In what might come as a surprise to many, only 15 percent of lawyers are reported to be currently utilizing generative AI in their work. However, according to Wolters Kluwer’s 2023 edition of its Future Ready Lawyer Report, this trend is set for a considerable shift in the near future, with a large majority of lawyers expecting to incorporate AI into their workflows soon.
The report shows that most of these legal professionals expect the application of generative AI to be largely around big data and predictive analytics. Interestingly, these particular use cases often tend to be overshadowed by more ambitious projections about AI, such as drafting first versions of legal briefs. However, big data and predictive analytics present minimal risk and have been areas where AI has had a proven track record of success in the legal tech sector. With generative AI, the quality of the output will likely be more refined and advanced.
Despite the overall optimism towards the usage of AI, there seems to be no clear consensus among lawyers on whether the technology would be an opportunity, a threat or potentially both. While almost half see it as an opportunity, a quarter perceive it as a threat, and 26% view it as both.
The legal community has traditionally been slow in the adoption of advanced tech solutions, but with the rapid evolution of generative AI technology, it would seem that this is changing. Nevertheless, as the technology continues to evolve at a breakneck pace, it remains uncertain how it will be deployed within the legal sector by this time next year.
For more insights, you can access the full Future Ready Lawyer Report.