From March 20-23, 2023, Betty Blocks joined Legal Week in New York City and spoke with thought leaders, legal technologists, legal tech vendors and legal professionals. We had many insightful discussions, and discussed the latest trends, challenges, and developments in the legal tech industry. The insights that we gained from this event were simply too good not to share.
This is why we made a shortlist of the top three insights we gained at Legalweek: (1) Higher digital expectations put pressure on client retention, (2) The rise of generative AI, and (3) collaborative- and scalable technology have become a must have.
Insights that help you to tackle the changing legal landscape and learn actionable insights to restructure, rebuild and reinvigorate today’s law firms and legal departments. Let’s dive right into it.
1. Higher digital expectations put pressure on client retention
Over the last year we have seen a shift in the market. A recession might or might not occur in the upcoming years. However, firms and clients are already looking at ways to tighten their budgets. Combined with clients having higher digital expectations than ever, this shifts focus towards client satisfaction and revenue retention.
In this age of convenience and disruption, law firms are feeling a rising pressure from Alternative Legal Service Providers (ALSP's). These innovative and often cost-efficient solutions to traditional legal services are aiming on stealing traditional revenue with non-traditional services.
One way to improve client retention, and in most ways a route that must be taken, is to upgrade a client’s digital experience by implementing custom digital solutions. This includes branded custom applications, client portals, and automated document assembly. All of which not only improve client satisfaction, but also helps to reduce costs and streamline processes.
“One way to improve client retention, and in most ways a route that must be taken, is to upgrade a client’s digital experience by implementing custom digital solutions.” Joshua Sides - Legal Account Executive
Moreover, experts discussed the importance of providing clients with access to their data through secure portals. By allowing clients to access their documents and data in a secure and convenient manner, law firms can better serve their clients and improve client satisfaction resulting in client- and revenue retention.
2. The rise of generative AI
The words AI and ChatGPT have been buzzing through hallways globally since it was released in November last year. A new technology that just cannot be ignored and certainly it wasn’t ignored at Legalweek 2023.
During talks and discussions both positive and negative aspects were discussed. We have seen automated contract drafting, document management systems and even software that automates client-focused activities and supports relationship building.
We expect AI to at least impact the following functions in the coming 12 months:
1. practice management automation,
2. document review and due diligence,
3. legal research, and
4. predictive analytics.
AI can certainly help law firms to quickly determine outcomes, reduce costs and risks while defending their clients with more information. We also see potential legal issues and the need for sufficient verification of AI-generated results.
“It is important for law firms to be aware of the risks associated with AI, and to develop safeguards to ensure its use is appropriate.” Jordi de Fockert - Legal Account Executive
Additionally, in the upcoming year there will be an urgency for law firms to invest in AI training for their staff, in order to ensure the successful use of AI. They need to make sure its implementation is done in a safe and secure manner. Without the appropriate training, law firms risk using AI in an incorrect or inefficient manner, which can lead to costly mistakes.
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3. Collaborative and scalable technology have become a must have
On multiple occasions we have seen the conversation moving to how law firms can future-proof their technology stack by investing in more collaborative- and scalable technology.
In this case we are talking about software that integrates with other software, to automate workflows and increase efficiency, as well as the use of cloud-based solutions to ensure secure and confidential data connections. Furthermore, experts discussed the importance of investing in solutions that are flexible and can be easily adjusted to suit changing needs. This ensures that a law firm’s technology stack remains up-to-date and efficient, even as the needs of their clients change.
“Investing in solutions that are flexible and can be easily adjusted to suit changing needs ensures that a law firm’s technology stack remains up-to-date and efficient, even as the needs of their clients change.” Ralph Duin, VP of Enterprise Sales US
In addition, experts emphasised the need for law firms to stay up-to-date on the latest trends in legal technology, as well as the importance of investing in solutions that are secure and compliant with continuing regulatory requirements. By keeping up with the latest trends, law firms can ensure that their technology stack remains secure, efficient and cost-effective.
Conclusion
After attending LegalWeek 2023, it is clear that the legal landscape is rapidly changing and law firms must act quickly to ensure they are working with the most secure, efficient and cost-effective technology available. By utilizing AI, upgrading client experience and investing in flexible and scalable technology, law firms can stay ahead of the curve and ensure the success and longevity of their operations.
We want to thank Law.com for organising an amazing event and want to thank everybody that exchanged thoughts with us on how to navigate a changing legal landscape in the upcoming years. If you want to know more about the topics discussed above, make sure to download our whitepaper on this topic "How leading law firms are innovating with no-code".
