A NewLaw Day: Kennedys ventures into NewLaw with new tech business
April 6, 2020
2 min read
What's going on here?
Law firm Kennedys has unveiled their new tech business “Kennedys IQ” whose purpose is to be “Kennedys, without the lawyers” and which they characterise as being targeted at their large insurance client base.
What does this mean?
Kennedys IQ has six different services to aid clients in managing their own claims more efficiently, with 30 newly recruited lawyers, technologists and claims experts working on this new venture. This new entity will be home to a range of existing claims management services and will allow the firm to focus on product management. Karim Derrick (product and innovation director) has stated that automating day-to-day processes has the potential to help their global claims clients to run more efficient businesses.
What's the big picture effect?
At a first glance it might appear counterintuitive to give their clients a tool to handle the workload themselves, however it is unlikely that this leaves no further room for the firm, especially as clients will require guidance in using the technology and further advice beyond the claims management stage. Furthermore, Richard West (partner and head of the Kennedys innovations group) has stated that this long-term strategy is supported across the firm.
Kennedys IQ will allow clients to not only manage their own claims in less time, they also allow them to do so at a lower cost. This is imperative in the current legal climate, with a wider range of alternatives becoming available to clients, who in turn expect more flexibility in the service they receive. This is supported by West who emphasises that the firm “can see that the future of legal services is not just about legal advice”. Derrick also argues that Kennedys IQ will enable clients to turn “to Kennedys’ lawyers only when expert legal advice is needed”. This would suggest that Kennedys lawyers would have more time to spend on the issues that require “expert legal advice” instead of being overwhelmed with work that can now be completed by the clients themselves.
Report written by Natasha Dawes
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