Now, we鈥檝e got the answer 鈥� by the numbers. 成人VR视频 recently commissioned Forrester Consulting to conduct a study to examine the potential return on investment (ROI)law firms can realize by deploying CoCounsel Legal, our AI solution, which brings together legal research, essential workflow automation, intelligent document search and AI-powered legal assistance in a single platform.

Real-World Scenarios, Concrete Results

To produce the analysis, researchers conducted detailed interviews with senior law firm decision-makers who鈥檝e been using CoCounsel Legal for the past several months to understand exactly how they are working with AI inside their firms, what the real-world impacts have been on their business, and the bottom-line costs and benefits linked to their investments in AI. The results of those interviews were then combined to create a single composite organization 鈥� a multi-practice law firm with 500 attorneys 鈥� and financial impacts were extrapolated over a three-year period.

The research puts some hard numbers behind a value proposition that, until now, has been hard to quantify. It answers the critical question: How exactly are AI-driven efficiency gains creating new growth opportunities for law firms?

Following are some of the key findings for the composite organization:

• Return on investment: 400%
  The headline finding of the analysis is that the total ROI of the composite law firm investment in CoCounsel was 400%, meaning the return after three years, minus costs involved with acquiring the technology, onboarding, and training staff, is five times greater than the initial investment. In this example, that translates to a total of $18.3 million in total value over three years.
• Incremental revenue from increased matter capacity: $20.3 million
  Contrary to much of the recent rhetoric around professional AI adoption, the lion鈥檚 share of that value does not come from reduced headcount or productivity gains. While those are factors, the real value CoCounsel Legal delivers is the ability to take on a greater number of matters concurrently by reducing the time required for research, document review, and matter ramp-up. As a result, the composite organization increased attorney matter capacity by 25% without adding headcount, allowing the firm to accept additional work from existing clients and pursue new matters.
• Productivity gains within core legal workflows: $1.7M
  Productivity, of course, is improved with AI, but the interesting finding in the Forrester analysis is that those productivity gains are concentrated in specific law firm workflows. Based on the analysis, attorneys spend less time on repetitive, low-value tasks such as document review, legal research, and drafting, which means CoCounsel is reducing nonbillable time and lowering write-downs on existing matters.

In addition to the quantitative benefits, the research also found several qualitative examples where incorporating CoCounsel into day-to-day tasks helped to improve both the quality of work and quality of life for the firms鈥� attorneys, such as the following:

• Improved quality and consistency of legal work product
  Attorneys reported that AI-generated summaries, research, and drafts are more reliable and thorough than traditional manual approaches, boosting confidence in the work product, cutting down on partner oversight, and reducing the chance that critical facts or arguments slip through the cracks.
• Greater focus on high-value legal judgment and client strategy
  By reducing time spent searching for information and compiling relevant case law, CoCounsel Legal allows attorneys to devote more effort to strategic analysis, advocacy, and client advisory work, enhancing perceived client value.
• Improved attorney experience and reduced burnout
  The fact that CoCounsel Legal allows attorneys to complete lower-value, repetitive tasks more quickly, while freeing up time to focus on more strategic work, improves day-to-day attorney experience and work-life balance, particularly for junior attorneys handling document-heavy matters.

Reclaiming the Work That Matters in Law

While the intent of the analysis was to deliver a definitive, by-the-numbers calculation of what kind of financial return law firms can expect from their investments in AI, the results revealed much more detail about the role AI is already playing in law firms, today. Importantly, it shines a spotlight on the fact that AI is having an accretive effect on the firms that have embraced it. Put simply, it is helping firms do more work better, ultimately helping them create more capacity and new opportunities for growth.

That鈥檚 a fundamental shift from the mainstream narrative on AI, which has often been cast as a productivity and cost-reduction tool. That鈥檚 really only a small part of the story. When the right AI tools are deployed effectively, they are removing points of friction and helping attorneys reclaim the work that matters. Importantly, they are also creating significant new growth channels along the way.

to read the full analysis.

In addition to these cost-control strategies, many legal departments rely on from 成人VR视频, the market-leading legal spend management solution. Legal Tracker has an extensive market presence, with $250B in legal spend analytics, allowing clients to benchmark their performance against peers. Its global directory consists of more than 120,000 legal vendors, including all Am Law 200 firms and Global 100 firms.听

And it delivers results. Legal Tracker enables law firms to streamline operations and reduce annual legal spend by up to 15%. A Forrester Total Economic Impact Study reported a 372% return on investment over three years with a payback period of just six months.1听听

According to Alex Dobson, director, Product Management from 成人VR视频, 鈥淟egal Tracker is designed to enhance efficiency, and our clients typically see the system pay for itself within just six months, thanks to significant time savings and process improvements.鈥澨�听

