– From the point of view of customers, innovation is, of course, competitive advantage. However, innovation for innovation is not needed. Quite simply: innovations in legal business, only when they create value for the customer. That is, they bring profit to the business of the client or at least optimize the cost of legal advisers, explained his point of view about innovation in the legal business for Anna Babych, senior associate, partner of law firm Aequo.
Will give a number of examples that, in my opinion, very convincing.
Addleshaw Goddard , in cooperation with the American law firm DWT handles 10% of global contracts for procurement of Microsoft for a fixed fee. This proposal provided a reduction of client costs an average of $ 302 US per hour to $ 237 per hour for the year. The company also creates business intelligence, which Microsoft’s lawyers can better plan the assistance of external advisors.
Norton Rose Fulbright has developed a database of trials, which collects data on current case law to enhance the legal expertise of the firm and to provide better quality services in the field of dispute resolution.
Riverview Law is an innovative firm which for two years has turned into a business, fully based on technologies. The firm collaborates with experts in artificial intelligence from the University of Liverpool to develop applications for cognitive computing. The technology, named Kim, is a virtual assistant corporate counsel the client to manage legal processes and evaluation of new instructions coming into the legal Department, which allows you to collect and use data to manage workflow. This ensures that the right people doing the right job.
Axiom helps clients to collect, to structure and to use the data in their contracts to measure and manage risk, and negotiate contracts with the best terms and conditions based on the Analytics collected.
All examples of both traditional and innovative law firms, which do not include “complete substitutes” – classic startups in the field of LegalTech: Premonition, Allegory, etc.
Another area for innovation, in which we believe, is the legal literacy and assistance in restoring the rule of law in our country, – said Anna. – The need for the implementation of the project, Rate Your Judge is on the surface and meets the needs of civil society, including transparency of work of state institutions and the opportunity to receive feedback regarding their effectiveness.