AI is levelling the playing field
Law Firms in Hong Kong are in trouble. Especially the larger ones.
With their considerable resources of associates and legal graduates readily available to work on the mass of judgements, documents, and case files, the larger firms have always had an advantage over the smaller ones.
Not any more.
AI is levelling the playing field
With the right AI tools, a single lawyer firm can do all the work traditionally done by a team of associates. And most likely much faster.
And at a fraction of the cost.
We’re hearing of an online Divorce Lawyer using just social media and digital technology. Of a virtual law firm, started from home by a mother with young children, that allows freelance lawyers to work remotely. Her clients include large banking and financial institutions. And of another online law firm with a network of over 700 lawyers.
And clients know this.
Just last week, Silvia Toh, Connect’s Business Development Manager, was told by a Partner of one of Hong Kong’s most reputable law firms:
“Clients know lawyers are using AI. They’re now asking why they’re paying so much. Lawyers need to know how to differentiate themselves”
It may have been 26 years since Jack Trout first warned companies to ‘differentiate or die’. But this advice has never been more applicable than it is today. Any law firm not heeding this advice will be playing with fire.
But law firms are not a law unto themselves.
AI is disrupting the way we all do business. It’s levelling the playing field.
To misquote James Fenimore Cooper:
“AI, like fire, is an excellent servant, but a terrible master”
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Until next month!
Warmest regards,
Team Connect
