Sorainen is the only law firm from Baltic and Nordic region ranked in this year’s FT Innovative Lawyers Index — Europe 2023. The index provides a ranking and a holistic assessment of law firm success in innovation. It features fifty of the most innovative European law firms, evaluated according to innovation, digital, people, and social responsibility criteria. The Sorainen team maintained a ranking in the top thirty by placing 29th.
“The FT Innovative Lawyers ranking highlights the names of the forward-thinking law firms and acknowledges their efforts in modernising legal services,” says Irina Seniut, head of Knowledge Management and Innovation at Sorainen. “It enables us to take inspiration from our peers and exchange our most successful experiences. We must all move forward together, as a community, into the future of the legal profession.”
Our firm’s Startup Sector Group was also highly commended as part of the FT Innovative Lawyers Europe 2023 awards. The commendation was for advising Lithuania’s Oxylabs on the purchase of Silicon Valley’s Webshare Software, brining Taiwanese investment to Lithuania, as well as for the free startup legal training offered by Sorainen. Senior associate and head of the Startup Sector Group in Lithuania, Matas Mačiulaitis, received an individual commendation.
As a firm, we were nominated for the “Most Innovative Law Firm in Europe” award and the “Innovative Lawyers in Technology” award. “The Financial Times and RSGI, through the Innovative Lawyers Europe awards and rankings, have significantly contributed toward promoting innovation in the legal sector. We are privileged to be highly ranked in this year’s edition. Our firm is committed to continue innovating for the benefit of our clients and our people,” says Sorainen managing partner Laimonas Skibarka.
Awaiting the AI revolution
The FT special report published alongside the rankings reinforces the importance of innovation in the legal field. The article “Generative AI: a legal revolution is coming — eventually” notes that generative artificial intelligence (AI) is poised to bring about a profound transformation in the legal industry, challenging the traditional business models of law firms. A recent study for the report revealed that over 90% of legal professionals surveyed had used generative AI, and that a similar percentage believe it would significantly impact their work.
“The most impactful revolution is not happening on our computers, but in our minds,” comments Irina Seniut. “The more we get accustomed to AI and other technological advancements, the quicker positive changes will happen. We have noticed a change in the way lawyers perceive technology. It’s evolved from merely a basic tool to a trusted companion in everyday work. Changes are happening gradually, but every year the speed increases. Therefore, the revolution is inevitable, but won’t come as a surprise. Rather, as a very logical and much-welcomed result, many years in development.”
This coming transformation is prompting law firms to rethink hiring practices, recognizing that generative AI may replace various traditional legal tasks. While some firms are aggressively pursuing AI innovations, others are more cautious, highlighting concerns about AI inaccuracies and the need for human oversight. Despite challenges, law firms are exploring ways to leverage generative AI for competitive advantage. This includes collaborating with tech companies, transitioning to value-based billing, fostering a tech-savvy workforce, addressing cultural changes, and rewarding all professionals within the firm, not just lawyers.
Innovation at Sorainen
Sorainen consciously and consistently puts effort toward encouraging innovation. A year ago the firm launched the Crespect cloud service solution, which markets itself as the “intelligent legal practice management platform with everything a law firm needs to manage day-to-day business.” Crespect is a Sorainen spin-off company, and the in-house platform has already been introduced to international markets.
Read more about Quality & innovation at Sorainen.