Deep Dive into Artificial Intelligence (AI) and the Legal Profession – Thematic Intelligence
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Deep Dive into AI and the Legal Profession Thematic Report Overview
Artificial intelligence (AI) is transforming every industry, and the legal profession is no exception. Although the law holds proudly to tradition, it is no stranger to change where technology is concerned. From chatbots to contract-specific large language models (LLMs), this report will analyze how AI is reshaping the legal profession and how the next generation of legal professionals will operate as a result.
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| Key Players | · Thomson Reuters
· Docusign · LexisNexis |
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This “Deep Dive into AI and the Legal Profession – Thematic Intelligence” report concerns itself with practicing lawyers and the premises in which they reside.
Artificial Intelligence (AI) and the Legal Profession – Impact
AI can help reduce the number of errors in legal documents. This can range from a simple spell-check to a more complex audit of a document that identifies any mistakes and improves accuracy. An example is an LLM that flags parts of a contract that may be inconsistent and allows users to quickly amend any mistakes.
Caveat: AI is still prone to hallucinations (the presentation of false or misleading information). This is particularly concerning for legal professionals as the advice and information they provide has legal ramifications. Ensuring AI systems are accurate and free from hallucinations must, therefore, be a key priority.
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Legal AI Solutions
Several legal-tech companies have created AI systems specifically targeted at legal professionals. The largest players, such as Thomson Reuters, Docusign, and LexisNexis, have multi-billion-dollar valuations and have created popular suites of legal AI software products. For instance, Thomson Reuters assists legal professionals through its CoCounsel generative AI, a legal research assistant that supports quick document searches, summarizations, and analysis. It has also enhanced its Practical Law and Westlaw research platforms with AI.
Legal AI Solutions – Players
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Scope
- This report concerns itself with practicing lawyers (solicitors, barristers, attorneys, judges, and other regional denotations) and the premises in which they reside (including but not limited to law firms, chambers, courts, and in-house legal departments). Law enforcement officials (such as police officers) and lawmakers (such as UK Members of Parliament or Members of the US House of Representatives) fall outside the scope of this report.
- Artificial intelligence (AI) refers to software-based systems that use data inputs to make decisions on their own. Falling within the scope of this report are AI technologies such as machine learning (ML), generative AI, and computer vision.
Key Highlights
- AI can benefit the legal profession through enhanced accuracy, improved efficiency, and cost reduction. Law firms and chambers can use AI tools to reduce errors in their work, save their professionals time, and reduce their bills.
- AI can also impact the legal profession negatively through possible redundancies and its inherent imperfections. The risk of AI replacing jobs, its susceptibility to bias, possible hallucinations, and security concerns could harm the work of legal professionals.
- Lawyers in the age of AI must cultivate an enhanced skillset. From a focus on relationship-building, to perfecting the art of mediation, lawyers can make themselves indispensable by focusing on skills that AI will find hard to replicate.
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Reasons to Buy
This report will help readers understand how AI is reshaping the legal industry. It includes an analysis of the impact of AI on productivity, efficiency, and spending while also considering the potential negative implications of the technology. It also evaluates how legal professionals must adapt their skills as AI begins to aid and automate many desk-based tasks. The report also includes interviews with legal professionals, who give their opinions on how AI is reshaping their industry.
Harvey
Ironclad
Lawhive
LegalZoom
LexisNexis
Linklaters
Microsoft
OpenAI
Taylor Wessing
Thomson Reuters
Table of Contents
Frequently asked questions
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How can AI be helpful in the legal profession?
AI can help reduce the number of errors in legal documents. This can range from a simple spell-check to a more complex audit of a document that identifies any mistakes and improves accuracy.
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What is CoCounsel by Thomson Reuters?
Thomson Reuters assists legal professionals through its CoCounsel generative AI, a legal research assistant that supports quick document searches, summarizations, and analysis. It has also enhanced its Practical Law and Westlaw research platforms with AI.
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Which are legal tech companies deploying AI systems?
Several legal-tech companies have created AI systems specifically targeted at legal professionals such as Thomson Reuters, Docusign, and LexisNexis among others.
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