Artificial intelligence (AI) and other types of generative AI are revolutionizing the ways in which we work, learn, and create.
By automating monotonous operations and producing creative solutions, these technologies are enabling legal practitioners across a wide range of businesses and domains to accomplish more with fewer resources.
However, how do practitioners in the legal industry perceive the influence that generative AI will have on the industry? When it comes to the adoption of these technologies, what opportunities and problems do they confront during this process? What are the competencies and approaches that they need to have in order to be successful in the future of work?
For the purpose of providing answers to these concerns, Thomson Reuters carried out a poll in which they asked professionals from a variety of fields and backgrounds about their thoughts on the current and future state of artificial intelligence in their respective industries.
We also inquired about the areas in which artificial intelligence has the greatest potential to assist them in achieving their objectives, as well as whether or not AI might impede their advancement in the same areas.
The purpose of this post is to address the consequences for legal professionals who wish to use artificial intelligence to improve their work and business, as well as to offer key results and insights from our recently published report titled “Future of Professionals.”
The Role of AI in Driving Growth
We asked legal professionals about the areas in which artificial intelligence had the most potential to assist firms and departments in meeting their goals, as well as whether or not AI would hinder growth in the same areas. We brought together both macro and organizational trends before conducting this survey.
To no one’s surprise, the majority of respondents reported favorable effects in the majority of areas. AI is seen as a growth catalyst by those who responded to the survey.
Legal experts working in organizations as well as law firms believe that artificial intelligence has the potential to enable growth prospects. AI makes it easier for law firms to offer new services or expand into new markets by reducing the amount of friction involved.
This is accomplished by freeing up time for professionals to find and evaluate markets that are attractive for expansion. AI has the potential to free up more time for legal professionals working in corporate departments, allowing them to better support the growth and strategic goals of their firms.
It is necessary for legal professionals to develop a strategic approach to the future of work in order to make the most of all the potential that artificial intelligence (AI) presents and to offset the obstacles that it poses. Based on the results of our survey, the following are some recommendations that we propose:
You will be able to work effectively with artificial intelligence if you embrace lifelong learning and upskilling and build a combination of technical, cognitive, and social abilities.
Determine which jobs might or should be automated with, augmented by, or assigned to machines, and which ones require human oversight, judgment, and creativity. Define the role and extent of artificial intelligence in your business, and determine which tasks could or should be automated.
The ethical, legal, and societal ramifications of artificial intelligence should be taken into consideration, and the principles of responsible and ethical AI should be adhered to. These values include fairness, accountability, transparency, and privacy.
Artificial intelligence is bringing about extraordinary changes in the legal profession, bringing about both new opportunities and new challenges. Our poll highlighted concerns and expectations about the future of work as well as the areas where artificial intelligence has the greatest potential to either help or hinder their goals.