In our previous post, we discussed how Startupbootcamp is working on building an AI Innovation Program, targeting Business Services (Legal, HR, Accounting Services). For that, we’ve been busy building a strong ecosystem around AI, right here in Amsterdam.
Over the past few months we’ve done intensive customer development and research with key industry players in the legal services domain. To address the findings of our research and to bring the different players in the ecosystem together, we held an “AI for Legal” event on the 31st of May, at our Startupbootcamp Amsterdam office.
At the event, we shared a few key takeaways from our research focussing on these 2 questions: What is the impact of AI on the legal services domain? What can law firms do to keep up?
What does the AI revolution mean for the legal industry?
One of the outcomes of our customer research revealed that soon, clients’ demands are expected to rise in terms of speed, pricing and payment models. Fueled by the fact that AI-driven knowledge is increasingly becoming available, larger clients are expected to bring more activities in house, while smaller ones, are expected to move to lower cost digital players.
Another finding was that AI’s ability to predict court decisions, is expected to increase out-of-court settlements. In other words, Artificial Intelligence will predict the outcome of a case, shifting the role of lawyers. Mediation and dispute resolution will therefore grow at the expense of large and long-term legal battles and court filings.
Of course, there are many other insights gained from our research to address, but what we can say for sure is that for every player in the market, the most important thing right now, is to create a vision on AI within their organisations, and build a strategy around that. The key is to experiment and implement. Companies should look into reserving funds for serious investments into AI, and most importantly start doing!
Nurturing the right culture within your company is crucial
Generally speaking, the change-averse culture and rigid partner structure of law firms pose as a major challenge, in truly embracing AI. Fast decision making and long term investments are of the essence. Law firms have to rethink how they attract and nurture the brightest minds in order to bring in the necessary skills, to enforce their AI driven strategy.
Startups will show you the future
At the event, we also invited 2 startups to share their experiences. Clocktimizer’s Co-founder and CEO Pieter van der Hoeven and Nalytics’ Sales Director, Alex Ritter did a Q&A with our closed circle of guests. Clocktimizer is a Business Intelligence software for lawyers and Nalytics is a cloud based Search and Discovery platform, for searching and analyzing unstructured data. The startups shared their experiences implementing AI solutions within the legal world, triggering a lively discussion.
The AI for Legal Innovation Program at Startupbootcamp
Startupbootcamp offers a proven model for enabling Corporate-Startup-Collaboration – our international innovation ecosystem is made up of corporate partners, investors, mentors and startups – a crucial combination in supporting law firms during this revolutionary phase.
The startups we work with will be focussing on Language processing, Text to Speech, Machine Learning and Expert systems. Thanks to our cooperation with the Amsterdam Center for Entrepreneurship (ACE) our program offers a mentor pool of both the world’s top academia and subject-matter experienced entrepreneurs. Further, the program is supported by business partners – and it is with these business partners that our startups validate their assumptions and can prove that their products or services actually offer value.
In this new program, we will see new business models being developed and new talents being discovered, specifically on the topic of A.I for business services. Employees will be fueled by a startup mentality and innovation will be brought up to the board level. Most importantly, we will support a culture and a new way of doing, within the organisations we collaborate with. Startupbootcamp will be helping partners implement a framework for transformation and fast A.I innovation in order to support them in a market that is rapidly being disrupted.
Get Connected and Ride the AI Wave with Us
With AI revolutionising the world, exciting times are ahead for all of us. Now more than ever, cooperation and collaboration, with your peers and partners will help in the process of staying ahead of the technological changes that are taking place. Are you interested in finding how you can collaborate with Startupbootcamp to ride the AI wave? Get in touch with us!