Episode 194: Future 50 Series – What the future of AI holds for the legal industry
In this session, we spoke with Beth Patterson, the Founder and Director of legal industry focused tech consultancy, ESPconnect and an Adjunct Professor (Industry) in UTS Faculty of Law.
Beth’s career has the distinctive hallmark of being ground breaking. The depth and breadth of her experience in tech and legaltech, in tech companies and law firms, as a consultant and educator, means she has a and highly practical, global and unique perspective on where AI in the legal industry is going today.
Our discussion began with context - placing generative AI in the broader AI continuum - and moved into its impact on the legal industry. We are all still experimenting (testing and investing) in every industry, legal included, and we should be because there are still major issues with the tech that need to be worked out. However, what was also clear from our chat is the need for us to engage with the tech NOW because it’s not going away, not ever! Senior management in law firms know this (as do our clients) and they’re driving the engagement with it, something that makes this tech journey different from others.
What AI will we end up with at the end of this journey? Beth opines it will be a portfolio - a combination of enterprise-wide tech and point solutions, with commercial models driving the selection of what you use, for what and when. But, integration will also remain key; data governance critical; and capabilities to identify pain points, chose and use/apply fit for purpose tech increasingly part of every solution and BAU.
The opportunities with AI in legal are plentiful for those who jump in – new roles, new responsibilities, new practice areas (or expanded), new revenue streams, increasingly refined LLMs that do more and do it better – it’s a brave old and new world which we will embrace with FOMO (Fear of Missing Out) or JOMO (Joy of Missing Out) – you’ll definitely want to listen to or watch this session to see where you fall on the continuum!
Resources:
- Thomson Reuters Institute, Edge International, and ESPconnect: 2023 Australia: State of the Legal Market Report
- Thomson Reuters, Tech & the Law 2023 Report: Perceptions and Priorities
- The conference referred to in this session is CLI’s Legal Generative AI Summit 2023 (24 and 25 October) – you will find the video and podcast recordings here.
If you would prefer to watch rather than listen to this podcast, you’ll find the video here.
About the Future 50 Series
In the Future 50 Series we’re chatting with legalpreneurs who, through their ideas and actions, are challenging and transforming legal BAU all around the world.
If you would like to recommend people for this Series, please contact us at: CLI@collaw.edu.au.