Robot Lawrence Goes to Work at UK Law Firm Owned by AI Company: What US Law Firms Shouldn't Be Missing ...

There's plenty of upheaval in the UK legal market. As Reuters documents it's:

" ... undergoing a fundamental shift driven by macroeconomic uncertainty and rapid advances in technology"

This is at a time when almost 30% of UK legal departments intend to reduce spend and already almost 50% of UK law firms have veered away from the billable hour. The pressure is for boosted efficiency which will cut costs. Meanwhile, US firms ranging from Kirkland & Ellis to Paul, Weiss have invested mega bucks in building their presence. Recall their pricey talent raids of one another.

Both those US-headquartered law firms with a growing footprint in the UK and all law firms in the US which are competing fiercely for new business of all kinds have to observe closely what's going on across the ocean. To use the cliche: The UK legal sector could be the canary in the coal mine. In everything from the billing to the structure. 

The major recent development is that a UK AI company backed by Google - Lawhive - actually bought UK law firm Woodstock. The improvement in efficiency can be significant. That's because Woodstock specializes in property law, which is document-intensive. 

Put to work is AI agent Lawrence. Oh, sure, we all know that the robots still can screw up on details. Those in the loop on this one admit that Lawrence's work product is being overseen and corrected. However, big leaps in productivity are anticipated.

However, those in the loop also told RollonFriday that there will be no job loss. We will see about that.

So where should US law firms be about all this?

Overall, US law firms aren't preoccupied with eliminating the positions of its experienced lawyers. It's already out there that the slots for beginning lawyers are contracting because of AI. The JD Class of 2028 could be Generation Duped. 

Given the developments in the UK legal market the law firms' concern should be client/prospect expectations of how quickly AI will be integrated into strategy and operations. They are even requiring that detailed in proposals for new business should be how the law firm will leverage AI. Also they want to know how much the law firm pitching for business is investing in technology.

In addition, law firm leaders have to be pro-active in anticipating how cost-efficiency and technology will make necessary new business models. Some anticipate that could happen within five years. 

Will the law firm as we have known it become a public corporation? Meanwhile, along the way will it be owned by an AI player? Not unthinkable is that a law firm could evolve into a technology company. That's how former management consultant Booz Allen has reset. 

Watchers of the legal sector await how Lawrence will do in the annual performance review. And the financial performance of Woodstock. 

In my intuitive coaching and tarot reading the client focus is what they need, be it attitude or skills, to hold on to work. 

Thrown off your game, maybe the first time since you started working? You made all the right moves and then the world moved in another direction.

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