The integration of Artificial Intelligence (AI) into the legal profession is resulting in a closer examination of the true value this technology brings to law firms, large and small. As presented in the Law.com Barometer newsletter, the legal industry has entered into a heavy period of examination, testing and trial, in efforts to ascertain the most useful and concrete applications of AI for legal work. The stakes are high, as any delay in identifying and implementing these uses could pose a significant competitive disadvantage.
While large firms, or ‘Big Law’, certainly have the means to invest heavily in this technological evolution, the question arises, will they be able to extract as much value from it as their midsize counterparts?
This imminent shifting landscape was one of the topics discussed at length during the recent Legalweek NYC, where the implications of generative AI on legal work attracted considerable attention.
The competitive environment of the legal profession is such that ensuring an edge over opponents is critical. With AI now at their disposal, the race to identify useful applications of the technology that significantly improve efficiency is heating up among law departments of major corporations and elite law firms.
While the competitive advantage potentially offered by AI is clear, it remains to be seen how effectively ‘Big Law’ can harness the value of this disruptive technology, as compared to their midsize competitors. As the story of AI in law unfolds further, it will likely continue to shape the operational strategies of law firms worldwide.