Most of the law firms we work with today are growing, ambitious mid-market and large firms. At the larger end, our customers are very busy acquiring other firms. Their business processes are complex – many firms we work with have multiple PCMS within their application stack and diverse enterprise architecture and data estates.
Flexible workflows and comprehensive APIs mean that we can cross the data chasm that we often see within firms, whether they are using on-prem systems and/or other cloud-based technologies, and facilitate better business processes, from client onboarding to internal escalations to payment reconciliation.
Generative AI (or “genAI”) presents an opportunity within this flexible, no-code workflow system for Legl to serve law firms better. Whereas previously, we have been sitting as a “system of record”, a single source of truth for client data and insights, today we are moving toward a “system of cognition”*– adding a smart layer on top of the valuable data that law firms store across different transactions and client interactions.
We are starting today, with our launch of Legl Assist – a smart genAI layer within Legl that will create more value for firms, whether that’s by reducing complexity of steps, collecting the right information faster, reducing the volume of data that needs to be assessed or using natural language to find information – or gaps in information.
Our first Legl Assist layer is for CDD, and adds context to compliance results, reducing the time it takes compliance teams to make informed, compliant, risk-based decisions. It’s possible to think of the technology that has been automating key client due diligence outputs for law firms over the last few years as “first generation” – companies like Legl have enabled law firms to create higher standards of client due diligence with less effort. The phenomenally fast adoption of this software (not only by law firms, but by regulators) has demonstrated the significant value the “less effort-better outcomes” value proposition has had for firms. As we move into this second generation of technology, this value becomes supercharged.
Like with Microsoft, and nearly every other SaaS application that a modern business or law firm uses, genAI applications have leapfrogged the hype curve and are already table-stakes for all software tools. In our industry, this will make it easier for lawyers and non-fee earners alike to do complex tasks involving lots of data, disparate data or first-cut analysis. We have a powerful roadmap both within our compliance suite and in the business operations workflows that surround compliance, onboarding, payments and data for firms to give more value.
Data security sits at the heart of this application stack. We have selected our AI application tools on the basis they are accessible through APIs that comply with Legl’s robust security framework and in turn our obligations under the UK GDPR and other applicable data protection regulation. Data will only be collected and processed in compliance with industry-leading standards.
Lawyers do complex work, and the regulatory moat around that work, creates huge opportunities for law firms that are thinking of genAI and other technologies as tools that can add horsepower to their existing processes to provide better services and value for their clients. We are focused on automating complex business processes for firms and driving data interoperability – new technologies may be under the surface, but the outcome for firms is better quality outcomes for firms and their clients.
Interested in AI applications for law firms? Reach out!
*System of cognition is a beautiful phrase, coined as far as I know by Lightspeed.