While the use of generative artificial intelligence by law firms may not be widespread right now, that could change quickly. How soon? Well, within the next year, 73% of attorneys expect to somehow integrate AI into their practice, a newly released report shows. And while only about 46% of lawyers surveyed by information services provider Wolters Kluwer are fully leveraging technology right now, 87% said they believe it can generally improve their day-to-day operations.
As a range of industries look to use generative AI – which is a type of artificial intelligence that creates content such as text, graphics and documents – more and more legal professionals are turning to the technology to handle routine functions, like document review, legal research and contract editing.
Now, tasks that are typically time-consuming can be completed in minutes or hours – rather than days – enabling attorneys to focus on building client relationships as well as actually practicing law, instead of being bogged down by administrative work.
Currently valued at around $1.3 billion, the AI legal software market is projected to hit $8.7 billion by 2030, according to market research firm Global Industry Analysts.
A March 2023 study by Goldman Sachs found that while generative AI will be more of a supplementary force for many jobs, its impact on the legal sector will be quite disruptive over the next decade. According to the analysis, up to 44% of legal tasks could eventually be automated away — more than any other industry, except for administrative work.
In the near future, there will be two kinds of attorneys: those who use AI “to benefit their clients, to keep costs low and to improve their advocacy of those clients” and those who are unemployed, according to Christopher Warren, managing partner of Little