Proactive legal networks are playing a unique role in the proliferation of the latest in artificial intelligence within the legal industry.
In the legal world, where the weight of tradition often feels as heavy as the tomes lining the shelves, artificial intelligence is the unexpected upstart - a digital revolution crashing through the polished mahogany doors.
It’s not just about algorithms crunching numbers or sifting through endless contracts; it’s about reimagining the very fabric of legal practice. This is a landscape where the past collides with the future, and the question isn’t whether firms will adapt, but how swiftly they will embrace this brave new world, transforming the mundane into the extraordinary.
And this isn't just a passing fad, unlike other short-lived tech crazes. Indeed, the legal profession is pushing towards a full embrace of AI. According to a recent survey by Multilaw, a global network of law firms with 300 offices in 100 countries, a staggering 90 percent of respondents are either already using AI or actively exploring ways to incorporate it into their practices.
The survey also revealed that members are exploring AI primarily for transactional, marketing, and operational purposes, with a notable interest in expanding its use in litigation and strategy. The strong focus on efficiency is evident, as 100 percent of respondents highlighted AI’s efficiency and time-saving capabilities as key benefits, with 73 percent ranking these as the most important benefits.
Leading the charge are the legal networks like Multilaw themselves, increasingly investing in summits and gatherings focused on tech awareness and keeping their member firms abreast of the latest in AI, bringing top-notch thought leadership to its network through high-calibre speakers and expert-led sessions, hosting specialised training sessions for AI tools useful for lawyers, and ensuring compliance with ethical standards necessary to be maintained in the profession of law.
“In response to the growing importance of AI, Multilaw has been proactive in adapting our educational offerings to ensure that our members are well-equipped to leverage AI effectively,” says Adam Cooke, Multilaw’s chief executive officer.
The Multilaw Tech Summit held as far back as in 2020 highlighted the profound economic impact that AI could have globally, with projections suggesting a $13 trillion increase in GDP by 2030 due to AI adoption.
“This summit and subsequent initiatives have focused on equipping our members with the necessary knowledge and tools to implement AI in their legal practices. We have continuously updated our programs to cover not only the technical aspects of AI but also the legal and ethical issues surrounding its use, such as transparency, bias, and privacy,” Cooke adds.
Keeping up with the rapid pace of AI advancements presents one of the most significant ongoing challenges for legal professionals, particularly in ensuring that these technologies are implemented ethically and in compliance with legal standards.
“Multilaw addresses these challenges by providing continuous education and resources that focus on both the technical aspects of AI and the ethical considerations that accompany its use. This approach helps our members not only stay ahead of technological trends but also navigate the complex legal landscape that AI is transforming,” Cooke explains.
In the vibrant tapestry of the APAC legal landscape, Cooke explains how a member firm emerged as a beacon of transformation, illustrating the profound impact of legal networks in proliferating the impact of artificial intelligence on the practice of law.
Initially, it dipped its toes into the waters of AI with basic tools, but it was after engaging in Multilaw’s focused training sessions that it truly began to harness the technology's potential. With a newfound proficiency in AI-driven document creation and analysis, the firm integrated sophisticated platforms like SingleDraft.ai and Vlexi AI into its daily operations.
The results were nothing short of remarkable. A 40 percent reduction in document review time, a feat that allowed them to expand its client base and boost profitability.
Multilaw’s comprehensive approach to education is a testament to the belief that the future of legal practice lies not in the replacement of traditional skills but in their enhancement through the integration of artificial intelligence.
“Our programs are designed to enhance our members' existing legal expertise while integrating the latest technological advancements. By maintaining a balance between technical proficiency in AI and the core legal competencies that remain fundamental to effective legal practice, we help our members maintain the high standards of the profession while preparing for the future,” Cooke says.
