As the budget looms, the national conversation inevitably becomes more and more centred around growth. And while many economic indicators paint a pessimistic picture of the country’s finances, there is an area for optimism.
The services sector – which encompasses industries like law, consultancy, marketing, architecture, accountancy, finance and wealth management – is both an engine for the UK’s growth and investment and a hub for the global economy; creating infrastructure, safeguarding technology, reorganisationing multinational organisations and generally promoting Brand Britain.
They are the ‘bedrock’ of the UK’s economic growth, contributing £285bn in output. It accounts for almost 13% of the UK’s total gross value added according to research from TheCityUK. It’s no wonder that the government has put the services sector at the core of its growth plan.
But there’s a threat looming, one that jeopardises these enormous benefits. The problem (but also the solution) is A.I.; a technology set to fundamentally re-order the sector and potentially put the UK’s place at the top at risk if action isn’t taken.
I don’t speak from the outside on this. I’m a patent lawyer by trade; one who found himself in the curious position of potentially creating a technology that made my entire industry obsolete. In this case, an AI-based software that can quickly and cheaply generate patent applications. It kept me up at night.
When I’ve shown Lightbringer’s software to other patent lawyers I’ve sometimes been met with hostility and even walkouts. Both because of the potential threat the high priests of the patent world perceive it poses to the industry as a whole, but also the very real threat it poses to gratuitous billable hours.
I understand and acknowledge people’s hesitancy, but far from being a turkey voting for Christmas, the revelation I had was that it is not only necessary for professional services to evolve and integrate AI, but services is the perfect sector to lead the charge.
Services in the UK are known as world class because of their professionalism and excellence. But more than that, it’s been earned through a reputation for trust and integrity. LLMs and generative A.I. will keep getting better at parsing data and documentation (something there is an enormous amount of obviously) but it will be a very long time before it can gain the trust of a client, or be believed in enough to handle an incredibly sensitive deal.
Most people working in services agree that at its core, it’s about relationships. Britain’s record as a world leader in services wasn’t built on our timely filing of paperwork alone.
It’s why Lightbringer, despite being an AI company, always keeps qualified and dedicated patent lawyers in the loop.
Ironically, those that oppose embracing A.I. are the ones condemning the industry. There is no shortage of countries that covet the City’s reputation. The US, China and Japan all have thriving professional services sectors and are all investing heavily in A.I.
The recent flurry of investment from the US in UK A.I. Infrastructure, including R&D and data-centres is encouraging, but the other piece of this puzzle is firms themselves, firms that are stuck in their ways and fear the way A.I. is about up-end law firm billing models.
On a company level, firms need to accept that the world’s changing, and reinvent trust, transparency and efficiency through the US of A.I. in their workflows.
On a national level, the government needs to make good on its labelling of services as a growth-driving priority as part of its industrial strategy, and further promote and support legal-tech in the UK beyond its 1.5m investment in the sector in its plan for change. This will not only safeguard the sector but promote the further growth the country sorely needs.
The race is on. Don’t let reports of a bubble fool you. It’s as simple as this: Those that embrace A.I. today will be the winners of tomorrow. Those who don’t are fated for irrelevancy.
