Maximize Your Law Firm IT Investments: How Tech & Talent Shape Each Other

What are the most beneficial AI-powered technology tools for your law firm? Do you have the skilled talent to wield them effectively? When it comes to IT investments, law firm leaders face decisions with far-reaching consequences.?

• Buy the right tech tools: Firms look to incorporate AI-powered, automated solutions with the tools lawyers already use daily. Your tech system must be robust enough for peak performance, connection, and responsiveness.
• Build the optimal tech team: New technology begets new roles. Should you hire or train in-house, tap into external expertise, or find a hybrid approach? Each has pros and cons, depending on the tools you buy.?

How can you find the right balance of power, cost, and expertise to optimize your tech stack for AI adoption? Your decisions will heavily impact your firm's agility and cost-efficiencies. (So, no pressure.)?

Let’s examine several factors that influence your ideal fit, such as your existing resources and hiring costs in short and long-term scenarios.?

Evaluate existing legal tech and AI skill sets.?

The tech stack you build dictates the talent you need. And the talent you have dictates the benefits your tech stack delivers.?

The right talent can be your competitive edge.?

Do individuals in your firm possess expertise in AI-related technologies? Or want to learn?

If not, hiring or outsourcing talent with AI experience is on your agenda, just as it is for many of your peers. Twenty-seven percent of large law firms and corporate legal teams expect to hire more technologists, such as data scientists, this year. The Am Law 200 are on board, with 38% planning to beef up their tech teams to handle the AI revolution.?

What will running AI-powered applications cost?

Your tech infrastructure needs the processing power, storage capacity, and network capabilities to perform optimally.?

However, AI applications in tasks such as contract review, document analysis, and legal research require a lot of computational power. The demand for computational muscle is so high that infrastructure and computing limitations became the primary roadblock to AI development in 2023.

Law firms often lack the infrastructure capacity, including server space, network bandwidth, connectivity, and responsiveness, to support their own AI needs independently. Building and maintaining the infrastructure is prohibitively expensive and requires extensive expertise.??

That’s why many large and small firms leverage cloud computing platforms like Microsoft Azure or Amazon Web Services (AWS). You get powerful, pay-as-you-go computing resources that quickly scale as needed.?

Subscription services eliminate upfront infrastructure costs. However, long-term subscription costs can add up quickly, particularly with more advanced AI technologies. That’s why it’s essential to understand the goals of your AI projects.

Hiring for scalability requires long-term planning.??

What are the long-term goals of your AI initiatives? Is it a single project or the start of many to come??

AI evolves rapidly, and so will the skills needed to support it. Hiring full-time employees with AI expertise can be costly, as it involves salaries, benefits, and ongoing training expenses — if you can find qualified candidates.?

But because AI is here to stay, it may make sense to start building an AI-focused team now. Hiring dedicated employees promotes continuity and may be more cost-effective in the long run if you plan the ongoing development and maintenance of customized AI solutions.

Many firms hire outside consultants and partner with AI vendors to access specialized talent for each project at lower costs. Outsourcing allows you to tap into a broader talent pool without geographical limits — an ideal option when you need individuals with specific skills to work on short-term projects.?

The right tech and talent enable stable integrations.?

AI solutions must integrate closely with your existing case management, document management, and other software. Open APIs and standard data formats promote stable communication among systems.?

With their knowledge of existing processes, in-house talent can often easily facilitate tech integrations. They may excel at data mapping, i.e., defining how your system should route data for consistent and reliable information flow.

On the other hand, fresh perspectives from outsiders can be invaluable for cutting away waste and redundancies. Remember, if you partner with a vendor, opt for those offering strong technical support and integration expertise.?

The fact remains that hiring for AI expertise is expensive and highly competitive. Meanwhile, outsourcing can give you access to a wider talent pool at a lower cost. A hybrid approach may be best, with a chief AI officer on staff to oversee implementations.

Find the right balance for your law firm.?

Ultimately, it’s wisest to base the decision to hire or outsource talent for AI initiatives on a thorough assessment of your specific needs, resources, and long-term goals and priorities.?

Experienced consultants can guide you on your AI journey. At Amicus Capital Group, LLC - Transforming the Business of Law?! , we have been Transforming the Business of Law? for over 25 years. Call 1-877-926-4287 today to discuss your firm's AI readiness and prepare for a safe integration that empowers your team and delivers the best possible results for your clients.