By Geoffrey D. Ivnik, Esq. | Director of U.S. Massive Markets, LexisNexis
Regulation agency leaders understand that generative synthetic intelligence (Gen AI) know-how goes to have a dramatic affect on how effectively attorneys are in a position to full work assignments for purchasers. The highest priorities for regulation corporations utilizing AI-powered tech are all associated to effectivity, in response to the 2024 LexisNexis Investing in Authorized Innovation Survey:
- Authorized analysis (57%)
- Summarizing paperwork (53%)
- Drafting paperwork (38%)
These anticipated positive aspects in effectivity have the potential to learn purchasers who will obtain authorized counsel sooner, in addition to regulation corporations who might be able to broaden into new observe areas and even rehabilitate sure practices which were struggling.
Remodel pressured observe areas
The flexibility to observe extra effectively has regulation corporations eyeing Gen AI’s potential to help their enterprise progress alternatives, in response to the brand new report, Gen AI in Law: Unlocking New Revenues.
1 / 4 of Am Regulation 200 agency leaders say utilizing Gen AI for enterprise improvement experiences is a prime precedence, with 21% saying they need to use Gen AI for real-time comparisons of regulation throughout completely different jurisdictions and connecting AI to organizational information.
“I anticipate that we’ll see a give attention to new traces of enterprise and on advisory companies which are proactive, relatively than reactive,” says Jeff Pfeifer, chief product officer at LexisNexis.
Gen AI might additionally assist observe areas the place margins are beneath strain to turn into extra worthwhile by repeatable course of enhancements.
“We hear this constantly among the many corporations that we’re talking with: they’re searching for methods applied sciences could make a fabric enchancment in work high quality and work effectivity,” provides Pfeifer. “Doing so makes these traces of enterprise extra enticing from a margin perspective.”
For instance, authorized professionals who use Gen AI instruments and companies from LexisNexis usually release seven to 11 hours per week, which Pfeifer notes can be utilized to both follow-up extra quickly on their subsequent duties or to broaden companies for different purchasers.
Shoppers anticipating higher-value work
In line with the Gen AI in Law: Unlocking New Revenues report, in-house groups additionally anticipate to see Gen AI instruments release their outdoors attorneys’ time to allow them to give attention to greater worth work.
“We don’t have a look at AI or Gen AI as being replacements to attorneys, however relatively instruments that increase what these attorneys are in a position to do with their very own time,” says Christy Jo Gedney, senior supervisor at Liberty Mutual Insurance coverage. “We wish our attorneys, whether or not they’re in-house or outdoors counsel, to be practising on the prime of their licenses. We wish them spending their time doing the issues which are impactful, corresponding to constructing relationships or prepping for trial. Utilizing Gen AI instruments will assist give them the capability to spend their time on extra impactful issues.”
For instance, McGuireWoods is beginning to see notable effectivity positive aspects by adopting Gen AI for M&A due diligence by reviewing a whole lot of contracts a lot sooner than can be attainable with a group of people.
“The flexibility to make use of AI to surgically go into every a kind of contracts and extract the knowledge that you just want and manage it right into a spreadsheet as step one of diligence is usually a big time saver,” says Peter Geovanes, chief innovation and AI officer at McGuireWoods.
REPORT: Gen AI in Law: Unlocking New Revenues
We interviewed quite a lot of AI leaders from the authorized career to discover how regulation corporations and companies that embrace Authorized AI can generate new revenues by using this know-how. Along with the part of the report we unpacked at the moment, which explores methods to rework unprofitable observe areas into thriving companies, different sections of the report embrace:
- An introduction to your new enterprise improvement instrument;
- Adapting to altering shopper mindsets about methods to assess the worth of authorized work;
- Tips on how to seize new alternatives with the best expertise in place; and
- Why regulation corporations ought to begin enterprise innovation now to maximise success.
Learn the total report now: Gen AI in Law: Unlocking New Revenues.
