Many Md. law firms seek to invest in new technology, survey finds
July 16, 2019 | Baltimore, Maryland As interest in artificial intelligence grows and as companies develop new time-saving products, more law firms are looking to automated technology to accomplish everyday tasks. According to a report from Tracxn Technologies, a company that uses artificial intelligence to track startup growth across industries, investments in legal tech companies jumped from $233 million in 2017 to $1.7 billion in 2018.
More than 50% of survey respondents said artificial intelligence and technologies that automate processes would be the biggest contributors to the rate of law firm change over the next five years.
“Artificial intelligence in general has allowed us to do more of what lawyers should be doing,” said Joyce Kuhns, a Baltimore-based principal at Offit Kurman, a large mid-Atlantic law firm.
Kuhns, who said new technology helps law firms cut costs and improve efficiency, added that artificial intelligence could replace some routine jobs such as contract downloading but that jobs requiring analysis will still depend on lawyers.
Murthy said that being able to connect quickly with customers to answer questions and to update case information is another reason law firms are turning to artificial intelligence and new technology.
“You absolutely want to show your clients that you’re bringing your A game,” Murthy said.
ABOUT JOYCE KUHNS
With extensive experience at the national and regional levels, Joyce Kuhns brings her in-depth knowledge in delivering creative solutions to help transform financial challenges to successful outcomes. Whether representing businesses as debtors or creditors, creditors’ committees or equity committees, or as an advisor to trustees or regulators, Joyce’s understanding of the complexities of financial and business structures and her experience with out-of-court resolutions as well as litigation at the trial through appellate levels enables her to provide critical strategic advice from the boardroom to the courtroom to a broad spectrum of clients at every stage of the business cycle including directors and officers of companies in crisis. A pragmatic problem-solver, Joyce uses her cross-disciplinary legal skills to meet the daily business needs of her clients and to help reshape their future.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the mid-Atlantic region. With over 185 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our twelve offices serve individual and corporate clients along the I95 corridor in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
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