How outside counsel uses generative artificial intelligence (AI) is peak interest among top corporate lawyers. However, a cloud of uncertainty hangs over the understanding of many legal professionals regarding the outlook and strategic use of this technology by their law firms, reveals a recent report.
The utilization of AI is rapidly becoming a new criterion that separates one outside counsel from another. The rate at which law firms advance their legal tech capacity, particularly their use of AI, can significantly impact their performance, responses to legal issues, and the capability to provide a competitive edge to their clients.
While these technological advancements are heralding a new age in the legal industry, the existing lack of transparency about law firms’ strategies and use of AI hints at a pressing need for more open dialogue and understanding. Robust discussions on AI technologies’ role and the ways to harness them effectively could be an essential element in building legal professionals’ trust and confidence regarding tech-infused legal frameworks.