- Clocktizimizer, a startup that Dentons’ Amsterdam office is currently testing, after having met at the Legal Geek Road Trip Amsterdam Event that was sponsored by Nextlaw Labs and Nextlaw Ventures
- Luminance, an AI due diligence tool that is being piloted in Dentons’ London office.
Read the full article here.