Legal Geek 2024: the rising value of domain-specific AI for law firms

Named by the The Law Society as the must-attend legaltech event of the year, Legal Geek returned to The Old Truman Brewery this month. Attended by over 3,000 fans, what were some of the standout themes that emerged from this year’s conference? Here’s some of what has left a lasting impression on us here at Orbital Witness. 

1. When it comes to pricing, keep it simple and scalable

A recurring theme this year was the importance of straightforward, scalable pricing models for legaltech. Law firms want transparency and simplicity in their pricing structures, especially when negotiating enterprise-level agreements. Both Taylor Wessing and Linklaters noted that discussions on how tech costs are dispersed across legal practices are ongoing and there is no standard approach. Conversation centred around the growing trend towards bundling multiple tech solutions under a single fee rather than charging for each tool separately.

2. The preference for domain-specific solutions is clear

While generalist tools like Harvey and CoCounsel have made waves in the market, the consensus at Legal Geek was clear: all-encompassing solutions don’t always provide significant value for firms when compared with their practice-specific counterparts. Panellists felt that broader legaltech tools often required heavy customisation to meet firm-specific needs, making them less practical (and scalable). In contrast, domain-specific tools were seen as easier to slot into existing workflows, delivering more measurable value, sooner. 

As law firms often operate like several practice-specific businesses within a business, it’s highly unlikely that a single tool could cover enough ground to justify firm-wide adoption. This means that the focus is now shifting towards legaltech stacks that integrate more specialised solutions to cater for particular sectors, for example, solutions like Orbital Witness, which are tailored for real estate teams.  

3. An increasingly centralised tech procurement process 

As legal tech solutions proliferate, the need for centralising the purchasing process has grown in importance. Panellists, particularly from larger firms, emphasised the importance of rigorous procurement processes. Linklaters stressed that individual practice areas attempting to ‘do their own thing’ by bypassing procurement or infosec evaluations was no longer feasible. 

A primary concern of any law firm is ensuring that tools can perform reliably around the clock, especially when lawyers need them most when working to hit tight deadlines. Linklaters also shared that they have disqualified vendors for failing to meet stringent security and service-level agreement requirements. Robust infosec protocols are non-negotiable, no matter how impressive a proof of concept may be.

 4. Driving change management in law firms

Laura Safdie from Thomson Reuters delivered an insightful talk on the importance of change management for law firms who are aiming to adopt new legaltech solutions. Successful adoption of AI requires more than just buying the latest tech, instead she made the case for a more strategic and thoughtful approach.

Here are some of those learnings:

- establish a change management plan: firms need a clear rollout strategy for AI, complete with defined goals, timelines and a focus on optimising investments

- leadership buy-in: executive leadership must communicate the strategic importance of AI to the entire firm. Whilst management might be responsible for the vision, use cases often come from fee-earners who are closer to the current pain points and so understand where AI can add value to their work streams

- measure ROI: firms should establish metrics to track the success of AI adoption, continually analysing outcomes to ensure they align with their strategic and business goals

- skills development: teams need to build their AI skill set, so investing and collaborating with tech providers to ensure that teams receive relevant training and hands-on experience through pilot programmes is essential

- engage users actively: a collaborative approach where users provide feedback ensures tools are integrated smoothly into workflows, driving adoption and value

5. AI may be here to stay, but lawyers must keep hold of the reins

The conversation around AI’s growing role in the legal industry was a major theme across Legal Geek. However, the human element of legal work did not go amiss. While many agree that AI may outpace and outperform people in some areas, a lawyer's input remains irreplaceable in ensuring that client care and a deeply personalised service remain important hallmarks of the legal profession. 

Transparency in a law firm’s use of AI remains key and clients are increasingly interested in how it is being deployed. Demonstrating the benefits of AI is critical in retaining client confidence, whilst ensuring that human oversight and review remain key parts of a law firm's offering. An eye-opening statistic shared at the conference confirmed this: while 94% of business leaders believe GenAI is essential for their success, only 21% of legal professionals trust it completely. AI can therefore be a game-changer, but only if it enhances the critical judgement that clients will continue to expect from their lawyers.

6. AI must be used to solve real problems

And finally - a strong warning against building flashy AI solutions that don’t actually solve problems was a central theme to this year’s conference. Tools should seamlessly integrate into a lawyer’s workflow and address genuine pain points, identified before a solution is proposed. The best solutions are intuitive, practice-specific and help lawyers work more efficiently – not ones which add more complexity.

Once again, Legal Geek offered invaluable insights into how law firms are responding to the rise of AI, navigating the complexities of tech adoption and rethinking pricing models. The overarching theme was clear: AI is here to stay – and while that potential may be vast, it needs to be strategically applied, with targeted solutions addressing specific pain points, for it to be successful. 

Keen to explore the potential of cutting-edge, domain specific AI could have for your real estate practice? Book a quick, no-obligation demo with us today.