Work Smarter, Not Longer: Why AI Assistants for Smaller Legal and Finance Firms

Have you ever dreamed of ‘cloning’ yourself at work... 

You'd get so much more done, right? 

You’re not alone in this thought, and recent research indicates that professional workers, particularly in legal and finance sectors, find themselves frequently interrupted by client inquiries during the day have little time to complete important work during office hours. This 'interruption epidemic' forces most professionals to leave working on more complex client tasks until outside of normal office hours, when they are less likely to be interrupted by client calls, this often means working well into the evening most days to meet client deadlines.

How routine tasks hijack productivity

So what causes this unbalanced workload? A 2023 report byMcKinsey¹ highlights that professionals in these sectors often face a very high volume of routine client communications and administrative tasks. These ongoing interruptions not only hamper their productivity, but also lead to extended working hours to get tasks done.

Self-service solutions, the rise of professional AI Assistants

Solutions to the challenge of 'customer service interruptions' were outlined by Deloitte² in their 2022 Customer Service Excellence study which revealed that 60% of companies were already exploring how self-service options including chatbots and automation could reduce the burden on professional workers by helping to manage routine customer interactions, and we’re already seeing this trend take off with AI Assistants becoming increasingly common in the insurance industry.

Generative AI and Intelligent Automation, transforming professional work

These insights underscore the ongoing challenge faced by professional workers to juggle client priorities and workload. They also reinforce how technology, including Generative AI and Intelligent Automation, can play a significant role in supporting businesses in the legal and finance sectors. The nature of support provided ranges from the straightforward triage of customer queries right through to more complex workflows which can hand-hold customers through a legal process, check documentation, confirm credentials, take payments, and also provide full status summaries back to both the customer and to the customer or client team for continuity of service.

The McKinsey research summarises the potential benefits of AI for professional firms, and highlights the cultural shift still required for many organisations, leaders need to understand the potential of these technologies, notably including how AI and GenAI can augment and automate work. This includes estimating both the total capacity that these technologies could free up and their impact on role composition and skills requirements. Understanding this allows business leaders to frame their end-to-end strategy and set adoption goals which align to their own objectives, skills and timeframes.

AI for smaller firms, helping to level the playing field in legal and finance

As we all become more familiar with using AI and automation technologies it's clear to see the kind of impact that they can have on the landscape of professional work, particularly for smaller legal and finance firms. Solutions once reserved for large enterprises are now becoming accessible to practices of all sizes, offering a way to address the challenges of frequent interruptions and curtail the extended working hours that have long plagued these sectors.

By adopting intelligent chatbots or AI Assistants which can provide self-service for routine inquiries, smaller firms can now effectively 'clone' professional capabilities without the need for enterprise-level investment. This allows them to enhance efficiency, and free up their staff to focus on complex, high-value tasks that truly require their expertise. The result is a more competitive stance in the market and, ultimately, a better work-life balance for professionals and more satisfied clients.

Technology can't replace professional workers - but it can support them

As we look to the future, we can expect to see more AI and automation solutions, with the appropriate guardrails in place can be tailored specifically for professional service firms.  With generative AI increasing the capabilities for more advanced AI Assistants which can both understand and learn from proprietary information, like pdfs or client documents, as well as provide more natural, human-like interactions with two-way conversations, the possibilities for smaller firms to take advantage of the latest technology is fast becoming a reality. This trend promises to level the playing field, allowing practices of all sizes to offer the kind of responsive, round-the-clock service that customers demand.

The future of work in these sectors isn't about replacing professionals with technology, but about augmenting their capabilities and transforming how smaller legal and finance firms operate in an increasingly digital world, providing reliable, professional help and expertise which aligns with customer expectations.

For more information, and to learn more about how AI and Automation can support your business speak with our team on 0333 6000 360 or send an email to info@converse360.co.uk.

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References:

¹ The race to deploy generative AI and raise skills | McKinsey May 21, 2024 The New Future of Work

² Deloitte Customer Service Excellence 2022 Study

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