A traditionally conservative market which has remained largely unchanged for decades, the legal sector is now ripe for disruption. As with many new and transformational technologies, there is no uniform definition for Artificial Intelligence (“AI”), but it is undeniable that the use of such technologies is set to rewrite the rules for law firms and legal departments. AI is now a tangible reality, offering the legal industry the opportunity to revolutionize day-to-day legal processes. The landscape of the legal sector is shifting with innovation and data-driven automation moving ever-closer to the heart of litigation delivery.
Disruptive technologies are causing firms and departments to re-think the way they approach litigation, and over the next decade we will undoubtedly see a huge change and new innovative ways of providing client services. As AI becomes more widely adopted, it will touch every area of the law and transform transactional and advisory practice teams, traditional players will be reduced in number and experts predict more that more than 100,000 jobs could be automated within 20 years.
In light of the rapidly evolving legal landscape, we have conducted a survey of 200 professionals within the legal sector in order to gain an insight into the current trends in AI investment, implementation and impact. Some of the notable findings of this report are that 81% of our respondents are looking to invest in AI technology within the next 24 months, and over 50% stated that their primary objective when acquiring AI is to improve their internal productivity capacity. (Source: IQPC)Download Full Report