Risk mitigation strategies for AI in law firms
Published in Briefing Live 2024
Having attended the Briefing LIVE conference in March, John Ellis, account executive at Peppermint, discusses strategies for mitigating risks associated with AI implementation in law firms to ensure efficiency and compliance, paving the way for responsible and successful adoption
Since the release of ChatGPT and OpenAI back in November 2022, most industries have raced towards implementing some form of AI into their solutions. Amidst the need to integrate AI in legal practices, the imperative to balance innovation with risk management has never been more critical.
Data and security, ethical concerns and cost
Most law firms we engage with are incredibly risk-averse, which shouldn’t come as a shock when you consider the large volume of highly sensitive and confidential information held. Ensuring the privacy and security of client data while using AI tools is therefore paramount, highlighting the need for firms to conduct extensive due diligence on the use of AI.
It’s undeniable that AI has the potential to streamline processes, but it also brings to the forefront ethical concerns, particularly in relation to bias in algorithms, accountability for AI-generated decisions, and the preservation of the human element in law firms. This underscores the need for a responsible and thoughtful approach when incorporating AI into legal practices.
One thing we can’t ignore is cost. Almost every legal professional we spoke with at the Briefing LIVE event voiced their opinion that implementing AI solutions can require a significant upfront investment in technology, training and infrastructure. Many law firms, especially smaller ones, may find it challenging to justify these costs without a clear return on investment.
It’s evident that the strategic deployment of AI has the potential to revolutionise legal practices. Embracing a proactive approach to risk management ensures that AI remains a powerful ally in the pursuit of legal excellence
Addressing these challenges requires collaboration between legal experts, technology vendors and policymakers to develop solutions that ensure the responsible and ethical use of AI in the legal industry
Peppermint AI technologies
Today, we’re leveraging AI to support our clients by analysing historical data and predicting outcomes. This is especially useful in personal injury (PI) cases, as it helps to remove a lot of guesswork from the legal process.
Additionally, some clients use our tools to analyse mailboxes, automatically extract data from specific documents, and store that information in Peppermint. This data can then be used to inform business decisions or populate documents. We’re discovering new use cases with our law firms every day. With a brand new firm, for example, we’re proactively working towards summarising complex cases with a single mouse click.
AI-driven solutions help firms to mitigate risks
Peppermint’s AI-driven solutions enable law firms to mitigate risks in several ways. Peppermint is built on Microsoft’s Power Platform, a multi-billion-pound platform that undergoes continuous updates. As a result, our law firms have access to robust encryption, access controls, and data anonymisation techniques, which assist in managing risk and security.
Furthermore, AI tools in our platform can regularly monitor data, swiftly identifying and addressing potential issues. This enables law firms to pinpoint areas for improvement and effectively tackle emerging challenges.
Briefing roundtable discussion
The legal profession is traditionally conservative and resistant to change. You would expect to encounter internal resistance and cultural barriers when attempting to convince stakeholders to adopt AI technologies and adapt to new workflows. However, law firms should proactively seek to leverage the technology swiftly and safely to ensure they do not fall behind.
Around one third of the law firms represented at our roundtable were already using some form of AI, particularly Microsoft Copilot, to summarise emails and Teams meetings, aiming to increase efficiencies.
This shows a potential shift in the legal industry and it’s evident that the strategic deployment of AI has the potential to revolutionise legal practices. Embracing a proactive approach to risk management ensures that AI remains a powerful ally in the pursuit of legal excellence.
As the legal profession continues its journey into the new digital landscape, AI applications offer unprecedented business opportunities for efficiency and innovation. Peppermint Technology, a leading legal tech innovator and Microsoft partner, shapes a future for law firms where technology and tradition coexist.