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AI Hype or Reality Law Firms
- 1. Artificial Intelligence: Hype or Reality? February 22, 2018 Managing Partner Forum: Austin, TX Elonide Semmes Twitter: @esemmes
- 2. What do these have in common? • Fax machines • Voice mail • Email • Websites • eDiscovery 2
- 4. 4
- 5. AI in Everyday Life 5
- 6. Translate Between Languages Be Your Personal Trainer What Does AI Do Well Today?* Recognize Emotions in Images of Faces 🌎 😡 Spot Cancer in Tissue Slides Better Than Human Epidemiologists Detect Crop Disease *Ed Newton-Rex, Feb. 18, 2017, Medium 6 Predict Social Unrest Five Days Before It Happens Beat Humans at Jeopardy 🚓 Predict Parking Difficulty by Area 📺 🅿 🚑
- 7. Y-axis: Calculations per second per $1,000. “The Singularity” – Time Magazine 2011 7
- 9. AI: The Latest Fad in Law …yet computer science is making progress with natural language communication, and its long-range relevance to legal problem-solving is clear. – Stanford Law Review Article Some Speculation about Artificial Intelligence and Legal 1970 9
- 10. What Is AI? It is the science and engineering of making intelligent machines, especially intelligent computer programs. – John McCarthy 10 AI means a computer system “able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making. –Andrew McAfee, director of MIT’s Initiative on the Digital Economy AI means a computer system “able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making. –Andrew McAfee, director of MIT’s Initiative on the Digital Economy
- 11. What is AI? • Augmented Intelligence • Cognitive Computing • Big Data Analytics • Robotics • Neural Networks • Expert Systems • Deep Learning • Machine Learning • Internet of Things (IoT) • Deep Mind, Deep Blue, Watson 11 Generally, AI is computers performing analytic tasks previously believed to be the sole province of the human brain.
- 12. What Is AI? 12 Technologies Logical AI / Interfacing Machine Learning Natural Language Processing (NLP) Planning Robotics Speech Vision Functions Expertise Automation Image Recognition & Classification Planning Question Answering Google Now IBM Watson Conversation Microsoft Cortana Robotics Speech Speech to Text Text to Speech Extraction Text Analysis Classification Text Generation Amazon Alexa Translation Apple Siri
- 13. AI and the Practice of Law 13
- 14. This AI Mantra Applies to AI in Legal Services AI Applied to Practice of Law Cheaper 14
- 15. AI Is Empowering Competitors 15 In-House Legal ALSPsOther Law Firms (the fast eat the slow)
- 17. 17 AI and the Business of Law
- 18. AI and the Business of Law 18 • HR (hiring) • IT (cybersecurity) • Finance (strategic planning) Same Fundamentals as Other Industries • Pricing • Content marketing • Predictive pitching • CRM on steroids Marketing
- 19. To improve the prospect and client experience! Why Use AI in Marketing? 19
- 20. The Promise of AI and Marketing Make marketing and business development more efficient and more personal. Help you target the right prospects Understand how buyers purchase Create more meaningful and personal interactions Understand how buyers think 20
- 21. Where Can AI Help Marketing Change the Conversation? • Client shrinkage and attrition • High-opportunity relationships • Lateral hiring success • Leverage high-revenue generating partners • Identify client acceptance standards (“ideal client”) • Allocate marketing resources 21
- 22. Law Firm Data Is Often Siloed • Pitch Statistics • Social Media Engagement • Website Traffic 22 • Billing Data • Matter Results Data • Personnel Data • Litigation Filing Data • Client Feedback Data • Economic Trend Data
- 23. Combining Your Intelligence YOUR OWN EXISTING DATA • CRM • Web Traffic • Billing Data • Social Engagement • Digital Campaigns • Emails PARTNER DATA • Often Cleaner • May Be More Proprietary PURCHASED DATA • Large Scale • Anybody Can Buy ORIGINAL DATA • Client Feedback • Market Research • Competitive Intelligence 1st Party 2nd Party 3rd Party 2nd & 3rd Party 23
- 24. AI and the Buyer Journey TIME BUYERINTERACTIONSAND VALUE REACH ACT CONVERT ENGAGE Demand Generation and Purchase Intent Indecisive Buyer 1st Purchase Lapsed Client Loyal Client Repeat Client Machine Learning Propensity Modeling AI Application Smart content curation Programmatic media bidding AI generated content Voice search Propensity modeling Ad targeting Predictive analytics Lead scoring Dynamic pricing Targeting Web & app personalization Chat bots Predictive client service Marketing automation 1:1 Dynamic- content emails Source: Robert Allen, April 2017 published via smartinsights.com modified by Right Hat LLC 24
- 25. Churn Analysis 25 Your Clients Your Competitor 🗂🗂
- 26. Client Service Assistant 26 Have you found what you need about our Renewable Energy experience? Chat Bot:
- 27. Pricing Pricing Algorithm Cost-Based Competition What work is profitable for your firm? What do competitors charge for this work? What determines value to this client? 27 Customer Value
- 28. Content Generation Source: WordSmith, Automatedinsights.com 28
- 29. Sentiment Analysis If only I knew what prospects were really worried about…. 29
- 30. Personalized Content Bulk-Buying Impressions Targeting large audiences by category Real-Time Bidding Pay only for valuable users 30
- 31. Lagniappe 31
- 32. Law Firms Using AI (and promoting it) 32
- 33. Next Steps: Your To-Do List Inventory your firm’s data sources, internal and external. Study what the industry leaders are doing. Select an initial AI project, one that is tied to firm strategic objectives. 33 ✔️ ✔️ ✔️ ✔️ Establish policies and procedures to clean, maintain and develop data.
- 34. Thank you righthat.com | @righthat Elonide Semmes esemmes@righthat.com 504 475 6030 Twitter: @esemmes