Charting Change in Legal w/ Caroline Hill, Legal IT Insider, and Industry Analyst Ari Kaplan, Ep 23
May 3, 2024
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Caroline Hill, Editor of Legal IT Insider, and Ari Kaplan, Industry Analyst, discuss generative AI adoption in legal departments, challenges in demonstrating ROI, technology's impact on legal efficiency, competitiveness, and billable hours. They touch on CLOC, legal administrators, law firm tech labs, and aligning client expectations.
Generative AI enhances legal research and drives efficiency in law departments using tools like LegalMation and iManage.
Measuring ROI for generative AI in legal practice requires clean data, time savings quantification, and strategic compliance enhancements.
Deep dives
Exploring the Use of AI in Legal Departments
The podcast discusses the strategic implementation of generative AI in law departments, focusing on distinguishing AI from generative AI and assessing its impact on legal teams. Various examples are shared, including the use of tools like LegalMation and iManage for routing and leveraging AI for legal research and advanced technology within legal departments.
Challenges and Considerations in Calculating ROI
The episode delves into the challenges faced by law firms and legal departments in measuring and demonstrating ROI related to generative AI. Anecdotal instances are cited, such as companies using generative AI to enhance compliance with guidelines, emphasizing the importance of clean data and quantifying time savings to calculate ROI effectively.
Global Perspectives on AI Adoption in Legal Practice
The podcast anticipates discussions on the varying approaches to AI adoption in legal practice across different regions, including the US, UK, and continental Europe. Insight into the transformative impact of generative AI on mid-size law firms is highlighted, enabling them to compete with larger firms and attract diverse projects, reflecting a positive shift in the legal profession towards collaboration and innovation.
In this 23rd episode of Charting Change in Legal, Caroline Hill, Editor and Publisher of Legal IT Insider, and I discussed CLOC, legal administrators, law firm tech labs, and aligning client expectations.
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