16 August 2018

Legalpreneurs Spotlight - Milos Kresojevic

Published on 16 August 2018

Get ready for the democratisation of legal services

Milos Kresojevic is a global thought leader on the use of AI in the legal profession. He is a founding partner of AI Legal Labs, which is on a mission to “democratise AI”. Prior to this, Milos worked as the Global Innovation Lead at Freshfields Bruckhaus Deringer, pioneering AI, machine learning, blockchain and smart contracts within the firm.

“Disruptive innovation is my life,” said Milos. “It’s been pretty much my entire career from the IBM Research Lab, Silicon Valley, all the way to Freshfields and AI Legal Labs. The change has been impressive – within three years, all law firms now have some kind of AI tool.”

In his work, Milos has seen disruptive technologies take the front seat, driven by client demand.

“AI is going viral within firms. Lawyers are wanting to do more innovation and technology. This is nothing short of an impressive change in attitude in a very short period of time. And we have not seen anything yet.” 

 

Immense opportunities for “smarter” legal services

For Milos, legal innovation is almost all about opportunities.

“From new disruptive client services, to increasing the depth and breadth of legal risk analysis for client matters, to taking on client matters previously out of reach due to cost – the opportunities are immense. Technology opens up much ‘smarter’ legal services.”

Armed with technology, Milos believes lawyers will be able to intimately understand client needs and deliver legal services on a scale seen never before.

“Think big, bold new capabilities. I am not talking incremental improvements but disruptive innovation.”

“If we consider AI as the new electricity, we can ask ourselves, ‘Did electricity pose a threat almost 100+ years ago?’ No. It created new industries, new professions and unprecedented value for our society.”

He forecasts the impact of AI in law in the same way.

“Things will be done differently but the demand for legal services will increase. We will see the democratisation of legal services. Much like electricity, AI will enable legal services to reach every home, at almost any time. Be ready. We will see a completely new set of legal services created, imbued with deeper insights and an ability to broadly assess legal risks and exposures. We may even move towards real-time legal services.”

 

Now is the time to immerse yourself in disruptive technology

For lawyers looking to make the best of what disruptive legal innovation can offer, Milos’s advice is clear: get involved.

“From the outset, it’s important to adopt and immerse yourself in disruptive technologies. Educate yourself about disruptive technology, both literally and conceptually. Try even a basic coding course. If technology is not your second nature, it should be your close friend – certainly not your enemy. It pays to have smart friends – be they human or machine. After all, a smart ‘machine friend’ can outsmart the best in the industry.”

Milos also encourages lawyers to start approaching client matters with an “AI-first mantra.”

“Ask yourself, how can AI help me here and now? Even if you don’t have the right answer at the start, you have the right questions to pose to the AI-evangelist at your firm. Legal professionals of the future need to be able to not only use technology but also advise clients on legal issues around AI and disruptive technologies.”

 

The importance of the Centre for Legal Innovation (CLI)

Milos regards the CLI as extremely important for the legal profession, and for society.

“Out of such work and engagements, the future of the legal profession is being defined by top minds in the industry.

“It is extremely important to have such a role model and thought leader in an era of disruptive change. A think-tank of the CLI’s calibre is essential to assume the lead and become a force in the wider ecosystem to adopt disruptive innovation and change.

“This is a huge role to play, and a privileged one. Not only is the CLI shaping the profession but society at large. These transformative technologies have the potential to touch every aspect of society and every aspect of our lives.”

 

The Centre for Legal Innovation will be holding an Artificial Intelligence in Legal Practice Summit on 31 August 2018 in Sydney. If you're interested in AI, legaltech, and innovation in legal practice, secure your spot at the Summit today.