Generative AI tools and the technology surrounding them are swiftly emerging as a transformative force across industries, promising both efficiency and innovation. However, in the legal sector, while excitement about its potential mounts, there are also significant apprehensions and challenges hindering its widespread adoption.
A recent survey conducted by Consilio, a leader in legal technology software and solutions, sheds light on the nuanced perspectives of legal professionals regarding generative AI, highlighting key obstacles, potential benefits and strategies for responsible implementation of the rising technology. According to the survey, as of 2023, nearly two-thirds of legal professionals, roughly 63%, desire increased expertise in regard to AI tools before they are willing to implement them in their workflows.
Bridging the Expertise Gap
As of late, one of the most significant hurdles identified by legal professionals is the lack of experience within their in-house teams when it comes to effectively leveraging generative AI tools. More than one in three respondents expressed concerns about this continually expanding knowledge gap, emphasizing the need for updating training initiatives. Additionally, just over one in four legal associates cited the glaring absence of appropriate tech talent to support generative AI implementation as a major concern, underscoring the importance of recruiting and retaining skilled professionals with expertise in these up-and-coming technologies.
Furthermore, apprehensions regarding data security and the potential risk to intellectual property are prevalent among surveyed professionals. According to the survey, 58% of individuals expressed concerns about data security, emphasizing the critical importance of robust security protocols and encryption measures to safeguard sensitive information. Similarly, 30% of respondents worried about the implications for their company's intellectual assets, highlighting the need for both comprehensive risk assessment frameworks and legal safeguards.
A Common Consensus
Despite this unique set of tech challenges, there's a growing recognition within law firms nationwide, all pushing for the need to educate legal teams and even stakeholders about the efficacy and benefits of generative AI tools. Additional survey data states that roughly 28% of respondents reported actively engaging in educational initiatives aimed at increasing awareness and understanding of AI’s current legal capabilities.
These efforts not only help demystify the widely popularized tech but also foster a culture of innovation and continuous learning within the legal sector. By establishing a concise roadmap for generative AI’s integration and adoption, organizations can mitigate all risks involved to ensure a smooth implementation process.
Recognizing the Potential Benefits
Despite their trepidation, legal professionals also recognize the myriad of benefits that AI tools can offer. Nearly half of the respondents believe it can free up talent for more strategic work, enabling legal teams to focus on high-level tasks that require human judgment. Additionally, one-third of respondents see generative AI as a valuable tool for reducing overall business costs, particularly through automation and streamlining of routine legal processes.
The survey identified several specific use cases for AI tools within the legal industry, reflecting its versatility and potential to address various challenges. Over half of the respondents expressed interest in using AI tools to gain better insights by leveraging advanced analytics and natural large language model algorithms to extract actionable data from vast pools of clients. Furthermore, roughly half are interested in leveraging AI tech to review documents and enhance efficiency in workflow processes, including contract management and due diligence tasks.
Other potential applications identified by legal professionals include managing contracts, identifying data efficiently and handling sensitive workflows, more specifically, compliance monitoring and regulatory reporting. These findings underscore the diverse opportunities for GenAI to drive innovation and strategic advantage within the legal sector.
Looking Ahead: Strategies for Responsible Action
As legal professionals navigate the evolving landscape of generative AI tools and tech, responsible adoption remains crucial. By establishing complex data security measures, implementing comprehensive risk assessment frameworks and ensuring proper integration with all other legal systems, law firms are one step closer to mitigating potential risks and maximizing the benefits of AI.
Raj Chandrasekar, Chief Technology and Innovation Officer at Consilio, emphasizes the importance of laying the right foundations for AI’s widespread implementation. “Data security and control are the lynchpins of responsibly utilizing GenAI in a corporate setting; without them the results can’t be trusted. However, once the right fundamentals and guardrails are in place, the technology has seemingly endless potential applications, to drive efficiencies, process more data and reduce overall business costs, making the technology the most impactful evolution of our sector since Technology Assisted Review,” stated Chandrasekar, as reported by LegalDive.
While challenges and hesitations persist, legal professionals are increasingly recognizing the transformative potential of AI tools in a legal space. By addressing concerns, fostering a culture of innovation and strategically implementing the technology, the legal industry can harness the power of AI tech to enhance productivity, streamline processes and drive sustainable growth in a rapidly evolving landscape.
