AI offers law firms opportunities to enhance efficiency, improve client service, and create new business models. However, firms that resist this shift risk losing their competitive edge, particularly when it comes to attracting and retaining talented professionals.
As AI becomes more integral to legal practice, the demand for tech-savvy lawyers is on the rise. A survey by ³ÉÈËÓ°Òô revealed that private practice lawyers expect the following to take place in the next one to three years:
Laura Hodgson, Generative AI Lead at Linklaters, notes, "Lawyers today are not just looking for a firm with a strong reputation; they want to be part of a forward-thinking team that embraces technology."
The competitive edge of AI proficiency
AI proficiency is increasingly seen as a competitive advantage. Mark Smith, Director of Strategic Markets at ³ÉÈËÓ°Òô, states, "We are already seeing firms tell us they are both winning and losing work on the basis of their use of AI in their client-facing work." Without AI, firms may find it challenging to compete for top talent who seek opportunities to work with cutting-edge technology.
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A lack of investment in AI can lead to dissatisfaction among current employees. According to the survey, not investing in new legal technology will not only impact your competitiveness, it could also see your employees leaving.
This escalated at larger firms, with one third (36%) of lawyers saying it would negatively impact their career, and one in five (19%) saying they would consider leaving.
Deborah Finkler, Managing Partner at Slaughter and May, warns, "Being risk-averse can be a barrier to innovation and adoption, so we ensure that the data principles and risk assessment tools we have in place are robust, to help us effectively manage risk."
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Creating a culture of innovation
To retain top talent, firms must foster a culture of innovation. Bhavisa Patel, Director of Legal Technology at Eversheds Sutherland, emphasises, "Firms need to decide how to address the impact of technology strategically. Now more than ever, people are aware of technology and are far more open to adopting it."
As AI reshapes the legal industry, professionals are increasingly concerned about future-proofing their careers. Hélder Santos, Head of Legal Tech and Innovation at Bird & Bird, believes, "Enhancing client experience through personalised services and efficient communication builds trust, while technology streamlines workflows and adds value."
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To attract and retain talent, firms must align their strategic goals with the aspirations of their employees. Tony Randle, Partner, Client Tech & Service Improvement at Shoosmiths, advises, "Mapping out the areas that are going to have the biggest positive impact across the firm or legal team is the first step."
The role of legal AI in job satisfaction
AI can significantly enhance job satisfaction by automating routine tasks and allowing lawyers to focus on more complex, rewarding work. Darren Mitchell, Chief Operating Officer at Simmons & Simmons, highlights, "Knowledge management is key for driving change in how we structure and utilise core documents."
Building a positive work environment
In the evolving legal landscape, investing in AI is crucial for attracting and retaining top talent. Firms that embrace AI can offer a competitive edge, foster a culture of innovation, and create a more engaging work environment. By aligning their strategies with the aspirations of their employees, law firms can secure their position as leaders in the industry and ensure long-term success.
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