The Wednesday ILTA sessions kicked off with a Keynote from Reena SenGupta, Founder of RSGI Limited. The topic “Helping the Legal Industry to Create a Sustainable Future” bravely tackled the topic AI’s impact on the transformation of law firms.

Gupta identified seven transitions in the practice of law required for a sustainable future. Many of the trends are well established, some are in their infancy or still speculative.
Here are the 7 transitions:
- Moving from memory and intuition to data enhanced judgment. Lawyers have embraced analytics and AI to improve insights and service delivery.
- Moving from precedents to predictions. AI can’t work without clean data. Firms can you AI to clean up, normalize and connect internal and external data for insights.
- Moving from silos to interdisciplinary teams. Interdisciplinary not only means multiple practice groups working together but engaging the talents of non lawyer business professionals for client facing work.
- Moving from income to outcomes as a unit of value. Here we are back at the billable hour debate And the challenge of defining other ways to measure value.
- Moving from services to experiences. This requires the right balance of human and technology to make client experience more memorable by focusing on what they care about. Thinking in terms of topics and industries rather than practice groups.
- Empathy is no longer a soft skill but becomes a hard skill By every partner period to emphasize the point she quoted the fictitious ad man Don Draper of “Mad Men” “the day you sign your client is the day you start losing your client.” Lawyers must move from problem solving to problem finding In order to anticipate the next risks the client will face.
- Move from partnership to private equity ownership. Not clear from her talk that private equity offerings by law firms have been successful, but it is likely that AI will Change the business model. Law firms will continue to explore innovation and spin off products and subsidiaries and offer subscription-based services.
The bottom line is that law firm survival will require transformation, imagination and innovation.
The recap underscored for me how important law librarians and knowledge managers have been in introducing law firms to analytics, AI research, horizon scanning and commercial data sources which are now being integrated with internal knowledge sources. All these initiatives are now part of the foundational infrastructure on which to build a sustainable law firm.