AI-Adopters Will Leave Rival Law Firms in Their Dust
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Could you expand on why law firms which wait too long to adopt AI will lose out?
AI has the power to vastly improve project execution be it from a time, cost or ‘accuracy’ standpoint. This in turn enhances a law firm’s value proposition and as such improves their chance of winning business.
In the first instance AI may be seen as a differentiator in a world of relatively homogenous service offerings.
Also, as is especially true in law firms, ‘time is money’. If AI can save time, then it saves money for the client because the job is completed more quickly and the employed inhouse team can then focus on other issues (see more on pricing below).
These clients drive decision-making around advisor appointment and will expect law firms to be ‘fleet-footed’ and willing to embrace the change that AI delivers. Those that understand and have worked with AI will prosper. Those that do not will be at a competitive disadvantage.
One could compare this with the early phases of human development via the adoption of tools, which in turn allowed better hunting. This use of technology then gave them an evolutionary advantage.
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