It’s time for lawyers to get smart about artificial intelligence. Nancy Jessen reports
- How is the legal profession perceiving artificial intelligence and adapting to it?
- Are firms taking the steps needed to embrace AI or is the fear that lawyers are being replaced pervading the industry?
Recent studies are forecasting that by 2021, 46% of companies will not only have implemented artificial intelligence (AI), but also be spending in excess of $58bn annually on it. AI is being bought, built and used at a higher rate than ever before across a range of industries, with the aim of furthering businesses’ goals in making them as cost-efficient and productive as possible.
LexisNexis recently conducted a survey with lawyers, which showed that 75% of respondents realised that their sector is changing at a faster pace than ever before, but somewhat contradictory only 20% of the lawyers surveyed agreed that their firm needed to evolve. So do the other 80% of respondents believe that their firms are already doing enough, or are they not fully appreciating the extent to which AI is rising?
