With technological advancements, numerous industries have faced significant transformations. Artificial Intelligence (AI) seems to be the next game-changer, especially in legal professions. In March 2023, a report by Goldman Sachs stated that 44% of legal tasks could be automated by AI, leading to concerns about job losses and disruption. However, history has shown that technological innovations are usually accompanied by the emergence of new job areas, compensating for any loss.
The rise and integration of AI in our day-to-day activities has been quite gradual and largely unnoticeable. AI is now a core part of various tools we utilize every day, influencing diverse fields from search algorithms to facial recognition systems. The story is no different in the legal sector, where AI has begun to aid human lawyers rather than supplant them.
The adoption of technological tools in legal professions has been ongoing for several decades. But with emerging AI tools, mundane tasks can be automated, leaving practitioners to focus on the more cognitive aspects of the work. Tools like GenAI are not without their faults, but with informed use and effective checks, they can greatly aid legal processes. Notably, a 2023 Future Ready Lawyer Survey Report suggests that AI tools could be instrumental in managing the existing talent shortage and recruitment issues in the legal profession.
The demand for legal services meanwhile continues to grow, fueled by increasing complexity in numerous areas of life – from geopolitical shifts to expanding regulations. In line with this, the European Union recently passed regulations on AI applications. Growing businesses are also creating new compliance requirements, expanding the need for legal services. In this increasingly complicated context, GenAI can play a key role in mitigating repetitive tasks and speeding up certain processes.
So, while the changing landscape can seem uncertain and even unsettling, lawyers and other legal professionals must remember that while change is inevitable, AI is here to assist, not replace. Its adoption will likely be gradual, and like previous technological disruptions, it will likely lead to job creation in new, emerging areas, ensuring that the world will continue to need more lawyers, not fewer.