Technology can help law firms do more with less risk and more certainty in less time. The question is: how do you create the right environment for this to happen?
The United Kingdom is the second largest legal services market in the world. Two years ago, the annual value of the British legal system exceeded 26,000 million pounds (equivalent to 1.5% of the GDP of the United Kingdom). It employed more than 380,000 people. Also two years ago JPMorgan Chase replaced 360,000 billable hours of legal work with the AI. If the law business is reinventing itself, what are the law firms doing about it?
“From my point of view, the market is stratified,” says Patrick Sarch, a partner at White & Case. «The most commercialized end is being disturbed by technology. Large law firms are evolving technology to adapt to what they are doing [which is] providing more value-added services ».
“We must not underestimate the importance of the role that technology will play in the provision of modern legal services. It is essential that we remain at the head of the game ».
Sarch, for example, is willing to stay ahead: «I used to have, outside my office in an old firm, 30 to 40 graduates listening to the tapes of FX operators, LIBOR operators. Ninety percent of that has now been done by technology. »
»Are we planning minute by minute what is the fastest way from A to B? How many billable hours can I put in my day? How many customers can I satisfy? Therefore, being able to do more things with less risk, greater certainty in less time is absolutely what we do. And any technological tool that helps us with that, we will buy it »