Navigating the Future: The Evolution of GenAI in Legal
Looking into the future of the legal landscape, how important is the adoption of generative AI (GenAI) in legal departments?
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Most anticipate it will take three to four years before GenAI becomes standard in the legal field
Leaders agree GenAI can improve legal’s efficiency, accuracy and predictive capabilities
It’s crucial for legal teams to familiarize themselves with generative AI and its legal applications
Half of respondents believe GenAI will be standard in the legal field in 3-4 years
68% of respondents believe the use of GenAI will be standard in the legal field in 4 years or less.
In your opinion, how long will it take for the use of generative AI to become standard in the legal field?
n = 50
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Question: In your opinion, what is the future of generative AI in the legal industry?
There is no doubt in my mind that generative AI will become a major element in the legal industry, but I feel the widespread use is still a few years away.
Leaders agree GenAI can revolutionize the legal department
Only 12% of legal leaders disagree that GenAI is a reliable solution that can revolutionize legal departments by improving efficiency, accuracy and predictive capabilities.
To what extent do you agree or disagree with the following statement: “Generative AI is a reliable solution that can revolutionize legal departments by improving eiciency, accuracy, and predictive capabilities.”
Strongly disagree 0% | Not sure 0%
n = 50
Question: In your opinion, what is the future of generative AI in the legal industry?
Generative AI in the legal industry holds great promise in the coming future. It can streamline document analysis, legal research, and even aid in drafting contracts. The challenges such as ethical considerations, potential biases & the need for robust regulatory frameworks must be addressed. It's likely that we'll see continued integration and refinement of generative AI tools in various legal applications, shaping a more efficient legal landscape.
Leaders stress the need for legal teams to understand GenAI use cases
The majority (94%) think it’s important for legal teams to familiarize themselves with GenAI and its legal applications.
In your opinion, how important is it for legal teams to familiarize themselves with generative AI and its legal applications?
n = 50
Somewhat unimportant 0% | Very unimportant 0%
Question: In your opinion, what is the future of generative AI in the legal industry?
The industry is going to be completely reshaped by [GenAI], as well as society as a whole. This is the beginning of a bigger shift that will rival the Industrial Revolution in scale. We will continue to see large advancements in the technology with increasing speed. I think it will be hard for regulations to keep up, creating a sort of “Wild West” environment. The legal tech space will be hyper-competitive for an extended period of time. There will be fewer legal jobs in the future but the tools will be amazing and a lot of the work that has been drudgery will be automated. I think this will lead to more job satisfaction for those who choose to become educated and wield the tools that are made available. Those who do not will see less job security.
In their own words...
Question: In your opinion, what is the future of generative AI in the legal industry?
Those who don't adopt it will become redundant.
AI in the legal industry must be adopted as a partner to and in parallel to human resources in compliance with ethical, legal and regulatory framework.
It has great potential to assist lawyers in dealing with easier repetitive tasks quickly thus enabling them to focus on the tasks requiring greater analytical skill
Respondent Breakdown
