Majority of Corporate Legal Departments Anticipate Gen AI to Slash Expenses: 76% In-House Counsel Agree

The Investing in Legal Innovation Survey by LexisNexis® revealed that most corporate executives at Fortune 1000 companies expect to increase their investment in Generative Artificial Intelligence (Gen AI) technologies over the next five years. The top four use cases for Gen AI technology are contract analytics, summarising documents, drafting documents, and legal research. Corporate legal executives expect their outside counsel bills to be reduced due to Gen AI technology. Still, just 9% of law firm leaders said their corporate clients have expressed that they expect their firm bills to be reduced due to Gen AI. There is a disconnect in expectations between GCs and law firm managing partners about a future in which Gen AI technologies are a routine part of their workflows.

Source: LexisNexis



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