The faster law firm: Why firms are quick to try Generative AI according to oneAdvanced
The legal profession has been no different to the rest of the professional services industry in being quick to look at how Generative AI can be integrated into their operations. In this blog, we explore the reasons behind this rapid adoption, the benefits it offers, and how law firms are overcoming the challenges associated with AI adoption.
The shift
Despite the rather antiquated and now tired stereotype around the legal sector’s slow uptake to adopting new technologies, many law firms are rapidly adopting Generative AI with 70% of firms either already using or researching use of AI, and several factors are driving this shift.
Firstly, law firms are under pressure to deliver faster and more efficient services to their clients. Generative AI offers a way to meet these demands by automating routine tasks and improving efficiency. The capabilities of AI have advanced significantly and can now handle complex tasks, such as document review and legal research, with a high degree of accuracy.
There is also a growing recognition of the potential benefits of AI. Law firms are beginning to see AI not just as a tool for increasing efficiency, but also as a means of gaining a competitive edge. By leveraging AI, firms can provide higher quality services, attract new clients, and ultimately increase their profitability.
Streamlining processes and reducing admin burdens
Generative AI can automate many of the routine tasks that consume a significant amount of time for legal professionals. This includes tasks such as document drafting, contract review, and legal research. By automating these processes, lawyers can focus on more strategic and high-value activities.
For example, AI-powered tools can quickly review large volumes of documents, identifying relevant information and flagging potential issues. This not only speeds up the review process but also reduces the risk of human error, as noted by LawGeex, that found their AI was working to an accuracy of 94%.
By automating routine tasks and improving the accuracy and efficiency of legal work, AI can significantly enhance client service and satisfaction. Clients benefit from faster turnaround times, more accurate and thorough work, and ultimately better outcomes.
Addressing concerns
One of the primary concerns about AI adoption is the potential for job displacement. However, rather than replacing lawyers, it is more likely to complement their work. By automating routine and repetitive tasks, AI allows lawyers to focus on higher-value activities that require human judgement and expertise.
In fact, many law firms are finding that AI can enhance their work rather than replace it. For example, AI can assist with legal research, document review, and contract drafting, freeing up lawyers to focus on more strategic and complex tasks.
Ensuring data privacy and security
Another significant concern is data privacy and security. Law firms handle sensitive and confidential information, and any breach could have serious consequences, and 34% of law firms not using AI tell us the possible security risk is the reason why. Therefore, it is crucial to ensure that AI tools are secure and compliant with relevant data protection regulations.
Law firms can take several steps to mitigate these risks. This includes conducting thorough due diligence when selecting AI partners, implementing strong data encryption and access controls, and regularly auditing AI systems to identify and address any vulnerabilities.
While there are challenges to overcome, such as concerns about job displacement and data privacy, the benefits of AI adoption far outweigh the risks. By carefully selecting and implementing AI tools, law firms can leverage this technology to gain a competitive edge and deliver better outcomes for their clients.
