The legal industry is currently being impacted by Generative artificial intelligence (Gen AI) in various ways. This technology is being experimented with, and as a result, policies and procedures are being established to regulate its use in the legal workplace. As a consequence of these experiments, the legal industry should brace itself for significant changes to its business models; in some cases, lawyers may become redundant as consumers prefer technological options instead. There will likely be three waves of AI implementation in the legal industry, and some firms may adopt this technology faster than others. AI has the potential to improve the efficiency of legal services, and corporate legal departments may pressure law firms and outside providers to deliver work more quickly. The billable hour may no longer be the most cost-effective way to capture value, prompting firms to reconsider their billing models and find new ways to share in efficiency savings and capture the value added by advanced technology.
Source: Thomson Reuters
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