AI has been trending over the past year, and some law firms are using the latest in generative AI to enhance their businesses. Artificial intelligence has the potential to make life better for your law firm and society as a whole. 

Whether you view AI as a threat or an opportunity, it’s here to stay. Let’s explore six examples of how law firms using AI can take on more business.

1. Harnessing the Power of Generative AI

While most law firms incorporate some form of AI in their day-to-day work, the use of generative AI is a relatively new concept. Generative AI, a type of artificial intelligence that creates content such as text, graphics and documents, is paving the way for innovative legal practices. 

According to a 2023 Thomson Reuters Institute report, only 3 percent of respondents are law firms using AI that’s generative (like ChatGPT), with an additional 2 percent actively planning its implementation. The majority of law firms are in the consideration phase, but this technology is poised to revolutionize the way the legal profession operates.

2. Speeding Up Legal Processes for Enhanced Efficiency

The primary advantage of AI in law firms is speed. Mundane and time-consuming tasks like research, document drafting, accounting and data entry can now be completed in seconds. 

In an industry where every minute counts (especially with legal billing), AI’s ability to automate routine tasks frees up valuable time for lawyers. This newfound efficiency allows legal professionals to focus on high-level, strategic work that directly benefits their clients.

And speaking of working with your clients, are your communications up to par with industry standards? Consider taking a look at hosted phone systems for your firm today if you haven’t already.

3. Unearthing Deeper Insights With AI

Beyond its ability to expedite processes, AI empowers law firms to gain unprecedented insights. Through advanced algorithms and data analytics, AI sifts through vast digital data warehouses, providing attorneys with hard-to-find information and the capability to predict legal outcomes. 

This technology opens new avenues for legal professionals to enhance their services, offering clients a deeper understanding of their cases and legal strategies.

4. AI’s Role in Business Development

By delegating routine tasks to AI, law firms (and even small businesses) can allocate more time to crucial business development activities. The equation is simple: When AI handles the repetitive, lawyers can focus on finding new clients while maintaining excellent service for existing ones. 

Implementing AI chatbots on law firm websites further enhances responsiveness, enabling immediate interaction with potential clients and capturing valuable information for lead generation.

5. AI-Powered Marketing and Content Generation

AI’s ability to generate content through machine learning algorithms is a must-have for law firms. From blog posts and newsletters to social media and podcasts, AI can assist in creating high-quality, relevant content, with some caveats. It’s important to note that when you’re a law firm using AI, you must carefully review, edit and publish this content yourself. AI can completely fabricate information on the spot and confidently relay it to you as fact. 

You must vet all the information AI gives you. In June of 2023, New York lawyers were sanctioned for using fake cases provided by ChatGPT in a legal brief.

The content your firm produces can position you as thought leaders in your respective legal fields. This not only enhances your online presence but also attracts new clients seeking expertise.

6. Market Analysis and Competitive Intelligence

For legal teams eyeing expansion, AI serves as an invaluable asset in conducting market analysis and gathering competitive intelligence. By leveraging AI tools, legal professionals can sift through market trends and assess the competition without reliance on specific platforms. 

AI algorithms analyze publicly available data, providing insights into emerging opportunities, potential niches and strategic directions for growth.

Law Firms Using AI: A Cautionary Approach

AI is not just a technological evolution, but a revolution within the legal industry. Law firms leveraging AI are not only streamlining operations but also staying ahead in a highly competitive environment. 

As a reminder, it’s critical to thoroughly vet any content AI generates before publishing it or using it in a legal brief. Publishing inaccurate work can lead to financial losses and irreversible reputation losses for your firm.

As AI continues to evolve, its integration into law firms is becoming more of a necessity than an option, shaping the future of legal practice. Want to learn more about law firms using AI? 

Check out our free Lawyer’s Guide to AI. In it, you’ll learn about the history of AI and go into more detail about how lawyers should and shouldn’t use AI.

And, if you have any immediate questions, contact us or book a meeting. With two decades of legal technology experience, our legal tech know-how can move your firm forward.