Artificial intelligence (AI) and large language models have resulted in significant time savings for legal teams in tasks such as eDiscovery, contract review, and due diligence projects.
The legal industry has undergone a substantial transformation due to the increased attention in the past two years, particularly with the emergence of generative AI tools like ChatGPT. Adopting AI and large language models has led to significant time savings for legal teams in eDiscovery, contract review, and due diligence projects.
The C-suite increasingly requests in-house legal teams to utilise AI to enhance efficiency and improve quality. Generative AI has become common in many lawyers’ work environments and has been integrated into contract lifecycle management (CLM) tools, spend management systems, various Word plug-ins, and other legal technologies. AI is expected to become increasingly integrated into lawyers’ daily work, from composing emails to negotiating contracts.
Lawyers are not expected to become AI specialists but must understand how to use it responsibly. Some lawyers will excel in this new environment, becoming innovators who drive change. The role of AI centres of excellence and tech experts will remain crucial in developing AI tools to enhance legal capabilities in an increasingly AI-driven world.
source: Lawyers on Demand
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