Generative AI is here. The legal sector is already finding opportunities to leverage it for efficiency, accuracy and innovation. 50% of organisations in surveys already report using generative AI. Legal teams and firms need to find ways to align themselves with this technological upheaval to remain competitive.
Research firms are sketching a future whereby generative AI not only augments the capabilities of legal professionals, but introduces new paradigms for legal practice. This begins with conversation AI, and extends to entirely new AI-generated applications. The potential transformation is vast. But the rapid pace of evolution requires caution, especially when choosing foundational AI technologies to kick-off your organisation's AI journey.
For law firms poised to thrive in the generative AI revolution, there’s a choice of pathways. Do you buy off-the-shelf software? Do you privately label your own GPT? Or, do you build your own private GPT from scratch? In choosing which path to take, make sure you consider the present and future to achieve your desired outcome.
To answer these questions, we've put together a comprehensive report on the present state of Generative AI technologies for the legal profession. The second half of the report proposes a framework to guide your firm through a future with generative AI.
What is the future of legal work with generative AI?
The legal sector stands on the cusp of a transformative shift thanks to the advent of generative Artificial Intelligence (AI).
Generative AI refers to the subset of artificial intelligence technologies capable of generating new content that resembles human-like outputs. These systems leverage vast datasets to produce text, images, code, and more, exhibiting an understanding or mimicry of human-like creativity and reasoning.
Unlike traditional AI, which primarily focuses on interpreting or classifying existing information, generative AI takes a proactive role in tackling tasks. It can generate new content based on learned patterns, summarise large documents and interpret trends from unstructured data. All with limited guidance.
The relevance of generative AI to the legal sector is profound, particularly when considering the document-heavy work involved. Combine this with the paramount importance of accuracy and high standards of work, utmost precision is needed.
Generative AI promises not only to streamline these labour-intensive processes but also to enhance the quality and efficiency of legal work through its unparalleled capability to process, understand, and generate complex legal texts.
Download the full, unabridged report below to gain access to the stats, forecasts and insights from a range of leading gen AI experts.
