Richard Tromans and Horace Wu of Syntheia discuss the financial implications of AI investments by law firms, particularly focusing on the concept of ROI.

Horace argues that many firms are miscalculating their returns and emphasizes the importance of training internal staff to leverage AI effectively. The discussion also touches on the balance between convenience and the actual value provided by legal technology platforms.

• Law firms are wasting a huge amount of money on GEN.AI.
• ROI should be mapped against actual financial metrics, not just efficiencies.
• Investing in training staff is crucial for maximizing AI benefits.
• Convenience does not equate to quality in legal services.
• Many firms are driven by fear of missing out (FOMO) in their tech investments.
• The accuracy of AI outputs does not guarantee usefulness.
• Investing in platforms may not provide a competitive edge.
• Understanding how to prompt AI is key to getting valuable results.
• Firms should evaluate if their spending aligns with their strategic goals.
• Convenience can be a valid reason for adopting technology, but it shouldn't be the only factor.

Chapters

00:00 - The Cost of AI in Law Firms

06:19 - Convenience vs. Value in Legal Technology