According to Statista, global revenues from the use of AI are expected to reach a staggering $30B by 2025. With estimates like that, it’s no surprise that some of the most successful law firms like Shearman & Sterling and Loyens & Loeff are using artificial intelligence solutions to support revenue growth.
So, where is this growth happening? Research indicates that while AI technology is leading to higher revenue in almost every department, driving new clients through the door is where firms stand to gain the most by adopting AI technologies. In fact, 74% of survey respondents said their organizations saw revenue increases within their marketing and sales department after adopting AI.
When it comes to law firms, marketing is often a mixed bag. While many lawyers have success with traditional methods like word-of-mouth, referrals, paid ads, and community outreach, others rely on SEO, social media, and email marketing to acquire clients.
However, these methods can only do so much, especially when every competing firm is also using the same avenues for client acquisition. It is clear that law firms need an edge to ensure marketing dollars generate ROI and revenue growth.
Previously, AI-driven operations and client experience elements were the center of focus. Now, law firms need to consider taking it a step further and optimizing their marketing efforts via AI, if they want to open new client acquisition channels and predictable caseloads. Thankfully, when it comes to that upgrade in marketing efficiency and proficiency, we’re now seeing an increasing number of AI-powered solutions dedicated to supporting law firms in their digital marketing efforts.
White Letter Group, an artificial intelligence technology company, specializes in doing just that — helping the world’s leading law firms acquire new clients using proprietary AI-powered technology. The innovative, done-for-you solution blends artificial intelligence and digital marketing to drive predictable client acquisition.
Often, firms have an issue with not only attracting clients, but also attracting quality clients with high-value cases in their particular practice areas. AI solves such issues by ensuring inbound traffic, leads, and prospects are qualified using dozens of proprietary criteria.
When it comes to client acquisition, White Letter is the holy grail for ambitious law firms. Its AI-powered client acquisition solution helps law firms generate more leads, more clients, more revenue, and more ROI. By blending battle-tested digital marketing with artificial intelligence, firms can build digital visibility, outmaneuver competition, acquire high-value cases, & prevail in their practice areas.
A dozen leading firms — including Skadden, Paul Weiss, and Latham & Watkins — believe artificial intelligence has already arrived. In the business of law, superior tech helps firms secure hundreds of millions of dollars in legal fees each year, moving chess pieces around the legal profession.
While tech outfits like White Letter Group aim to improve client acquisition and digital growth, there are other AI players focusing on driving efficiency, advantages, and operational effectiveness by other means. For example, Shearman & Sterling and Loyens & Loeff both use Kira for due diligence.
Other examples include the popular research application Westlaw Edge, which combines a wide variety of AI-driven applications to improve efficiency, support precise research, and enhance workflow. This allows lawyers to save hours of time, which means they can focus on building better cases and taking on more clients, thereby increasing profits.
Another popular AI option used by Orrick, Herrington & Sutcliffe is Clearbrief, a plug-in that can improve brief-writing and provide relevant cases to strengthen arguments. Finally, other tools like Kira and Evisort can improve research and promote faster, simpler business operations.
Accurate documentation and extensive understanding are crucial within a legal process to support a client’s case and maintain the integrity of the law firm.
From doing due diligence on understanding their client’s needs, their situation and how to ascertain the best options to provide and implement on their behalf, to the creation, processing, and storage of key legal documentation – the implementation of a dedicated AI platform replaces the long hours of research or administration required by a paralegal or lawyer, enabling them to focus deeper on the case.
An AI approach also guarantees the correct language and clauses are used to protect users against risk, template creation and generation of libraries of clauses with which to build future contracts.
Ultimately, the landscape for artificial intelligence is continually changing, and law firms would be smart to keep one eye on the technological advances, to keep up within their industries and maintain their competitive edge. With such a growing range of AI solutions available to assist legal firms with their operations, client experience, and new client acquisition marketing, the case for a firm investing time and money into AI has largely been settled.
The future is now when it comes to artificial intelligence and the law firms that adapt to AI-powered marketing, research, and efficiency using tech advances stand to gain greatly. When it comes to artificial intelligence and the business of the law, the question isn’t “if” AI can help firms grow revenue, it’s merely a question of “how much.”