Background

A leading provider of legal, regulatory and business information sought to evaluate the impact of generative artificial intelligence (Gen AI) on the legal services market over the next five years, and aimed to identify necessary investments to drive growth over the next five to ten years. Engaging L.E.K. Consulting for our expertise in Gen AI’s impact on the legal market, the client sought to understand how Gen AI technologies would identify high-priority opportunities and leverage existing capabilities to create new offerings.

Approach

Our team mapped the legal market in the U.S. and Europe to analyze shifts in lawyers’ workflows and time allocation over the past five years and projected the impact of Gen AI and automation over the next five. We categorized tasks (litigation, transactional, counseling, nonbillable) and assessed the average percentage of hours spent to determine the expected impact (limited, moderate or great).

Based on our research, we identified primary opportunities for technological disruption. For each opportunity, we evaluated relevance to the client’s capabilities, addressable market size and commercial potential. We then prioritized these opportunities based on their attractiveness and designed a strategic roadmap for the client, including capex planning, to capture these opportunities.

Result

We provided our client with a detailed market assessment and strategic roadmap, highlighting areas vulnerable to Gen AI disruption. This enabled the client to make informed, strategic decisions, including prioritizing capex investments over the next few years to capitalize on high-value opportunities.

L.E.K. Consulting is a registered trademark of L.E.K. Consulting LLC. All other products and brands mentioned in this document are properties of their respective owners. © 2024 L.E.K. Consulting LLC

Related Insights