As we move deeper into the digital era, the stakes for corporate legal departments are raised higher in the struggle to keep pace with ever-evolving technological advancements. Among the most impactful of recent advancements is generative artificial intelligence (AI). According to a recent Gartner poll, 55% of organizations are using generative AI to drive their businesses. Furthermore, 78% of executives surveyed held the view that the benefits of using generative AI considerably outweigh the risks associated with it.
However, the adoption of AI technologies doesn’t come without challenges. Today’s in-house counsel must equip themselves to guide their clients on harnessing the power of this new technology wisely while safeguarding organizations from undue risk. This presents an urgent and significant task for legal departments amidst the accelerating digital transformation.
But how should they prepare? The imminent question lies within the compatibility of AI with legal departments, its ethical implications, the potential risks, and the boundaries of its usability. Questions around the seriousness of the privacy issues, the influence of AI over decision-making, and the level of dependence on this technology need to be tackled. The need for a structured set of rules and regulations governing the use of AI has become increasingly apparent as AI continues to play a pivotal role in numerous aspects of business operations.
There is currently an extensive discussion ongoing both within organizations and among lawmakers. The active participation of legal departments in these discussions is vital to ensure businesses can harness the potential of AI while minimizing the associated risks.
The upcoming event “AI is Here to Stay: How Legal Departments Can Prepare”, scheduled on November 2nd in Chicago, IL, is an excellent platform for legal professionals seeking guidance and insights on these important questions. Organized by McDermott Will & Emery, the gathering aims to shed light on the technologies around AI and their implications for the legal sphere, promising enriching discussions and valuable knowledge-sharing.