Groups documents into related clusters, integrates with most common e-discovery platforms
Groups documents into related clusters, integrates with most common e-discovery platforms
177,0350.0% change from 2017
78,2441.6% change from 2017
50,1121.4% change from 2017
170,0440.8% change from 2017
63,4221.0% change from 2017
42,926-1.2% change from 2017
90,4851.3% change from 2017
53,778-1.7% change from 2017
41,021-0.4% change from 2017
38,80084.8% increase since 2008
22.7% of partners
19% of equity partners
25% of managing partners
45% of associates
48.7% of summer associates
26.4% of Fortune 500 General Counsel
23.8% of Fortune 501-1000 General Counsel
Top five technologies respondents felt had moderate to high impact on their practice:
Firms are focused on eliminating process inefficiencies. Efforts include:
New technologies are changing how attorneys meet new clients:
How and where lawyers connect:
The drivers for cloud adoption are:
of surveyed attorneys
believe it could reduce costs
and increase efficiency
Artificial Intelligence can be effectively used for: contract review/due diligence; predicting a court’s likely decision on a given case with 90% accuracy; and E-discovery. IP Lawyers are using AI to monitor digital platforms, value IP portfolios, and budgeting/analyzing trademark search results. AI can also be used to track billable hours, analyze time spent on tasks. and compile legal analytics.
Although there is high interest (93% of surveyed attorneys believe it could reduce costs/increase efficiency), there is great reluctance to implement AI technology because attorneys are unwilling to switch reliance from “skepticism” & “precedent” to “algorithms”, “data”, and “analytics.” They tend to favor status quo.
Legal AI overall value is estimated at $16 billion, compared with overall U.S. legal services market of $437 billion - and, lawyers want to practice law, not become newest case law by journeying out into unknown legal territory.