Exploring the Impact of AI within the Legal Industry

In 1950 Computer Scientist Alan Turing in his paper titled, ‘Computer Machinery and Intelligence’, first proposed the question: ‘Can machines think?’. Five years later, John McCarthy, another Computer Scientist, first coined the term Artificial Intelligence (AI) connection with a summer workshop at Dartmouth College. Fast forward to 68 years later, ‘AI’ was named the most notable word of 2023 by the dictionary publisher Collins.

To say that in the recent years, Artificial Intelligence (AI) has emerged as the dominant force shaping all conversations around technological development would be a gross understatement. From boardrooms to living rooms, and everywhere in between, discussions about AI’s potential, impact, and ethical implications have permeated every aspect of our lives.

So, we decided to investigate the effect AI has had on the legal industry in the past few years; look into the complexities surrounding the impact of AI on jobs and talent; and explore how AI-enabled dispute resolution software solutions can help organisations, judiciaries, law firms, practitioners and individuals navigate this transformative landscape.

In the fast-paced era of technological growth and development, AI, especially AI in law, has emerged as a double-edged sword, promising astonishing efficiency and innovation while simultaneously sparking apprehension and uncertainty. With countries struggling to monitor and regulate AI use, AI’s positive attributes are often shadowed by concerns regarding its potential to disrupt traditional structures and transform entire industries. The unease deepens when companies announce mass layoffs or when we stare poignantly at the demise of an entire profession all together. The fear of job displacement and economic upheaval looms large, prompting individuals and organisations to grapple with the implications of AI-driven automation and digitisation.

There is no denying that AI has been the most significant force that has transformed every aspect of ‘Work’ as we know it. Earlier this year, Thomson Reuters published their ‘Future of Professionals Report’ wherein 1200 professionals from different verticals were asked to weigh in on the transformative nature of AI and the extent of its impact across multiple domains. The goal was to better understand how macro-trends affecting organisations intersect with jobs, talent, clients, and work environments; and figure out the impact AI, tech and automation will have on businesses in the next five years.

Presenting the findings from the first phase of the research, the report dealt with the newness of Generative AI and the hopes, ambitions, and trepidations pinned to it. The study revealed that all ventures into generative AI are currently centred on improving operational efficiencies to increase productivity — an ambition that is set to relieve professionals from mundane tasks and allow them the time and bandwidth to tackle more ‘high-value tasks’

A rather more interesting finding was the less anticipated, but definitely refreshing perspective presented by legal professionals. Legal professionals overwhelmingly perceived the role of AI in law as a pivotal catalyst for growth within the industry and anticipated its potential to drive down operational costs and pave the way for heightened profitability and sustainable expansion.

Artificial intelligence (AI) has transformed traditional recruitment and talent acquisition procedures, providing advanced tools for candidate sourcing, screening, and assessment. Automated algorithms can analyse massive volumes of data to find top talent, predict job fit, and speed up the hiring process. However, this automation raises questions regarding algorithmic bias and the possibility of human monitoring. Furthermore, AI-powered training platforms are revolutionising learning and development activities by providing personalised, on-demand learning experiences based on individual needs and preferences.

As automation and digitisation change the nature of employment and the skills required to thrive, it is safe to say that AI’s impact on career paths has been rather profound. Routine, repetitive work are rapidly automated, while abilities like data analysis, machine learning, and artificial intelligence are in high demand. As a result, traditional employment positions are shifting, and new career paths are forming, allowing people to adapt and upskill in response to changing market demands.

‘True transformation will occur around talent’ — a bold and revelatory claim, the Thomson Reuters report presented a unique viewpoint to view the transformed state of legal recruitment and training, now that AI has become the norm.

While AI in law may disrupt established job arrangements, it has the ability to boost individual potential and generate new opportunities for value creation. Rather than regarding AI as a threat, organisations and legal agencies now have the opportunity to leverage its capabilities to empower human talent, boost productivity, and stimulate innovation. By embracing AI as a valuable tool, the legal industry can unlock new avenues for creativity, efficiency, and growth.

Generative AI will revolutionise the job that professionals and practitioners do and how they do it, yes. But it will never replace the human element in advising clients and stakeholders. People have always been, and will continue to be, the most valuable asset in any organisation. AI in law will merely improve individuals’ innate capacity, potential, and variety of talents. Through strategic integration and collaboration, AI can complement human skills and expertise, leading to enhanced performance and competitive advantage.

By embracing AI’s potential to streamline processes, analyse data, and automate tasks, while still prioritising professionals’ mental health and well-being amidst AI-induced disruption, agencies within the legal industry can optimise their operations, deliver better value to customers and stakeholders, and drive sustainable success in an increasingly digital landscape.

As AI in law continues to transform the workforce, proactive steps are required to guarantee that individuals and organisations are prepared to succeed in this changing environment. This means investing in ongoing learning and development, cultivating a culture of adaptation and resilience, and adopting a growth mindset that views change as an opportunity for advancement and innovation. Furthermore, governments, judiciaries, legal agencies, and business leaders must work together to create frameworks that encourage ethical AI deployment, reduce job displacement threats, and assure fair access to possibilities in the digital economy.

With Justice Accelerator, we recognise that the uncertainty surrounding AI, especially around AI in law can present challenges. But once again, with Justice Accelerator, we also present the legal industry with an opportunity to embrace change, adapt to new realities, and harness the transformative power of AI-driven innovation. By prioritising talent development, embracing advancements in technology, and fostering a culture of innovation, our dispute resolution software solutions help practitioners navigate the complexities of the AI era with confidence and resilience, assuring a future in which human potential thrives alongside technological growth and equitable justice.

References:

https://470182.fs1.hubspotusercontent-na1.net/hubfs/470182/future-of-professionals-august-2023.pdf