Chenyu L.’s Post

Uncover the power of technology in overcoming legal department challenges such as growing caseloads and dispersed teams. Read our latest blog to discover how embracing innovation can drive success. #legalops #legaltech #legaloperations #lawtech #businessoflaw #LegalEfficiency #Efficiency #LegalVIEWBillAnalyzer

This article discusses the application of AI to litigation finance. It’s all about the data, which unfortunately for the vast majority of cases that settle through private negotiation, remain private and confidential, imposing a huge limitation on the validity of available data (I.e. it only represents 5-10% of total data). There are some case types (class actions) where the data is in the public domain due to the public nature of the case, which could potentially benefit from AI, but there remains a high degree of idiosyncratic risk in any piece of litigation. Personally, I have always felt that the insurance industry is perhaps the best positioned to mine their private resolution data to their benefit simply because they are often the defendant in many cases, although that too is a subset of a larger defendant pool.

Top 5 takeaways from CLOC (Corporate Legal Operations Consortium)’s #CGI2024 last week in Vegas: —you can’t learn gen AI by theoretical conversations. You need to get your hands on the technology to learn. Routinized, higher volume work is the entry point to gen AI use cases, such as NDAs. —more than one session stressed that change management (and not technology) is the hard part. Take a slower, more thoughtful approach to complex, higher risk use cases, while in parallel going after quick wins that build faith and credibility needed to sustain motivation to pursue the more complicated use cases. —one large telecom company piloted Relativity aiR alongside a manual attorney review. The metrics they shared spoke louder than any person could: to review 40K docs for responsiveness took 800 attorney hours (500 contract atty + 300 law firm atty) v. 10 Relativity aiR hours. Agreement rate between aiR and attorneys was 83-96%. —In-house teams that now have AI policies are working on developing an overarching framework of how those policies connect with one another. —Still more questions than answers on how gen AI advancement will impact the training and development of junior attorneys in the future. One session at least raised the question, but did not go in-depth on possible answers - likely because those firms/companies are still working it out themselves, especially in this unique R&D period of experimentation that we’re in. Carter Arey and I enjoyed our personal conference favorite: the braindates! It was so nice to see familiar faces from last year, catch up with clients, and meet new legal ops professionals.

As law firms seek to expand their digital footprints and increase exposure to potential clients, an easy starting point to position your firm as an expert is to leverage the influence of your legal rankings. In my article for Forbes Business Council, I share a few traits to be mindful of when selecting effective legal rankings partners: transparent and verifiable processes, tailored digital results and skilled human intervention. Over the course of decades, Best Lawyers and Best Law Firms have won the trust and support of a nationwide network of legal industry leaders and are well positioned to be the source of truth for AI data sources because of the thoughtful and thorough ways we collate the data provided by the legal community about their own industry. Read more: https://lnkd.in/ekS8kDMS #LegalRankings #LawFirmStrategy #BestLawyers

Check out this article in Forbes by my boss and Best Lawyers CEO Phillip Greer! #legalrankings #forbes #bestlawyers

Discover how automation is reshaping the legal landscape, empowering efficiency and innovation in the legal profession. Don't miss out on the future of law!  Explore the transformative power of automation in law: https://lnkd.in/gScq-eSe #LegalAutomation #LegalTech #Innovation

Found this to be an interesting find and opportunity area. Do you agree? “while plenty saw the benefits for litigation work, as is often the case for eDiscovery, when it came to M&A due diligence work, only 6% of those at law firms were considering sending this out to other parties to handle. In short, while disputes work has seen ALSPs carve out a strong niche, for transactional work there is still a long way to go.” #legalinnovation #legaltech #lawyers

💻 Considering automation for your law firm? This article from fellow LawX NZ collaborator Gene Turner looks at the importance of having a strategy in place and ensuring automation aligns with your firm's revenue goals. Grab a quick cup of tea ☕ (or wine or beer 🍷 🍺 since its Friday afternoon!) for this quick but informative read. #lawfirmlife #automation #legalcommunity

A recent study from the McKinsey Global Institute estimates that at least 23 percent of a lawyer’s workload can now be automated through the use of existing solutions and applications. These solutions help law firms and lawyers increase their efficiency by allowing them to automate repetitive and labor-intensive processes, and allows them to focus on providing legal advice and other key services. Read more: https://lnkd.in/gm3vyZ2 --- #lawfirm #legalpractice #lawfirms #practicemanagement #lawyers #lawyer #LawFirmManagment #legalpracticemanagement #lawpractice #paralegal #paralegals #attorney #attorneys #legaltech #legaltechnology