General Manager, Andrew Lindsay speaks to the Orange Rag about the year's key takeaways for the legal tech industry and what's in store for 2024!
Give us your overview of 2023 both from an industry and vendor perspective
2023 has been dominated by the impactful arrival of LLM and the opportunities to embrace AI. Some firms are taking a leading role, others happy to take a watching brief, but the legal world is going to be seriously affected by these technological advancements and everybody needs to be tuned in, or you will be tuned out.
What were the major milestones?
Delivery and adoption of tangible AI applications - we are yet to see the ROI on the various heralded initiatives, but these leading firms are investing for a reason. Details on go-live and results will be the true barometer for success. Some applications will fail, others will fly, but initial adoption milestones have already been achieved.
What were the biggest surprises?
The pace and agility of firms to adapt positively in a time of change, not many with their head in the sand or predicting “the end is nigh.”
How do you think law firms have coped?
Admirably, there are no luddites demanding “smash the machines”, everyone I speak with is excited by the opportunity and, as a collective, eager to understand more about the potential benefits of adoption.
What are the opportunities that have arisen?
True harnessing of firm knowledge; predictability of results; closer value-based collaboration with clients; and time/money saving initiatives to give the lawyer more time.
What are your predictions for developments in 2024?
Acceleration of adoption and investment; as AI solutions become proven and referenceable, others will commit. We may have a Betamax v VHS / BluRay v HD DVD technology showdown situation, but the winners will be the solutions that provide tangible ROI for the firms that adopt them.