Source: Law.com
A new study by research analyst firm International Data Corporation (IDC) predicts continued growth in the use of generative AI by legal professionals, with 69% of study respondents reporting they expect their use to increase over the next two years.
Not surprisingly, the study found that half of legal professionals increased their use of AI generally over the past two years, with only 3% reporting their use had declined. Significantly, 48% of respondents report their day-to-day AI use involves generative AI Legal research and contract analysis are the current top legal uses for generative AI according to the study, but things may be changing in the future.
Document review may be the biggest growth area for generative AI over the next few years. In the study, 64% of legal professionals reported they’ll be using generative AI for document review within a year, and 93% predicting they’ll be using it for doc review within five years, making document review the leading predicted use for generative AI within the year and over the next five years.
In the study, 59% of law firm respondents currently use generative AI in firms where the billable hour is the primary client billing method, compared to 42% in law firms using primarily task-based billing.
“I think gen AI has the potential to fundamentally transform the provision of legal services as we know it,” said Celia Perez, general counsel and corporate secretary at FreightCar America. “But I don’t think gen AI is going displace lawyers or legal service professionals. It’s simply going to change the nature of how we’re trained and how we work and hopefully impact businesses and the world for the better.”
Read the full article: https://www.law.com/legaltechnews/2024/11/26/new-research-study-predicts-continued-growth-for-generative-ai-in-legal/
