By Thomson Reuters -
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The legal industry is undergoing a major transformation driven by artificial intelligence (AI). It’s not just about new tools — it’s a complete shift in how lawyers work.
Thomson Reuters’ recent Future of Professionals report estimated that generative AI will save professionals 200 hours each per year.
What the numbers say
- 78 per cent of professionals in Australia expect AI to have a high or even transformational impact on their profession in the next 5 years.
- 87 per cent believe new/additional roles will be created.
- While more than 50 per cent of professionals globally are most excited about the time-saving benefits that new AI-powered technologies bring, nearly 40 per cent said what excites them most was the new value that AI will bring.
Why it matters
The adoption of AI in the legal field isn’t just about keeping up with technology; it’s about re-inventing how legal services are delivered and enhancing engagements with clients. Firms incorporating AI efficiently see substantial reductions in human error and time dedicated to tedious tasks. By complementing human efforts with AI-driven tools, it ensures a more thorough and accurate approach to task execution. It introduces an additional layer of oversight and checks, allowing lawyers to catch potential mistakes that might slip through in manual operations, and focus more on delivering nuanced, strategic legal counsel. With AI, legal firms don’t just operate; they innovate and lead in offering superior service. For a profession built on precedence and deliberation, AI isn’t just a tool—it’s a game-changer that is setting new standards for what it means to practice law.
So, where do you see AI transforming your practice?
- Smarter, faster access to practical legal know-how and insights
- Rapid-fire legal research with greater context and accuracy
- Lightning-fast event timelines, document summaries and review
- Document automation, legal intake and matter management
- Proving value and having strategic insight into your legal spend
The key isn’t to just adopt AI but to integrate it in ways that genuinely enhance how you practice.
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