It will make my firm more profitable, says small law – artificial lawyer

A new lexisnexis bell study of ‘Little Law’ found that 34% of lawyers in the segment believe that Genai will make their firm more profitable. And, as far as Al can see, they are right!

Other main images were that, as expected, Genai would mean more investment in technology, and that it will promote new business lines (see Garfield for example), and can lead to new price mechanisms.

Now, if you want someone to do something you can ask to do carrot, or stick, or both. In this case, the carrot for small law is a very essential… .Why? Because a fair amount of small and medium-sized firms focus on areas of practice that have been highly standardized- even if the human element always brings random risks and new patterns of facts in the game.

They also tend to be more open to fixed tariffs, or at least ready to give you a very clear projected fee. Add those two things together: clear and standard workflows, and an incentive to be rewarded by efficiency (Instead of seeing speed as the enemy of profit), means that the small law is looking at it as a victory.

(Another aspect is that while economic conditions become more bumpy for some, not having to hire as many new staff as possible to do the same amount of work – as some routine work is now partially treated by it, it also bears small law finances.)

Not everyone will take that picture, clearly. But from the 300-plus lawyers surveyed in England and Wales, having a third as a profit generator is great news. Moreover, some may not have used it very much yet, so this suggests those who see true positives.

The survey also revealed that, predictably, many lawyers will use ‘LLM of RAW’, ie chatgpt and similar models open to all, to perform some of their work. This both limits what they can achieve – as remedies of legal technology related to verified data oodles and refined tools, e.g. For review – will tend to give you better results, and this reduces what they can do with him.

IE using chatgpt only in itself to prove and review important legal documents is a great risk. So this is a limiting factor.

This data comes as more and more investments go to the beginnings of legal technology focused on small law, e.g. covering the needs of the plaintiff firms.

Now, the great law may not be very happy at first for all this. But if the small law is more efficient, and maybe it can remove its prices for some needs because of it, then it will generate more issues. Some of them, not everyone… .but some… .. can escalate in the issues that the great law and internal teams usually work in that space must be dealt with. QED: Small Law + AI = (some) more work for great law.

PS you may wonder why Al is covering some other stories about small law than before. The answer is that although AL will always be based on a big law, if something is happening that has a strategic impact, then it must be followed – and this is a real change in the status quo.

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