Legal operations specialists are examining the benefits and challenges of implementing AI tools in their field. At the recent Wolters Kluwer’s ELM Amplify 2024 User Conference, the session “Getting Real with Artificial Intelligence in Legal Ops: Disruptor or Opportunity?” provided insights into the practicalities and potential of AI in legal operations.
The session highlighted the importance of understanding the reasons behind implementing AI, focusing on specific business outcomes such as efficiencies and cost savings. Data was emphasized as a crucial element, with successful AI implementations connecting technology to clear business goals via the right tools. Integrating data effectively can enhance the success of AI-driven technology implementations.
Experimentation and learning were also emphasized, with a “fail fast” approach encouraged. Initial failures can provide valuable lessons, as seen in one participant’s failed attempt at using AI in a chatbot for legal queries. However, this failure informed subsequent strategies and led to more successful implementations later on.
Looking ahead, participants shared ambitious plans for scaling their AI solutions, with one company exploring AI applications in corporate governance and mergers and acquisitions. Another is focusing on using data to choose the right law firm for each matter. The potential of AI in legal operations is vast, with many companies already on their journey to improve performance and results.
For more information on how AI can help improve legal operations, companies can download Wolters Kluwer’s free eBook: How to leverage AI in your corporate legal department.
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