Actionstep Releases Actionstep Intelligence: AI Built for the Business of Midsize Law Firms
Actionstep has launched Actionstep Intelligence, a new artificial intelligence layer built directly into its legal practice management platform.
Available to Actionstep customers in the UK, the technology uses the information and workflows already held within the platform to provide business insights, identify potential revenue opportunities and help legal professionals prioritise and complete operational and financial work.
Oliver Tromp, Vice President of Sales, EMEA at Actionstep, said:
“UK law firms are under real pressure, with clients expecting more for less and margins leaving little room for expensive bolt-on AI experiments. Actionstep has addressed that by building AI directly into the platform firms already use to run their businesses: their practice and case management system.
“Actionstep Intelligence is available to UK customers now. With firms reporting the recovery of 25 to 50 additional billable hours per lawyer each year, the return-on-investment case is straightforward for a leanly run UK practice.”
Actionstep Intelligence works through four connected capabilities:
- Context draws on each firm’s matters, data and workflows held securely within the Actionstep platform.
- Observe detects activity across email, documents and Actionstep, connecting it with areas including time recording, matter management, task completion and billing.
- Recommend analyses business data and recent activity to identify trends, anomalies and opportunities, before suggesting possible next steps.
- Execute proposes and carries out approved operational and financial work, with human oversight and full audit trails.
The first capabilities available through Actionstep Intelligence are Trace, its AI-powered time-recording tool, and Acumen, its AI-enhanced business intelligence service.
Trace identifies potentially billable activity, assigns it to the appropriate matter and billing code, and prepares draft time entries for the lawyer to review. Entries are not posted automatically, leaving the lawyer in control of what reaches the client’s bill.
Actionstep says firms using the technology have reported recovering between 25 and 50 additional billable hours per lawyer each year and saving up to 100 hours of manual time entry.
Acumen provides firm leaders, team leaders and lawyers with role-specific dashboards covering the financial and operational information relevant to their work. An AI insight assistant allows users to query reports, datasets and trends, while surfacing insights and recommending actions based on their role.
Actionstep plans to expand Actionstep Intelligence with further capabilities covering search and workflow execution.
Actionstep supports more than 5,000 law firms worldwide through its connected practice management, document management, automation, time recording, billing, legal accounting and business reporting capabilities.
Read the full Actionstep announcement.