It is tempting for law firm leaders to assume that what they do is simply far too sophisticated to be seriously threatened by artificial intelligence. Anyone feeling complacent on this subject would do well to read a recent Guardian article entitled, “World’s largest hedge fund to replace managers with artificial intelligence” – and then extrapolate to our profession.
I grant you that Bridgewater Associates – the hedge fund to which the article refers – has very deep pockets and can invest a fortune in making this initiative work. Even the largest law firms in the world have nowhere near those resources. That said, IBM is underwriting experimentation with AI application with a growing number of law firms. When the offering gets sophisticated enough, I expect it to become pervasive in the legal profession.
The law firms that are participating with IBM’s research are some of the finest firms in the world, including the likes of last year’s global gross revenue leader Latham and Watkins.
I leave you with this thought: Beware of complacency… it could destroy your future.
I welcome your thoughts on this or any other matter related to the law, either in the comments section below or directly via email.