LONDON, UK – Joe Cohen, the former mastermind behind Dentons’ successful legal tech project, FleetAI, has recently joined Charles Russell Speechlys (CRS) as the Director of Advanced Client Solutions (ACS). CRS, known for its work in private client services, finance, and real estate, aims to enhance its legal work delivery with the establishment of ACS. This move reflects a broader trend among top-tier law firms, as ACS incorporates Solution Development, Legal Tech & AI, Legal Project Management, Alternative Delivery, and Process Improvement.
One notable aspect of ACS is its plan to develop and sell its own software products. Unlike other firms that offer such products as free value-adds, CRS intends to run this initiative as a profit-making business, with partners benefiting directly from its success. Cohen revealed that the software team at CRS would utilize the firm’s legal knowledge to create products tailored to the needs of private clients and family offices, including areas like tax, trusts, and wealth management.
Although the details of the software portfolio are yet to be announced, CRS will be joining other firms, such as Reed Smith and Linklaters, in building and selling their own tech products. Cohen emphasized that the expertise leveraged by these products could be utilized by multiple clients simultaneously.
Regarding genAI, Cohen stated that it would play a central role in the software development, although CRS is expected to use more than just GPT4 and incorporate various foundational models. The firm aims to release a couple of products annually and achieve revenue targets similar to those of other top law firms, potentially reaching tens of millions of pounds. For now, the software division will operate within CRS’s main law firm LLP structure, ensuring that partners share in the revenue generated and incentivizing lawyers to promote the products to clients.
In addition to the software focus, CRS plans to integrate its paralegals into a more connected group and provide them with enhanced training and upskilling opportunities. Process mapping for higher-volume work and practical innovation projects for trainees are also part of the comprehensive approach taken by ACS.
The developments within ACS and its emphasis on legal tech and AI signify a growing trend in the entire legal services sector. Law firms increasingly recognize the importance of efficiency in delivering legal services, be it through technology adoption, improved work modeling, or team composition. Without incorporating these services, firms risk standing apart from the main group of large firms, especially in the UK market.
The ultimate goal of ACS and similar initiatives is to revolutionize the entire legal service delivery process. As more law firms join this trajectory, the potential for innovative software offerings and the utilization of generative AI will continue to expand. While design challenges may arise, the future of legal services is undoubtedly headed towards a more holistic and efficient approach.