Law Punx: ‘Law Firms Must Share Their Knowledge Via AI’

In this week’s Law Punx blast, Oz Benamram at Skills in New York sets out why law firms need to share their knowledge with clients via AI. Since we recorded it Legora has launched its Portal and Harvey has underlined the importance of collaboration, meanwhile Eudia is developing its ‘legal brain’ strategy that is all about helping clients to access insights buried in their own data. In short, Oz is very prescient here – and it’s a subject that will no doubt grow and grow.

In fact, Oz goes further than most and underlines that law firms only have about two years….yep, until the end of 2027, to get their knowledge-sharing strategies up and running before not doing so has a major impact, or ‘drought’ as he terms it. That said, two years is a long time now in legal AI….!

To watch / listen to the Law Punx blast please press Play, or you can also go to the AL TV Channel and watch over 190 other videos.

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Legal Innovators New York Conference is next week!

This and other subjects centred on legal AI will be discussed at the Legal Innovators New York conference next week, November 19 and 20 next week, with the event taking place in Midtown inside Latham & Watkins’ office.

The event is over two days, Day One: law firms, and Day Two: inhouse – and you are very welcome to take part in both to hear the latest insights about our increasingly AI-driven legal world and network with some of the most innovative law firms, ALSPs, tech companies, and corporates in America and beyond.

To take the speedy boarding route to Legal Innovators New York, on Nov 19 and 20, then please sign up here – which is free to attend for those at law firms and inhouse.

See you there!

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Law Punx Overview and takeaways:

Oz emphasizes that law firms must adapt by making their knowledge accessible through AI tools, or risk losing relevance. He draws parallels to how Uber changed the taxi industry, highlighting the importance of the client experience. The discussion also touches on the varying levels of adaptation among law firms and the potential consequences of complacency in a rapidly evolving landscape.

Takeaways

• Law firms must make their knowledge accessible by AI.
• Clients will primarily consume legal services through AI in the near future.
• The buying experience for legal services is changing fundamentally.
• Firms need to adapt to remain relevant in the future.
• In-house lawyers will have access to AI tools without needing extensive resources.
• The progress in AI is leading to more efficient legal solutions.
• Firms should focus on knowledge management to leverage AI tools effectively.
• Some law firms are more proactive in adapting to AI than others.
• Some lawyers may fail to recognize the changes happening in the industry.
• Complacency could lead to a loss of business for law firms.

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