In the era of rapid technological advancements, it is apparent that the legal profession is falling behind in the adoption of new technologies. Stefan Steenveld, the Asia-Pacific lead for global risk management software provider Litera, has expressed concerns about lawyers not taking full advantage of technology to advance and grow in their practice.
Despite increasing awareness of emerging technologies, the legal industry remains conservative and traditional. Mr. Steenveld has highlighted the slow pace of change within the legal profession, noting that a significant portion of commercial firms’ annual revenue still relies on existing client relationships managed through outdated methods by many lawyers.
The reluctance to embrace technology in law firms has implications for their revenue and competitive edge. Mr. Steenveld emphasized the importance of investing in the right technology, as it provides access to real-time data and historical information, enabling firms to save time and improve collaboration, transparency, and strategic capabilities.
To keep up with the evolving landscape, Mr. Steenveld suggested that law firms need to break down internal silos and foster a collaborative environment. He also underscored the importance of adopting generative artificial intelligence (GenAI), emphasizing that firms neglecting its use will be at a significant disadvantage.
One of the challenges hindering the pace of change in the legal industry is the lack of understanding of how AI works and its benefits. Mr. Steenveld explained that while many law firms are driving AI adoption for efficiency, clients may not fully comprehend how it translates to the final work product. Consequently, firms struggle to advocate for these tools internally and externally.
Despite the potential advantages of AI in improving efficiency and delivering high-quality work, the cost of implementing the latest technology and resistance from lawyers are notable barriers to adoption. Mr. Steenveld advised law firms to stay informed and adaptable to thrive in the evolving legal landscape.
Looking ahead to 2024, Stefan Steenveld recommended that firms focus on technology that solves real problems and addresses client needs. He stressed the importance of seamless and reliable technology that augments human capabilities rather than replacing them. Additionally, he highlighted the importance of long-term adoption strategies and the integration of technology that offers a clear return on investment and addresses specific client needs.
In conclusion, the integration of technology has emerged as a game changer in the legal industry, and client demand plays a crucial role in guiding the adoption of technology. Stefan Steenveld expressed his confidence in the positive impact of GenAI in the legal industry and underscored the importance of streamlining the business and practice of law through technology adoption.
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