Source: Thomson Reuters
Most corporate legal counsel believe AI and GenAI will have a transformative effect on the profession; however, it’s not just AI risks that law departments should focus on but rather how to make AI work for them.
Generative artificial intelligence (GenAI) technology holds the potential for a new way of working within corporate law departments, with the potential to transform contract drafting and analysis, legal research, document summarization and review, and much more. Indeed, through GenAI, there is the possibility to touch every function within the law department in some manner.
According to the Thomson Reuters Institute’s recent 2024 State of the Corporate Law Department report, general counsel (GCs) and chief legal officers anticipate major change. Of survey respondents, 42% said they anticipate the emergence of AI and GenAI to have a transformational impact on the legal profession, more than double the percentage of any other trend including the economy and regulation. An additional 32% said they expect AI and GenAI to have a high impact, while less than 5% believe it will have little or no impact.
With this in mind, corporate law department leaders are already planning for business changes, including how to best protect the company against the emerging risks that GenAI can bring. In doing so, however, it may be necessary to change how legal departments approach the process of risk mitigation — and how outside counsel should aim to help their clients achieve those risk mitigation goals.
Read full article: https://www.thomsonreuters.com/en-us/posts/technology/ai-integrated-teams/
