Following a highly anticipated political agreement last Friday, a new EU regulation concerning Artificial Intelligence (AI) is expected to create a wave of work for both in-house and external counsel in Europe. The legislation, known as the Artificial Intelligence Act, represents the first comprehensive AI rulebook in the world and is estimated to affect a large number of companies in the EU. The scope of this act doesn’t apply to AI software developers alone, but extends to any company employing AI systems in its operations. Consequently, there is a widespread anticipation of substantial advisory and compliance work to surface as a result. Multijurisdictional law firms boasting strong regulatory practices are projected to be exceptionally well-positioned to benefit from this uptick in work.
This wave of new duties will involve considerable legal work advising companies on interpreting and complying with the new regulations. As a consequence, an increase in the demand for firms skilled in regulatory compliance is expected. It underscores the critical role law firms play in shaping and navigating the world’s legal landscapes by adapting to evolving technical regulations, such as those presented by the AI Act.
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