Nikki Shaver
Nikki Shaver, the CEO and Co-founder of Legaltech Hub sat down for a conversation with Amy Monaghan live at ILTACON 2024. Their conversation offered insights into the evolving landscape of legal technology, particularly focusing on the rise of AI solutions, the challenges law firms face, and the future of legal tech. If you missed it, you’ll find a recap of Amy and Nikki’s conversation here.
Nikki Shaver and LegalTech Hub: Empowering Innovation
Nikki Shaver introduced Legaltech Hub, her platform designed to assist law firms and corporate legal departments with their innovation projects. By offering a directory of legal technology solutions and advisory services, Legaltech Hub aims to simplify the journey from project inception to execution. Nikki highlighted the importance of understanding the legal tech market, not just for established firms but also for startups.
The Energy at ILTACON
Amy and Nikki discussed the vibrant atmosphere at ILTACON 2024, with Nikki noting the number of young and energetic startups making waves. Many of these companies are offering targeted solutions that address specific pain points within the legal industry. According to Nikki, it’s exciting to see new solutions, particularly those focused on simplifying the deployment of AI, rather than just building AI tools.
AI’s Economic Impact on Law Firms
A key topic was the economic impact of AI on law firms, with Nikki providing concrete examples of how AI is starting to reduce billable hours in significant ways. Firms that have invested in AI are seeing tangible results, such as reduced working hours and the need for discussions around changing economic models. Both Nikki and Amy acknowledged that while these conversations are starting, they are not happening as openly or widely as they should be.
The Evolution of AI Solutions
Nikki expressed her excitement about legal tech solutions that go beyond simply offering AI-driven features. She mentioned tools that help law firms deploy AI in a secure and responsible way, ensuring these technologies are used efficiently. An example she shared was a solution that measures how much time a human lawyer would have spent on a task before AI was introduced, helping firms understand the real impact of technology.
Exploring New Technologies and Startups
Nikki and Amy also explored some of the standout vendors at the event, such as Harvey, which has been making waves with its AI-based solutions. Nikki noted that many of the emerging technologies are focused on making legal tasks more efficient, such as automated timekeeping or drafting tools. Startup Alley was another highlight, where solutions like workforce management tools showed real potential.
Looking Ahead: Generative AI and the Future of Legal Tech
One of the standout discussions was around the future of generative AI. Nikki shared her excitement about an upcoming panel where she and a colleague would debate how long it would take for generative AI to become ubiquitous in the legal world. The conversation touched on the rapid pace of innovation in legal tech and how law firms, traditionally slow to change, may struggle to keep up.
Reflections and What’s Next for Legal Tech
Nikki Shaver closed with reflections on the importance of legal tech conferences like ILTACON for fostering innovation and collaboration. She emphasized the value of in-person discussions and how they stimulate creativity within the legal tech ecosystem. Looking ahead, Nikki mentioned exciting projects Legaltech Hub is working on, including an evaluation study on generative AI solutions.
Conclusion
The conversation between Amy Monaghan and Nikki Shaver at ILTACON 2024 underscored the critical role of AI in the legal industry and the importance of staying ahead of the curve. With new solutions, startups, and discussions about the economic impact of AI, the future of legal technology looks both challenging and exciting.