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Note: This article is just one of 60+ sections from our full report titled: The 2024 Legal AI Retrospective - Key Lessons from the Past Year. Please download the full report to check any citations.

Enhanced Client Value Through AI-Driven Productization

AI enables BigLaw firms to offer more standardized, efficient, and cost-effective legal services to clients. Some key benefits include:

Challenge: Faster transaction speed

AI automates data collection and analysis, significantly accelerating M&A deals. It processes information quickly, enabling teams to gather and analyze data much faster than traditional methods.[112]

Challenge: Reduced manual effort

AI-powered dealmaking eliminates grunt work and repetitive tasks, saving time in the due diligence process. This allows teams to focus on higher-value activities, such as analyzing insights and making strategic informed decisions.[113]

Challenge: Improved accuracy

AI technologies can analyze large datasets more efficiently and accurately during the M&A deal process. For example, one AI provider claims to have a 90% accuracy in predicting case outcomes.[114]

Challenge: Enhanced risk identification

AI-powered due diligence can detect significant clauses from deep within documents, where risk could be buried. This allows lawyers to quickly generate reports tallying up potential red flags and classify them by category and priority.[115]

By leveraging AI technologies, BigLaw firms can provide clients with more comprehensive, efficient, and cost-effective legal services while maintaining high standards of accuracy and risk management.

In 2024, Clifford Chance's use of AI technologies like Copilot for Microsoft 365 enabled employees to automate routine tasks, driving productivity and elevating client satisfaction.[116]

"When consulting, and in my law school classes, I emphasize the transformative role of AI in legal practice and operations, reshaping data handling and client engagement. It allows our law firm clients to provide tailored services and proactive insights, making it essential for law firms focused on innovation and client satisfaction. AI isn't just technology; it's the burgeoning next frontier in legal practice."

Dan Safran, President and CEO, Unbiased Consulting, LLC; Adjunct, University of Illinois College of Law, USA