A large number of legal departments are expressing their desires for their law firms to employ the use of generative artificial intelligence (AI), and postulate that the technology will lead to improved value for law firm services. This is according to the 16th annual Law Department Operation Survey conducted by the Blickstein Group and Deloitte. This implies that the introduction of AI to law firm operations could potentially lead to significant cost savings for corporations and large-scale firms across the globe.
The survey, which incorporated the views of 77 in-house legal professionals, each from different companies, revealed that a majority of legal departments view the use of generative AI as a benefit to their financial reality and the procurement of legal services. Notably, 54.5% of the participants believe that firms will bill differently for work that is enhanced by generative AI, including the provision of more alternative fee arrangements. As much as 68% of the respondents also passionately believe that the application of AI will lead to an increase in the value of law firms’ legal services.
These findings are consistent with the increasing experimentation with generative AI among some legal departments; albeit these departments expect their law firms to figure out the most efficacious means of utilizing the technology to enhance legal services. Peruse the full article for more valuable insights.