In this interview with Tara Waters, we delve into the rapidly evolving landscape of law firms and the exciting developments witnessed over the past year. Tara highlights the transformative impact of generative AI, the shift towards integrated solutions, and the growing emphasis on user experience within law firms.
Bradley Collins: Hi Tara, what are the most exciting developments you’ve seen within law firms over the last 12 months and why?
Tara Waters: The developments in law firms that I have been most excited about over the past 12 months include:
Interest in and adoption of generative AI:
Generative AI applications have allowed law firms to glimpse into the future and not just imagine, but start to experience, what a truly digitally-enabled workplace might look like. This is driving a wave of new investment in digital, data and technology that is already yielding some exciting results. It also presents a new opportunity to engage with clients, as we all learn together.
Shift towards integrated (vs single point) solutions:
Law firm capabilities continue to mature as they leverage more end-to-end and integrated solutions. Being able to integrate technologies and data both within a firm and with clients is starting to become table stakes. As a result, we are seeing and hearing about incredible solutions that deliver real value to clients. A growing number of law firms are also developing their own proprietary solutions as well, which is also exciting to see.
Increased emphasis on user experience:
More law firms are starting to adopt experience-led methodologies, frameworks and approaches in designing and delivering new products and services. This has given rise to new roles and, in some cases, new functions focused on user experience and service design, which I consider fundamental to successfully implementing digital initiatives.
Bradley Collins: What are the business outcomes you’ve witnessed from tech & Innovation within law firms of late?
Tara Waters: Aside from the obvious time and cost efficiency of delivery of legal services, I am always really excited and interested to hear about proprietary and purpose-built solutions from law firms. This is an area that Ashurst has been investing in as well, as it provides an opportunity to truly differentiate by offering a unique client experience whilst delivering tangible client value.
From digitalised legal guidance to internal AI chatbots, law firms are proving they have the ability to develop advanced digital capabilities themselves and—in some cases—create new revenue streams. I am also inspired by the stories of successful internal engagement, whether it be hackathons, idea competitions or execution of trials and experiments. Ultimately, you can’t deliver business outcomes without engaging the business. At a time when most of us are grappling with macro and micro issues on a daily basis, successfully capturing lawyer time and focus is a real coup!
Bradley Collins: Finally, what are the most significant changes you believe we’ll witness in law firms over the next few years?
Tara Waters: My predictions have been slow to materialise historically, but I genuinely think the AI train has left the station and so law firms will definitely be focused on identifying what AI-based solutions they need and implementing them across their businesses. It’s too soon to tell what vendors will be the winners in this race, but it will be an interesting race to watch (and participate in).
We also have been seeing increased in-sourcing of ALSP business models by law firms and I expect this will continue across both international and US firms. As an industry we are a bit slower to adapt to change than others, so in just a few years I don’t think law firms will be unrecognisable. Looking a bit longer-term, I expect we will start to properly see and understand better the impacts of the pandemic, flexible working demands and inter-generational workforces, along with changes to education and learning as a result of the proliferation of generative AI.
Key Takeaways:
1. Embrace Generative AI: Explore generative AI applications to envision and implement digitally-enabled workplaces, fostering innovation and client engagement.
2. Prioritise Integration: Focus on integrated solutions that connect technologies and data within your firm and with clients, delivering enhanced value and efficiency.
3. User Experience Matters: Adopt user experience methodologies to design and deliver legal services, recognising the importance of client-centric approaches and service design in successful digital initiatives.
