In the rapidly digitising legal industry, generative AI technology stands as a frontier yet to be fully exploited. This might be due to the lack of expertise and talent, as revealed by a Consilio Legalweek 2024 survey with 129 legal professionals. Surprisingly, 36% of respondents admitted that their legal teams’ limited or non-existent knowledge in this technology is causing the resistance.
Furthermore, the survey found that around 34% of respondents cited limited resources and the potential for ‘hallucinations’ caused by generative AI as significant barriers. What’s concerning is that slightly over 27% of participants highlighted the lack of “right tech talent” to support generative AI implementations, and about 20% considered the risks as outweighing the benefits. Also, some are adopting a wait-and-see approach, expecting broader industry adoption before they cocoon into this intriguing tech transformation.
With generative AI having the potential to redefine the legal profession, it is vital for the sector to address these challenges. Adequate training programs and resources may provide a pathway for addressing this expertise gap, yet the accessibility and readiness of such schemes remain questionable. It raises a critical question for the industry: Will they invest in upskilling their workforce to harness the true potential of generative AI, or will they remain on the side-lines, tentatively observing the AI-revolution unfold?