The Business of Law is Broken

The market for legal services in the US is HUGE - estimates vary from $350B-450B per year. The pace of legal industry growth is the more important question - and all sources agree that legal services growth is slow (low single digits) and slowing from historical growth rates. Further, customer satisfaction with lawyers and law firms is abysmal - at the very bottom of B2B Service industries benchmarks according to ClearlyRated.com.

https://www.clearlyrated.com/solutions/blog/2022-nps-benchmarks-for-b2b-service-industries/

Not even lawyers are happy with how the practice of law is going. Lawyers rank in the bottom 10% of all careers for job satisfaction.

https://www.careerexplorer.com/careers/lawyer/satisfaction/

What can be done?

Lawyers work long hours and often do tedious, detailed work. AI is actually great at careful review of a long document. There may be sections of the document that need the expertise of a real, live lawyer. However, many of the provisions in any contract are boilerplate (or at least commonplace) and are easily accepted without changes. Further, checklists are something that AI does well. These simple provisions and checklists can be reviewed by AI and any abnormalities can be flagged for review by a lawyer.

At ai4.legal - we want to help smaller companies and law firms intelligently deploy technology to make EVERYONE more satisfied with the practice of law.

REACH out if you’d like our assistance at d at ai4.legal