But Legal Tracker isn鈥檛 stopping there to enhance legal department efficiency. 成人VR视频 is committed to innovation by investing $100M annually in AI over the coming years. For Legal Tracker, this includes AI-powered invoice audits and streamlined matter intake. Customers can also expect enhanced ROI through AI-enabled detection of duplicate charges and overbilling, as well as the automatic conversion of non-LEDES invoices to LEDES format.听

The Legal Tracker team isn鈥檛 relying solely on AI, however. A new partnership with LegalBillReview.com adds a human touch to the innovation and savings that Legal Tracker delivers. LegalBillReview.com is a team of U.S.-licensed attorneys dedicated to identifying and correcting billing errors and overcharges on outside counsel invoices. 听

The team collects bills directly from Legal Tracker on behalf of the client, performs a detailed analysis, and presents the findings to the law firm. They manage appeals, apply invoice-level adjustments where necessary, and finalize bill approvals within Legal Tracker, after invoice audits have already run on invoices. 听

鈥淥ur purpose is to save in-house personnel resources, freeing staff to focus on high-value work for the business,鈥� said Ryan Loro, president, LegalBillReview.com. 鈥淥n average, we help customers save 12% on their legal expenses.鈥�听

鈥淭he partnership is a great fit,鈥� added Dobson. 鈥淥ur customers want additional support for manual bill review and approval, and having a human set of eyes to ensure compliance and resolve billing issues creates a smooth, transparent billing process.鈥澨�听

听1 Forrester Total Economic Impact Study, 2023听

CoCounsel 2.0 draws on its robust set of specialized skills to handle complex, multi-step work, helping professionals quickly pinpoint key knowledge in vast databases, thoroughly communicate sophisticated information, and complete essential work with unprecedented speed.听CoCounsel 2.0 generates answers three times faster than the current version, operates more intuitively, and delivers more thorough, nuanced results.

It also tests combining the unique capabilities and strengths from OpenAI, Google, and 成人VR视频, such as its industry-leading content and legal technology.听 CoCounsel 2.0 will also bring additional and upgraded capabilities for legal professionals.

The just-launched Claims Explorer in Westlaw Precision with CoCounsel simplifies claims research by enabling legal professionals to enter facts and identify applicable claims or counterclaims. , the end-to-end GenAI-enabled solution from 成人VR视频, accelerates drafting by as much as 50%.

鈥湷扇薞R视频 is here for one reason: to ensure our customers reliably and safely realize the greatest possible value from this generational technology鈥攁s quickly as possible,鈥� said David Wong, chief product officer, 成人VR视频. 鈥淐oCounsel 2.0 is founded upon our ability to combine our data, expertise, and trusted content with cutting-edge technology. Partnering with leading LLM providers is a key part of our strategy and will help us deliver even more for our customers, enabling them to accomplish what they need to evolve their businesses more quickly and more effectively than ever.鈥�

Wong will discuss CoCounsel 2.0 with Jake Heller, head of Product for CoCounsel, 成人VR视频, and Kriti Sharma, chief product officer of Legaltech, 成人VR视频, in their ILTACON session, 鈥淢aximizing Impact and ROI: Harnessing the Full Potential of GenAI in the Legal Profession.鈥�

鈥淐oCounsel 2.0 is more powerful than the first generation of CoCounsel and accessible from within 成人VR视频 products 鈥� beginning with Westlaw Precision and Practical Law 鈥� plus from within Microsoft 365, beginning with Word, Teams, and Outlook. It’s exactly what our legal customers are looking for,鈥� Sharma said. 鈥淒ebuting CoCounsel 2.0 at ILTACON is the perfect fit, as it鈥檚 all about realizing successful legal strategies for transforming the legal industry. I’m thrilled for the opportunity to share our powerful CoCounsel 2.0 vision and discuss how legal professionals can embrace professional-grade GenAI to streamline their workflows and boost productivity while maximizing ROI.鈥�

鈥淲e鈥檝e always been on the leading edge of emerging technology and it鈥檚 incredibly fulfilling to experience our vision 鈥� of providing every professional we serve with a GenAI assistant 鈥� becoming reality for our customers,鈥� Heller said. 鈥淲e鈥檙e seeing a growing maturity in the adoption of AI, and legal professionals are ready for the practical application and optimization of GenAI. CoCounsel 2.0 enables them to use GenAI to its fullest potential to drive efficiencies and productivity gains 鈥� working with the tools they already use every day.鈥�

For more on CoCounsel 2.0, read the press release. Check out more Innovation Blog posts for product news, leader insights, and customer perspectives on how 成人VR视频 is paving the way for the future of professionals.