Technology in Business is a No-Brainer The first people to log onto the internet were the ones who saw where the future of technology was heading. The same applies when it comes to artificial intelligence. It’s time to get on board.
Photo: Krzysztof Urbanowicz If ever there was a no-brainer in business, the willingness to accept and adapt to new technology wins the Gold Medal, the XPrize, the Academy Award, and all other prizes. If businesspeople were as slow to accept technology in their personal lives as they are in their professional lives, many would still be getting up to adjust their TV rabbit ears and shouting “Can you hear me?� into their wall-mounted home phone.
It’s not that long ago that one big law firm, as part of its training process, included sessions on “How to Answer the Phone” and “How Not to be Overwhelmed by Your Inbox,” which may explain why lawyers hung onto their Blackberrys for so long. The difficulty some businesses have in embracing tools that make life and work easier is hard to explain. Andrew Arruda, CEO and Co-Founder of ROSS Intelligence has his own reasons why this is the case. Here are a few of them. When Pargles Dall’Oglio, Jimoh Ovbiagele and Arruda started ROSS in 2015, they thought the biggest hurdle to running an artificial intelligence-technology company would be explaining what AI actually was. As we’ve discussed earlier on this blog (Does Megatron Make You Fearful?), some people still believe AI means robots. “We wouldn’t be the leaders in the space if we didn’t have to blaze a path, so we welcome the challenge,” says Arruda. “I feel like we are well on the road to making inroads into how people perceive the technology — but misconceptions still exist.” Arruda believes that when a law firm hesitates to adapt to new technology, it is usually because there is the misconception that if lawyers become more efficient, they will bill for fewer hours. “The funny thing is, clients don’t want to pay for overpriced legal services and so efficiency tools like the ones ROSS offers actually help lawyers earn more — clients are happier and are more likely to return.” This is particularly true these days when the legal profession (and others) are faced with very real competition from inexpensive to free online legal services.
Now Blockbuster is a cautionary tale, along with Payless, JCPenney, BCBG, Macy’s, American Apparel, and many more.
We’ve seen what happens when industries don’t adapt or embrace new technology. Of course, the music industry is the most glaring example of this, but these days, many other major industries are falling into the same abyss — retailers among them. “Companies lose the ability to stay competitive,” says Arruda. “For example, Blockbuster had real estate in every major neighborhood, and they had the coveted position of having a branded card in folks’ wallets. Now Blockbuster is a cautionary tale, along with Payless, JCPenney, BCBG, Macy’s, American Apparel, and many more. As with any major shift, there are winners and there are losers. It’s about finding those innovative partners that understand what the future of the legal profession looks like.”
Photo: Angelo Yap/Flickr Arruda believes lawyers can be risk-averse and trying something new inherently comes with risk. “One of our biggest pushes has always been to educate the industry. And yet, we see more and more firms coming on board weekly. Counting great firms like K&L Gates, Sedgwick, Kobre & Kim, Simpson Thacher etc. as new partners is very exciting. The firms
that hesitate to come on board don’t understand how to purchase innovative technology. We have entered into a new technological revolution and that can be intimidating for a lot of people.”
“Knowing that the technology we have is changing how our partner firms work, and knowing that not every lawyer in the world is equipped with this technology, is part of the fun of being an entrepreneur.” Having someone in your company who is capable of assessing and purchasing technology is critical. (Are You a Master of Moving Forward?) “At the end of the day, you always want to make sure everyone is at the table. This means traditional C-Suite decision makers but also the folks on the front lines who benefit from the technology,” says Arruda. “At smaller firms, management and practitioners line up nicely because oftentimes it’s the same person who assesses the technology and makes the decision to purchase it.” However, this poses a challenge at large law firms but not one that is insurmountable. Among ROSS Intelligence’s partners are some of the largest law firms in the world. “It all comes down to working with forward-thinking innovative leaders; something we are proud to be doing every day at ROSS. Knowing that the technology we have — and continue to build — is changing how our partner firms work, and knowing that not every lawyer in the world is equipped with this technology, is part of the fun of being an entrepreneur,” says Arruda. So what does the future look like for law firms and technology? “If I could wave a magic wand, I would want to see a world where companies like law firms had clear processes in place for bringing in new technology, and a focus on research and development which would
enable them to make investments in their future. What is amazing is that every day we see more and more law firms changing for the better and leading the charge. Nothing is more exciting than onboarding a new in-house team or law firm and seeing ROSS play a role in their daily practice. It’s an incredible feeling knowing that we are leading the charge for AI in law.�
Tagged in Law, AI, Technology, Lawyers By Ava Chisling on May 1, 2017. Canonical link Exported from Medium on August 18, 2017.