ALM Intelligence Releases Artificial Intelligence Report
Law Firms Need Artificial Intelligence to Stay in the Game
New York, NY – July 16, 2018 — ALM Intelligence’s Legal division has released the “Law Firms Need Artificial Intelligence to Stay in the Game” report, provides a detailed look at how law firms are affected by the current state of artificial intelligence.
Law firms are faced with having to make critical decisions, adapt to the changing environment, or push onward in a ‘business as usual’ mindset. Although artificial intelligence is not the singular solution to survival, it will help law firms meet their challenges – savvier corporate legal departments and ASPs – quicker and easier, and will open the doors to ancillary revenue streams.
“The path to using artificial intelligence is not quick, and requires planning, resource building, trial and error, a continuous approach and culture shift,” said Erin Hichman, Senior Analyst at ALM Intelligence and author of the report. “Artificial intelligence is not a replacement for lawyers, but rather a tool to improve efficiency and accuracy that will not eliminate the need for lawyers, but will change how legal services and advice are consumed and delivered.”
The report’s findings provide and overview in the following key topics:
- What artificial intelligence is and what it means for the law firm
- The building blocks of artificial intelligence
- Current example and maturity of law firms using artificial intelligence
- Roadblocks and steps to take for using artificial intelligence
“Many aspects of the legal profession are based on precedent, which makes the use of AI for numerous repetitive knowledge tasks and other functions very interesting,” said Patrick Fuller, Vice President, Legal, ALM Intelligence. “The use of AI will continue to increase, driven by legal departments seeking efficiency, consistency, and predictability, and by law firms pursuing differentiation and scale.”
To find out more about the report and download the Executive Summary, visit:
About ALM Intelligence
ALM Intelligence, a division of ALM Media LLC, supports legal, consulting, and benefits decision-makers seeking guidance on critical business challenges. Our proprietary market reports and analysis, rating guides, prospecting tools, surveys, and rankings, inform and empower business leaders to meet business challenges with confidence. Please visit www.alm.com/intelligence for more information.
ALM is the most trusted media, information and intelligence company supporting both the practice of and business of professionals in the legal, insurance, commercial real estate and financial services industries. ALM delivers leading data, intelligence, insights, events and audiences essential for growing businesses globally to over 7 million professionals. Please visit www.alm.com for more information, and visit www.alm.com/events/ to learn about our upcoming events. Please follow us on Twitter at @ALMGlobal_.