The areas within legal innovation which revolve around generative AI (Artificial Intelligence) have recently drawn unique scrutiny due to the intriguing gap in perceived efficiency expectations that exist between corporate clients and law firm leaders, as revealed by the LexisNexis 2024 Investing in Legal Innovation Survey.
In a nutshell, the metanarrative here projects dichotomy – law firm leaders on the one hand, who might perceivably be cautious regarding the application of Gen AI, and on the other hand, corporate clients who are keen to tap into the efficiency bringing potential of this remarkable digital alchemy.
Certainly, the pulsating capabilities of Gen AI when expertly harnessed in legal firm settings, can result in significant utility. Yet, as the survey rightly illuminates, expectations – especially when it comes to the technology’s degree of efficiency – may not necessarily align among all stakeholders.
Understanding this mismatch in efficiency expectations, and effectively grappling with it, is key in order to ensure the rational growth of Gen AI adoption in the legal industry. Threading this needle is no mean feat, but it will pay dividends in terms of improving law firm-client relationships as well as overall service delivery.
Indeed, Gen AI’s potential value extends beyond simple cost savings to broader transformation of the legal industry: improved decision making, streamlined business processes, and bespoke client service, among many other advantages.
Further insights into this topic can be found in the original LexisNexis article here.