We talk a great deal about how the hourly billable system does not reward efficiency and it should not be used as a measure of how of it. An increase in effective deal flow is however a good measure and AI technology can help increase deal flow and reduce costs considerably. Therefore legal teams should look at AI technology seriously, as it can cut down considerable work, especially in due diligence and risk management.
However, any AI technology will still require a good lawyer to drive the process, in terms of input and analyzing at the output stage. This means that lawyers should not be threatened by the technology, but they should embrace it as an improvement in efficiency but also as a compliment to their existing skill set.
By doing simple tasks inhumanly fast, Lonald improves the efficiency and productivity of every process it is involved in. Interestingly, BLP associates who were previously tasked with checking and validating property data needed no convincing to work with Lonald, even though the BBC reported AI as a threat to their jobs. This was because it made them more productive and freed up their time for more interesting and value-added work. If lawyers – or anyone, really – recognises the positive impact on their job that technology can have, it needs no evangelising. In fact, it was the associates that gave Lonald its name.