The Tipping Point
We’ve reached the tipping point in the adoption of artificial intelligence (AI) among large enterprises. 77% of Global 2000 companies are now using AI or piloting it for the first time this year. When it comes to AI for sensitive data such as PHI, PII, personal, privileged, or reputation-damaging data, Text IQ is emerging as the industry standard and benchmark. One of our Fortune 200 customers recently added a question to their RFPs for law firms, “Describe your experience using Text IQ or similar AI technology,” so they could prioritize those firms with prior experience. Their law firms obviously noticed this.
Adapt or Die?
The legal industry has faced numerous threats to its traditional law firm model in recent years with the rise of alternative legal service providers. AI technology poses yet another threat to this model, leaving us to wonder, will firms hold firm or adapt to these changes?
As a client-based industry, it’s imperative for law firms to be ahead of the curve when it comes to adopting technology that their clients see as the new standard, or requirement. We are beginning to see now how AI technology is fundamentally changing how firms do business today. For example, document reviews that traditionally took months are now completed in a matter of days. When AI is applied to this low value, or mundane, work, it allows subject matter experts to focus on the more high value, skilled work. This cooperative approach of AI and subject matter expertise is key to completing tasks with high speed and accuracy and at the core of Text IQ’s model.
Ahead of the Curve
Sheppard Mullin is just the first of many firms to fully appreciate the AI technology that their clients have embraced. A leader in innovation, Sheppard Mullin witnessed the rapid adoption of AI among its client base of large enterprises and did not want to be reactive. They saw Text IQ as a tool to utilize alongside the talented attorneys at their firm in order to better serve mutual clients. Sheppard Mullin’s adoption of Text IQ’s technology also allows us to collaborate with them to develop defensible workflows that will provide even greater benefits to our mutual clients.
AI for Good
Beyond the direct financial and time benefits, our partnership with Sheppard Mullin furthers our commitment to the ethical use of AI. Known as a leader in diversity in the industry, Sheppard Mullin will incorporate Text IQ’s technology with their talent management and professional development initiatives to screen for and detect data patterns. For example, unconscious bias is a hot topic in talent management that, by definition, is difficult for humans to identify, but can be easily recognized utilizing AI. We are continually encouraged by these use-cases which applies AI for the betterment of society.
Learn more about our partnership with Sheppard Mullin here.