Legal Tech Talk series – Interview with William Peake
Our Global Managing Partner, William Peake, gave his predictions for 2024 in an interview with Bradley Collins, CEO of Legal Tech Talk, for the latest edition of the Legal Tech Talk series, published by the Modern Law Magazine.
From the rise of Generative AI, specifically Small Language Models, to the buzz of AI "Agents," the legal sphere is on the brink of a technological renaissance. At the heart of the conversation is our commitment to innovation, encapsulated by our Harneys Wave and H3 initiatives - blending tech-savviness with legal acumen to provide innovative solutions for clients and to connect tech builders and entrepreneurs with verified service providers in web3, blockchain, and cryptocurrency domains respectively. Read the full interview below to explore these themes and more.
What were the biggest industry shifts in 2023?
Necessity is the mother of invention, and the uncertain global landscape of 2023 paved the way for seismic developments in processes and technology.
Inflation rates soared, geopolitical tensions bubbled up, and sanctions and regulatory changes occurred at a bewildering rate of knots. Amidst this backdrop of economic instability, individuals reassessed their investment strategies to focus specifically on value retention while markets fluctuated. And the knock-on effects of Covid continued to ripple.
Running parallel to these macro changes was the legal industry's recognition of Artificial Intelligence. Publications were replete with studies on the opportunities presented from this new technology as well as the challenges that emerged. Law firms are taking brave steps to ensure they're not left behind. The message is clear, the legal world is going to look unrecognisable in five years' time, let alone ten years. AI continues to throw up its own existential problems but the efficiencies and value add for clients are real.
Is this the end of law firms as we know it? Let's see what 2024 and beyond brings.
What kind of evolution in terms of trends are we going to see in 2024 in terms of priorities, tech, and culture in the legal industry?
In 2024, we anticipate accelerated technological progress and substantial changes in client expectations. This see-saw is critical to acknowledge when contemplating this question. In the first instance, it will necessitate that legal service providers adopt a proactive and forward-thinking approach. To flourish, the industry must not only actively embrace and leverage advancing technology but must also cultivate a culture of adaptability. This dynamism will need to be harnessed to formulate innovative service delivery methods that align with client expectations.
Already in 2024 there are some notable trends gaining momentum. One such trend is the rise of Generative Al, specifically Small Language Models (SLMs). While large language models like Chat GPT are creating a splash in the market, it's the smaller models that have real potential for practical application and to revolutionise processes in law firms. By integrating SLMs into their everyday workflows, law firms can achieve task-specific excellence, enhancing their efficiency and accuracy.
One area of AI that is generating a buzz is the development of 'Agents' - applications designed to execute tasks with high efficiency. Imagine having an intelligent research assistant at your disposal, powered by a Small Language Model? Some law firms have already embraced this technology, and the possibilities to amplify productivity are endless. This could significantly streamline research processes, reducing time spent on mundane tasks and allowing more focus on strategic, forward-thinking decision-making.
At Harneys, our commitment to embracing alternative solutions is evident in our Harneys Wave and H3 initiatives. Harneys Wave is our tech and innovation hub. In brief, it connects legal expertise with technology to provide innovative solutions for clients faced with esoteric legal issues.
Our H3 initiative is designed to connect tech builders and entrepreneurs with verified service providers in web3, blockchain, and cryptocurrency domains. Functioning as a one-stop shop, H3 provides specialised expertise in legal compliance, accounting, audit support, and DAO management. This initiative emerged from discussions we had with clients on the challenges they faced when navigating the rapidly changing web3 landscape. In response, we sought creative ways to leverage evolving technology, develop innovative delivery methods, and prioritise the user experience.
This initiative emerged from our lawyers' deep understanding of the challenges faced by builders and entrepreneurs navigating the rapidly evolving web3 landscape. In response, we sought creative ways to leverage evolving technology, develop innovative delivery methods, and prioritise user experience whilst being trusted legal advisors to our clients, working alongside them to achieve their goals.
The world, along with the legal industry, is experiencing transformative changes. A promising future awaits only those who are ready to embrace technology.
The interview was originally published by Modern Law Magazine.
