Speaking with Lawyers Weekly, the managing director and founder of Hive Legal, Jodie Baker (pictured), said there is a place in the legal market where artificial intelligence can thrive.
“That sweet spot is where the clients can really find something that’s going to change the level of efficiency that they can achieve,” Ms Baker said.
“So it’s looking for those areas where there are repetitive issues but it’s not commoditised.”
Ms Baker said repetitive issues often arise in highly regulated industries and lawyers can improve their efficiency, as well as their clients’, by embracing artificial intelligence.
“It’s finding that space where artificial intelligence tools can allow lawyers to navigate through complex regulatory frameworks smoothly.”
Ms Baker said artificial intelligence tools will be of huge benefit to in-house teams.
“It is really important for in-house teams to be able to access AI tools so that they can continue to do more with the same resources they've got now,” she said.
“The regulatory frameworks are getting more complex and they need a way of being able to navigate those regulatory frameworks in a more efficient manner.”
For private practice firms, there will probably be more variance when it comes to the level and speed of uptake.
“Different firms are going to have different strategies, they're going to offer different things to clients and their focus on technology will be different depending on what that strategy looks like,” Ms Baker said.
“There will be some firms that embrace it, some that dabble in it and some that ignore it, but that’s true of any major change in an industry and it’s to be expected.”
Ms Baker said she can understand why some firms are slow on the uptake.
“It’s a huge area, it’s a really big thing to get your head around and I think it’s going to be lumpy,” she said.
“It’s a really tricky thing to divert resources away from what you know works and take the plunge in to an unknown area, so there's always going to be early adopters and late adopters.”
Hive Legal recently partnered with artificial intelligence provider Neota Logic to launch the Hive Legal Super App, which assists regulated superannuation funds to streamline and bring greater consistency to their breach assessment process.
“We see it as one of our jobs as a NewLaw participant to really understand those technology tools and be able to offer up the solutions, bring the legal expertise in to the appropriate tool and then deliver it out to the clients,” she said.
“The superannuation industry is one of those highly regulated complex areas so it is well suited to something like this.”