spotlight: The Rise of AI Thrive
law firms and that it will be some time before we see them being used on a regular basis. Firms have also stated that there will also be a cost associated to their implementation and usage of these systems, such as an increase in their data storage, creation of specific job roles, relevant software licenses and also the environmental costs of using as much data as they would need to. This in turn could potentially mean an increase in external legal spend, or a need to keep more work in-house to mitigate that. What does Chat GPT think? With so many benefits and risks associated with AI, we also wanted to provide an outlook on how AI will impact a lawyer’s ability to thrive in their role and, as we are not experts in the technology, we have turned to Chat GPT to answer this question for us: Artificial intelligence (AI) has the potential to significantly enhance the role of lawyers in the UK, enabling them to thrive in their profession. One key way AI can be utilized is through the automation of repetitive and time-consuming tasks such as legal research and document review. AI- powered software can quickly sift through vast amounts of legal data, statutes, and
case law to provide lawyers with relevant information and precedents, saving them valuable time and effort. Additionally, AI can assist lawyers in analyzing contracts, identifying potential risks, and generating insights based on patterns and trends. Natural language processing capabilities can help lawyers extract critical information from lengthy documents swiftly and accurately. Moreover, AI- powered chatbots and virtual assistants can offer instant responses to common legal inquiries, providing clients with immediate access to legal guidance and support. By leveraging AI, lawyers can streamline their workflows, improve efficiency, and devote more time to higher-level tasks such as strategy development, client counseling, and courtroom advocacy, ultimately enhancing their effectiveness and enabling them to thrive in their roles. Conclusion: It is clear AI is here to stay and teams are already trying to utilise it, but how it can be effectively and safely used by lawyers remains to be seen. Much like with many previous technological advancements, in order for lawyers to thrive, they need to become familiar with the new technology or risk being left behind.
Market Overview London
14
2023
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