The future of legal tech

In this edition of Summer Perspectives, we talk to Dan Sørensen, digitalization director, lawyer and technologist at Advokatfirmaet Selmer AS, about the future prospects for legal tech and the use of generative AI.

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A recent Thomson Reuters report showed that 70% of respondents believe that artificial intelligence and generative AI (Gen AI) will transform the legal industry over the next five years. What changes do you expect to have the biggest impact on the industry?‍

I believe that artificial intelligence, and generative AI in particular, will have multiple impacts on the industry. Initially, this will involve streamlining more routine tasks such as reviewing and summarizing documents, helping to draft legal documents such as agreements and legal opinions. Eventually, I think the technology will affect the value chain in the lawyers' deliveries so that the business model will have to be adjusted. Either way, I'm sure AI will help to drive down the price of legal services and impact the business model.

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It is believed that the advances being made in Gen AI will help democratize access to legal services. Can you say something about what this development might look like?

‍GenAI could eventually democratize access to legal services by reducing the cost of legal advice. It will also make it easier for individuals and small businesses to navigate the legal landscape. Of course, how quickly this will happen depends on how the language models develop in the future, and not least how accessible the legal databases in Norway are. I hope, for example, that the authorities eventually realize the importance of publicly available data - including legal data!

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How is Selmer working to integrate new technology into its deliveries, and in which areas have you been most successful so far?

Selmerhas a clear digitalization strategy that we have been working on for the past few years. It involves both renewing and establishing familiar and stable digital platforms, and piloting and testing new digital tools as they become available. We have implemented new technology to improve and automate a number of internal processes. We have achieved this because we have a good data platform, control of integrations and master data. Furthermore, we have tested various AI tools and are now rolling out our own generative AI platform, which we already see providing clear value for lawyers.

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Cheryl Wilson Griffin, CEO of Legal Tech Consultants, recently stated that she believes we will enter "The Golden Age of Legal Tech" in 2024. What developments can we expect already this year?

‍Iagree that 2024 could be the start of a "golden age" for legal tech, but I'm unsure how quickly it will progress. In general, we tend to overestimate the impact of new technology in the next year and underestimate the impact in the next three years. By the end of 2024, I believe most law firms will have completed one or more pilots with new AI technology, and some will have implemented a solution across the entire organization.

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Document automation, predictive analytics and automated retrieval of relevant background material are highlighted as examples of what we can expect in the future. Do you see other application areas that will also be relevant?

‍Aslanguage models evolve and become more and more capable of handling larger amounts of text, and various functions are developed on top of the language models, we will probably see that we can use Gen AI to review, organize and retrieve relevant information in large volumes of documents, such as in legal processes and in transaction processes and in connection with due diligence work. "due diligence" work.

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If Gen AI leads to significant streamlining of work tasks, the technological advances will challenge existing business models and the associated hourly billing. What do you think a possible "new normal" will look like for the legal industry?

‍The"new normal" for the legal industry may involve a transition from hourly billing to more value-based billing. The industry should already now start work on assessing how different pricing models can be utilized to reflect the value the deliveries provide for customers. There will still be a need for hourly deliveries, but to a significantly lesser extent than now.

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What's your best tip for lawyers and law firms that want to adopt new technology in their daily work?

Itcan be challenging to know which processes your business should focus on and what technology can be used to improve, streamline and professionalize. Start with simpler work processes that are routine, get some keen lawyers on board to see the possibilities and start with pilots to test. Then you can have a gradual roll-out if you see that the pilots provide benefits. Training and follow-up of the lawyers is absolutely necessary for success.

South or Norway ?

‍Swedish holidayat the croft 🇸🇪🌳

Mountain hike or boat trip?

‍Hike🏔️
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Shellfish or barbecue ?

‍Yesplease, both 🦐🍢