- Sep 7, 2024
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Describe how you think the innovative developments taking place in the legal industry will change the role of a commercial lawyer at Dentons. Please outline your research and reference the sources you used to inform your opinion. Max 250 words
How should i structure the answer to this question and how should I go about the referencing part of the question?
Hey @-legal- ,
Thanks for the question!
Initially, I assumed “innovative developments” would mean focusing solely on technology, particularly AI. But as with any law firm application question, it’s essential to unpack the wording carefully. Here, “innovative developments” could encompass everything from the impacts of AI to the evolution of legal services and shifting client needs. Off the top of my head, here are a few innovative developments shaping commercial law at firms like Dentons:
1. AI and Automation: This is a major development that’s reshaping the way lawyers work. While many candidates might mention AI, it’s important not to over-focus on it but to recognize its broader impact. AI tools streamline routine tasks, particularly in contract review, allowing lawyers to focus on higher-value work. Dentons’ recent release of an AI-powered contract review bot is a perfect example of this innovation in action. Tools like ThoughtRiver and Kira are also widely used across firms to quickly sift through volumes of contracts and flag risks, which is an area Dentons has invested in heavily. Such advancements let commercial lawyers dedicate more time to client-facing, strategic work, ultimately contributing to long-term revenue growth. See the [full article on Dentons’ AI bot](https://www.dentons.com/en/about-de...s-launches-ai-powered-contract-automation-bot) for more on this.
2. Sector-Specific Client Expansion: An interesting development is the shift in client focus, especially with private equity houses investing in sectors like retail and healthcare. This has significant implications for commercial lawyers, as it requires them to gain in-depth knowledge of these specific industries, adapting to a range of new challenges and regulatory frameworks. For instance, advising on compliance or intellectual property in the healthcare sector demands specialized expertise that wasn’t as central for commercial lawyers before. As firms like Dentons expand their client base across these sectors, commercial lawyers are expected to develop an increasingly broad set of skills and become well-versed in emerging industries.
3. Alternative Legal Services and Flexible Delivery Models: Another innovative trend in the legal industry is the shift toward alternative legal service providers (ALSPs) and flexible delivery models. Dentons’ own Nextlaw Labs, an innovation hub, exemplifies this shift, as it allows Dentons to explore new service models and leverage technology to provide more efficient, cost-effective solutions. This means that rather than handling high-volume, low-complexity work directly, commercial lawyers at Dentons might collaborate with ALSPs or tech-driven platforms to provide faster, more scalable solutions. This model is gaining traction as clients seek more agile and affordable options, transforming the lawyer’s role from direct service provider to strategic overseer of tech-enabled solutions.
4. Data Analytics and Predictive Insights: The use of data analytics is becoming another critical tool in the commercial lawyer’s toolkit. AI-driven platforms such as Luminance and Kira use machine learning to perform tasks like due diligence, risk assessment, and document review with incredible speed and accuracy. By using these tools, commercial lawyers can draw predictive insights from past data to assess contract risks or likely litigation outcomes, for instance. Dentons could see this technology enhancing decision-making, allowing lawyers to provide clients with data-backed strategies and solutions more quickly and with greater precision than ever before.
So its clear that each of these developments are redefining the role of commercial lawyers at Dentons. It’s no longer just about delivering legal advice; it’s about adapting to a rapidly evolving landscape of client demands, leveraging new technologies, and providing industry-specific insights across diverse sectors.
In terms of structure, adopting a paragraph for each point and hitting the nail on the head, addressing each of the points the question asks, will be a great starting points. Also ensure to reference any sources as the question also wants to dig out your research skills.
Hope you found this useful!