Generative AI in Law Practice
The legal industry is being impacted by Generative AI perhaps more than any other. Not only are its research and content creation capabilities changing the way lawyers work, but the very business model, embedded in the traditional billable hour, is having to be re-examined.
Generative AI Consulting
Toby Brown, in his Reuter’s article advises firms that “you will need to have the GenAI tech nerd on the team.” We can be that nerd.
If your firm needs to catch up on all that is happening in the world of Generative AI, Ironwood can provide a consultative workshop, explaining the basics and the defining the necessary new vocabulary in this technological revolution.
We’ll address core concerns of security, privacy, and the accuracy generative AI content.
We can then provide best practices on how to start using Generative AI in ways that provide the most accurate research and content development. Finally, we can help you chart a path toward building Automated AI systems with advanced RAG and vector embedded processes (terms we’ll help you understand) to do research on your own data sets, whether they be past case files, or discovery documents.
Generative AI Systems
One you’ve gotten up to speed on the realities of how Generative AI can help your practice, Ironwood can build the systems you’ll need to start benefiting from the profound capabilities of AI. These include research automations, contract and other legal document generation, and systems to help with marketing and lead generation for your firm’s growth.
Business Model Pricing Consulting
What’s more, Ironwood can help you reevaluate the billable hour business model. After all, improving efficiency and productivity is not a benefit if it results in far fewer billable hours.
Moving toward Alternative Fee Arrangements (AFA) and taking cues from the concierge and menu based pricing models in sectors of the medical practice can help law firms move away from the old billable hour, and toward value based pricing—which rewards expertise and efficiency rather than punishing them.
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Other Resources on Generative AI and the Legal Profession
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Reuters: Clarity PodcastGen Al has arrived for legal – So what does that mean for the bottom line? -
2024 generative AI in professional servicesGenerative AI reshapes professional services, driving adoption and integration plans. -
Addleshaw Goddard RAG ReportReport details LLM-driven legal review process, boosting accuracy from 74% to 95%.