AI for Growth: Harnessing the Power of Large Language Models in the Legal Industry

The advantages of Generative AI are clear but there’s an uncertainty about where a law firm’s investment (whether financial, human, or otherwise) is best spent. 

A continuing concern is the accuracy, reliability and comprehension of legal A; there are a few questions that can be asked to help guide a firm’s decision-making:

  • Where does the tool get its information and is it accurate?
  • How private are my interactions? How is my data treated?
  • Does it understand legal terms and different practice areas?
  • Do I get citations and output so I can check the tools work?

AI will not replace lawyers, however, lawyers that use AI intelligently will replace lawyers who do not.

AI will make legal research easier, help summarise case law, and automate simple drafting thereby freeing up lawyers to focus on building a competitive edge – which makes keeping up with the pace of change even more important!

Source: LexisNexis



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