By Geoffrey D. Ivnik, Esq. | Director of Massive Markets, LexisNexis
Leaders of America’s largest legislation corporations have determined to maneuver full pace forward with the adoption of generative synthetic intelligence (Gen AI) know-how as a result of they see these instruments as keys to unlocking larger worth for shoppers and larger revenues for his or her corporations.
Greater than half of the Am Regulation 200 (53%) have bought no less than one Gen AI resolution and 45% of them are already utilizing it for authorized issues, in response to the 2024 LexisNexis Investing in Authorized Innovation Survey. Furthermore, our survey discovered that three in 4 (77%) senior attorneys at Am Regulation 200 corporations consider that Gen AI instruments will allow them to supply new value-added companies to shoppers, with 54% reporting they’re already exploring these potential alternatives.
The tempo of Gen AI innovation signifies that legislation corporations have little time to waste when desirous about the best way to undertake the know-how and — for corporations nonetheless on the fence — each minute of delay will put them additional behind, in response to the brand new report, Gen AI in Law: Unlocking New Revenues.
The danger of research paralysis
Not like earlier authorized know-how developments, the place legislation corporations may typically transfer at their very own analytical tempo, Gen AI is taking the timeline out of their arms.
“There haven’t been many factors within the final 30 years the place a agency could be considerably deprived by a sluggish adoption,” says Jeff Pfeifer, chief product officer at LexisNexis. “Gen AI adoption is completely different as a result of there are basic benefits that we’re seeing, not solely in legislation however in different vertical industries, that create materials variations in the best way work is finished. And so for a agency that’s sluggish on this entrance, they may discover themselves in a continuing mode of catch-up.”
Business consultants emphasize that the chance has not but handed and there may be nonetheless time for corporations to discover how they’ll use Gen AI instruments — however the clock is ticking and those that get paralyzed by evaluation threat misplaced alternatives to drive revenue growth and being left behind their rivals.
“I do assume corporations which are on the vanguard are going to see the advantages of it and respect the advantages of it greater than a agency that’s simply going to attend one other 24 to 36 months to essentially see the way it shapes out earlier than they begin to consider implementing,” says James Metzger, chief monetary workplace at Reed Smith.
Begin innovation now
The implications for legislation corporations that don’t transfer quick sufficient on Gen AI adoption may grow to be obvious in pricing fashions for his or her authorized companies. Specialists warn that these corporations gained’t be capable to compete with corporations that may do the identical work at a a lot decrease value because of the innovation that comes from Gen AI instruments.
“With the billable hour being what it’s and never having these efficiencies being created by Gen AI, different corporations are going to take two, three, 4 instances as lengthy to do one thing as corporations which have adopted Gen AI can do,” says Krista Ford, director of information, analysis and knowledge companies at Steptoe & Johnson. “Companies that don’t undertake it will be unable to maintain up with the amount of labor and evaluation that corporations who’re utilizing Gen AI can.”
By taking a few of their steps spelled out within the new report, Gen AI in Law: Unlocking New Revenues, and remodeling their working practices, legislation corporations of all sizes have the potential to increase into new enterprise areas and thrive within the more and more aggressive world of authorized companies.
Gen AI instruments may also help corporations innovate and unlock new income alternatives, whereas additionally enhancing shopper service by streamlining workflows and enabling attorneys to dedicate extra time to fixing their shoppers’ enterprise issues.
REPORT: Gen AI in Law: Unlocking New Revenues
We interviewed a wide range of AI leaders from the authorized career to discover how legislation corporations and companies that embrace Authorized AI can generate new revenues by the usage of this know-how. Along with the part of the report we unpacked at present, which explores why legislation corporations ought to begin enterprise innovation now to maximise success, different sections of the report embody:
- An introduction to your new enterprise improvement software;
- How legislation corporations can seize new alternatives with the fitting abilities in place;
- The transformation of unprofitable practices into thriving companies; and
- How Gen AI is accelerating adjustments to shopper mindsets on the subject of assessing the worth of authorized work.
Learn the complete report now: Gen AI in Law: Unlocking New Revenues.
