83
I L T A N E T . O R G
I
n a recent survey, 77% of legal professionals
asserted that generative AI (Gen AI) is the much-
awaited legal tool that will catapult the efficiency
of lawyers, paralegals, and law clerks. In the
same survey, 47% responded that Gen AI has
the potential to revolutionize traditional law practices
completely, and 92% agreed that it will create a ripple effect
across the industry.
Traditional law practices are deeply rooted in
precedent and legislation. Their work entails substantial
documentation, drafting,
review, and analysis. Thus,
with their core tasks centered
on text generation and review,
legal firms are excellently
positioned for the adoption of
Gen AI.
Gen AI is an advanced
branch of AI that leverages
machine learning models
like deep learning and
neural networks to analyze,
understand, and generate new
content from existing data. It
can automate repetitive tasks
and ultimately transform
how legal firms create legal
documents, analyze contracts,
conduct research, and predict
case outcomes.
According to Goldman Sachs, AI has the potential to
automate up to 44% of legal tasks. With such automation,
associates can channel their efforts toward more intricate
tasks that demand complex thinking, such as building a
case, enhancing service quality, and increasing revenue
generation.
Corporate legal firms widely recognize the
transformative power of Gen AI. They believe this
technology tool is poised to be pivotal in handling legal
inquiries, generating tailored contracts, streamlining
contract negotiations, pinpointing contractual risks, and
even drafting legal arguments. Its substantial potential
for enhancing the efficiency of law firms is particularly
evident, especially in the complex arena of international
legal matters.
Stats and
Perceptions:
Adoption of
Generative AI in Law
Firms
A survey conducted by the
Thomson Reuters Institute
revealed that over 80% of law
firm leaders believe that Gen
AI can be applied to legal work,
and more than 50% anticipate
a significant boost in efficiency
through its active use.
Holland & Hart is one of
the firms actively exploring the
use cases of Gen AI in their daily
operations. They firmly believe
that Gen AI can revolutionize
text generation. Their experience
indicates that Gen AI can produce initial drafts comparable
to a human associate's, requiring some analysis and
refinement. This could significantly bolster the speed of
creating legal drafts and documents, thereby increasing the
firm's productivity, efficiency, and efficacy.
Though large law firms are more likely to explore the
benefits of Gen AI, individual attorneys also harness it,
"AI has the
potential to
automate up to
44% of legal
tasks."
