AI REvolution drives legal evolution
Change is the new constant in the world of legal — Sandpiper Partners’ annual London Legal Market Conference 2023 brought together leading law firm leaders and corporate general counsel at Clifford Chance on 13 September to discuss three crucial themes: the shifting dynamics of the firm-client relationship, the impact of generative AI and other disruptors, and the necessity for law firms to be open to change.
In today’s legal landscape, clients seek more than just cost-cutting — they crave value. The conference stressed the need for law firms to understand their clients’ unique challenges, adapt to the volatile environment and build value-driven partnerships. Panellists emphasised the importance of two-way partnerships between firms and clients — and highlighted areas of mutual benefit and interest where law firms can bring a range of talent and services to help clients navigate complex issues.
Generative AI emerged as a focal point of discussion. While there’s still some uncertainty about its impact on the legal profession, the consensus was that rather than replacing lawyers, AI can empower them to focus on complex, judgment-based work — aligning with client expectations. It’s a nascent journey but one with exciting possibilities. The legal world is poised for transformation, and firms that leverage AI- and data-driven tools effectively to turbocharge productivity will be at the forefront of this change.
Unsurprisingly, speakers underscored that law firms need to embrace change. London’s dwindling position in global financial markets serves as a wake-up call. Firms must adapt to thrive — and lessons from US law firms, with their innovative and flexible models, offer valuable insights.
Legal culture is also evolving, marked by shifting talent expectations and questions of how to train future legal professionals effectively. Legal today is no longer defined solely by billable hours and utilisation targets, and talent expectations on career paths and professional development have likewise pivoted as the pandemic and generational shifts have redefined what it means to be a ‘people business’ — with a focus on wellbeing and resilience as much as productivity and output. Most panellists agreed that empowering the talent of tomorrow requires less reliance on outmoded management directives and more strategic clarity and inclusive leadership.
At the end of a morning of insightful and often varied perspective encompassing a fundamental shift in the very culture of legal practice, some panellists expressed concern that law firms may be tempted to revert to ‘the old ways of doing things’. As much as law firms may evolve their own unique mix of people, process and technology, there was consensus that the cornerstones of success will be client-centricity, nurturing resilience, and fostering a culture of adaptability — not only to survive but thrive in this new era of legal transformation.
