Transcript: 2024 Law Firms' Survey - Capturing the GenAI opportunity

Transcript

Greg Jackson: GenAI adoption continues to gather pace in the legal sector. Almost 90% of top 100 firms have now implemented or trialled GenAI tools, up from 55% last year.

Larger firms remain positive about the productivity benefits from GenAI, but many mid-tier firms are convinced that GenAI will impact their volume of work, and they also have concerns about how the tech will impact current business models, pricing and client demand.

But with the speed of tech change, a wait and see approach is not an option if law firms are to avoid being left behind.

To capture the commercial opportunity GenAI offers, law firms need to have a clear change and adoption strategy that goes beyond trialling and experimentation. There is still work to do for firms to clearly articulate GenAI use cases across their organisation.

GenAI also requires strong foundations harnessing the power of cloud, building a strong platform of data in the practice of law and rethinking the shape and size of the future legal workforce.

Download our latest Law Firms’ Survey to find out how firms can get ahead, increase productivity and create value with emerging tech such as GenAI.