Generative AI made quite the entrance in the legal technology scene last year, leaving many wondering what impact it may have on conventional legal practices.
The legal profession has seen its fair share of technological advancements in recent times, with machine learning and automation now commonplace in law firms worldwide. However, the emergence of generative AI promises to bring about even more significant change.
According to the Legaltech News Law Firm Tech Survey in 2023 on 36 law firms, almost 45% believe generative AI will lessen their dependency on the billable hour. On the contrary, around 15% predicted it won’t have much effect, while approximately 35% remained unsure.
While disruption to law firm pricing seems inevitable with these technological advancements, the extent of this disruption remains open to interpretation. A possible hint towards the future may lie in the adoption and efficacy of generative AI within the legal sector.