RAPIDx Launch & AI Adoption Trends
Yesterday, legal tech saw the launch of RAPIDx, a shift towards subscription billing models, and the inauguration of AI task forces. These developments signal a revolution in traditional legal processes and underline the increasing presence of AI in the industry.
Welcome to your Law Tech briefing for Sep 4, 2023, covering what happened in legal tech recently.
TLDR; Listen instead:
Have less than a 1 min? Three takeaways from yesterday
- Technology adoption and automation are becoming critical in legal practices: New tools like Fulcrum GT's RAPIDx are automating traditional source-to-pay processes and ushering a shift towards transparent billing systems. Legal firms should adapt to these technological advancements to maintain competitiveness and improve client relationships.
- AI integration in legal operations is gaining momentum: The American Bar Association's (ABA) new AI Task Force and Jeffrey Solomon's guide on AI adoption signify the growing significance of AI in the legal sector. Legal knowledge workers should embrace AI to leverage data-driven insights, but also understand the potential challenges, such as data privacy and security issues.
- Institutional support for technology in the legal sector is growing: The move by the New Zealand Law Society to establish an independent regulator reinforces the necessity of revamping traditional systems and processes to accommodate technology. Legal firms should consider acting in alignment with such advancements for more efficient practices.
Briefing
Here's what happened in legal tech recently...
Fulcrum GT unveiled its innovation—RAPIDx, a legal spend management application intended to automate the source-to-pay processes for law firms and corporate legal departments. Peppermint Technology welcomed Matt O'Callaghan as the Chief Client Officer for its North American team, a firm recognized globally for delivering Microsoft-based law firm solutions. Additionally, The American Bar Association (ABA) launched a Task Force on Law and Artificial Intelligence (AI), headed by attorney Lucy L. Thomson, to investigate AI's impact on legal practices. Finally, the New Zealand Law Society has agreed to establish an independent legal service regulator.
Trends
The industry is pushing for greater transparency, with Fulcrum GT's offering RAPIDx attempting to transition from traditional billable hours to a subscription model. This trend spotlights the significance of picking fitting legal payment processing providers in the digital age. For example, Clio Payments, offering flexible payment options, is improving collections drastically. Embracing AI within legal operations, marked by Jeffrey Solomon's five-step guide for effective AI adoption within corporate legal departments, is another major industry trend seen yesterday. The launch of the ABA task force further emphasizes this move towards AI integration.
Analysis
The development and adoption of legal technology solutions like RAPIDx reflect a desire to revolutionize traditional processes in law firms. The movement from billable hour structures to more transparent subscription models could bring significant changes in client-law firm relationships. However, the effectiveness of such tools will largely rest on legal firms' adaptability to new technologies. AI's increasing presence in the legal sector, suggested by Jeffrey Solomon's AI adoption guide and the inauguration of the ABA's AI task force, underlines an industry-wide shift towards embracing machine learning and data-driven insights.
As transparency becomes a key priority, AI's role in shaping legal technology's future is not just promising but also brings in a new set of challenges like data privacy and security, which professionals need to grapple with. These movements also illustrate a growing understanding that technology isn't just an optional extra for law firms but rather a necessity in the current digital age. With the New Zealand Law Society's agreement to structure an independent regulator, the importance of redefining systems and processes to support technology adoption in the legal industry is getting clearer.
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Key stories
Implementing AI: 5 tips for better change management (Legal Dive - Latest News)
Jeffrey Solomon, VP & GM of LegalVIEW BillAnalyzer at Wolters Kluwer, advises the legal sector on how to navigate integrating artificial intelligence (AI) technology into a legal department. Recognizing potential resistance to change, and embracing the inherent uncertainty of AI, Solomon suggests choosing the right AI solutions that align with top priorities, maintaining clear expectations concerning AI results, choosing the right deployment model, building awareness through firsthand experience and maintaining transparency about both the strengths and weaknesses of the new AI solution. He emphasizes that this process is not about immediate returns but long-term investment. Transparency and hands-on experiences are key aspects to making this transition smoother for the entire legal team.
All stories
Product Insights: Fulcrum GT launches legal spend management marketplace RAPIDx (Legal IT Insider)
Fulcrum GT has introduced RAPIDx, a legal spend management tool aimed at modernizing and automating source-to-pay processes for law firms and corporate legal departments. The tool, part of Fulcrum’s Snap Direct platform, includes a marketplace for legal services, real-time data dashboard, and a rating system for firms. RAPIDx aims to shift from the traditional billable hour model to a subscription model, enhancing transparency and value for legal operations teams.
How to Vet Your Legal Payment Processing Provider (Law Technology Today)
The article underscores the need for law firms to select the right legal payment processing provider in the digital age. It touts the advantages of solutions like Clio Payments, which provides flexible payment methods and improves bill collection. The piece also offers a guide to assess potential software providers, highlighting the importance of trust accounting management, smooth integration, various payment options, clear fees, and payment security.
Matt O'Callaghan, formerly Chief Sales & Marketing Officer for UK-based Peppermint Technology, has joined the company's North American team as Chief Client Officer. Peppermint Technology, known for providing Microsoft-based solutions for law firms, anticipates that O'Callaghan's experience will benefit their expanding North American clientele. His move from London to Chicago demonstrates his dedication to professional development.
LawtechUK, an initiative backed by the UK Ministry of Justice, seeks to digitally transform the legal sector through innovation and technology. Managed by CodeBase and Legal Geek, it supports the lawtech sector's growth, encourages lawtech adoption in legal services, and promotes English and Welsh law. LawtechUK offers educational programmes and events for lawtech founders and organisations interested in legal innovation. Its strategic direction is guided by a panel of experts from both public and private sectors.
New Zealand Law Society accept proposed Independent Regulator (The Time Blawg)
The New Zealand Law Society has agreed to set up an independent regulator for legal services, recognizing that its double role as a regulator and membership body may discourage lawyers from using its services. This decision, suggested by the Independent Review on Regulating Lawyers in Aotearoa New Zealand, is different from the Law Society of Scotland's opposition to a similar plan. The New Zealand Law Society is now waiting for government guidance on the priority of this reform.
The American Bar Association (ABA) has formed a Task Force on Law and Artificial Intelligence (AI) to investigate the effects of AI on law practice and its ethical considerations. The task force, led by attorney and cybersecurity engineer Lucy L. Thomson, will examine risks, AI's use in justice access, AI governance, and its role in legal education. The initiative aims to guide the responsible development and usage of AI in the legal profession.
