Legal firms in the UK could improve their efficiency by 50% by using the artificial intelligence (AI) technology available to them, according to Drooms.
The data room provider claimed that, whilst automated machine processes are becoming more and more common place for a variety of industries, in the legal sector, companies have been skeptical regarding the value technology provides and therefore slower in adopting new methods.
“The legal sector is a traditionally conservative market that, with some notable exceptions, has remained largely unchanged for decades,” said Jan Hoffmeister, co-founder of Drooms. “One of the biggest roadblocks to greater adoption of AI technology is the industry’s widespread skepticism which, ironically, is strongest among those who could benefit the most from it.”
However, recent Drooms research of its customer base of due diligence professionals discovered that 72% of respondents said AI technology had sped up the due diligence process, with over half (52%) stating it has the potential to completely transform the work.
“The benefits are clear for in-house counsel having to perform under ever tighter time constraints,” Hoffmeister added. “But some legal firms that charge on an hourly basis might think that using technology threatens their revenue streams. However, using intelligent software to automate due diligence can allow them to focus their efforts on billing for more qualified and detailed advice.”