{"id":2713,"date":"2023-12-18T12:45:57","date_gmt":"2023-12-18T04:45:57","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.hk\/legal\/posts\/will-ai-replace-lawyers-what-to-expect-in-2024"},"modified":"2024-02-28T12:13:58","modified_gmt":"2024-02-28T04:13:58","slug":"will-ai-replace-lawyers-what-to-expect-in-2024","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.hk\/legal\/posts\/will-ai-replace-lawyers-what-to-expect-in-2024","title":{"rendered":"\u200b\u200bWill AI replace lawyers? What to expect in 2024"},"content":{"rendered":"

AI usage in the legal sector is growing rapidly. Widespread speculation about the future of the industry has followed, including the question: \u2018Will AI take lawyers\u2019 jobs?\u2019<\/em><\/p>\n

Yes, AI will transform legal practice<\/a>, but there are many signs that it will offer lawyers unparalleled growth potential rather than redundancies.<\/p>\n

AI-powered automation will give lawyers more time to utilise their expertise. With legal work taking less time to complete, legal professionals can deepen their knowledge and drive steady results for clients. With the right technology and training in place, generative AI<\/a> becomes a powerful personal assistant to lawyers, not a replacement. Here’s why AI will not put lawyers out of work…<\/p>\n

1. AI must be overseen by (human) lawyers to ensure accuracy<\/strong><\/h2>\n

Generative AI uses large language models to rapidly comb through information and compose responses within seconds. There is no question that its speed far outpaces human capacity. However, its way of working can be flawed. Generative AI looks for confidence in numbers by identifying patterns. But this can produce factually incorrect answers known as \u2018hallucinations.\u2019<\/p>\n

An early test by Thomson Reuters in the US<\/a> demonstrated that AI alone cannot reliably be used to interpret the complexities of case laws. The technology did not account for the nuances in the law\u2019s application within different jurisdictions. Although it could identify and provide information about a specific law in one state, when asked about the same law in another state it used the same answer, despite there being no such law.<\/p>\n

\u201cThe AI saw the pattern, but it failed to sweat the details. In the real world, outside of our labs \u2013 that could have had serious consequences if the AI was taken at face value,\u201d notes Steve Hasker, Thomson Reuters President & CEO.<\/p>\n

Experts know that human oversight is key. And with AI in the workplace, lawyers will be called upon to lend their critical expertise, judgement, and moral reasoning. In turn, lawyers can take advantage of generative AI, using it as an assistant to enhance their work. By combining the efficiency and speed of trusted AI software<\/a> with a lawyer\u2019s deep expertise, firms can deliver better results for clients.<\/p>\n

2. Automation will free up lawyers to add value\u00a0<\/strong><\/h2>\n

It\u2019s no secret that practising law requires meticulous and time-consuming work. In reality, lawyers spend 40-60% of their time on drafting and reviewing contracts<\/a>. AI solutions can automate routine tasks<\/a>. This includes drafting legal texts, collating legal research, and providing data-driven legal services. The time saved presents both an opportunity for lawyers to add more value to the business and to upskill.<\/p>\n

AI will allow lawyers to focus on deepening their knowledge, strategy, and providing their clients with quality advice. Rather than being stuck in routine work during billable hours, lawyers\u2019 work will become more thorough, and save time.<\/p>\n

It\u2019s a view that\u2019s shared among the local private practice professionals: 69% of respondents to the Tech and the Law 2023 Report<\/em> believe that generative AI will increase efficiency and reduce costs<\/a>.<\/p>\n

\u201cI think senior lawyers doing high-level problem solving, client advocacy and strategy work will use Gen AI as a valuable support tool. It won\u2019t replace them but complement them,\u201d says Joel Barolsky, Principal for Barolsky Advisors and Edge Consulting.<\/p>\n

“If gen AI lives up to its promise, I think there\u2019s a fairly good chance that junior lawyer roles that are focused on doing mostly low-level process work will become redundant. However, there will be more roles for junior practitioners as legal technologists and legal data analysts.<\/p>\n

How important is the human element to the practise of law? Joel believes it is here to stay.<\/p>\n

\u201cThe human element will always be critical to the practice of law. I think the advancement of legal technology and gen AI in particular will reduce the drudge process work and free up time for person-to-person interactions and engagement,” he adds.<\/p>\n

3. With AI in place, lawyers can accelerate professional development<\/h2>\n

AI is not a zombie apocalypse for the legal profession<\/a>. Instead, some believe AI will broaden lawyers\u2019 potential with less \u2018grunt\u2019 work required. Meanwhile, lawyers can develop expertise within an area of law and contribute more value to the business. AI tools will also create new positions within firms, whether for lawyers in training or as other legal professionals.<\/p>\n

\u201cThis opens opportunities for entry-level legal professionals to find niches within their law firm, whether as a legal tech consultant or a junior lawyer charged with supervising AI systems conducting billing, for example,\u201d writes Chris O\u2019Leary, Managing Editor of \u2018The M&A Lawyer\u2019 and \u2018Wall Street Lawyer.<\/p>\n

\u201cIt also means that advancing within a law firm may be less of a step-by-step trudge upward, with many repetitive workloads. Instead, advancement may become a flexible, client-centered process, one that better rewards initiative by junior lawyers.\u201d<\/p>\n

4. The rise of ethical AI gives firms the opportunity to become industry leaders<\/strong><\/h2>\n

Ethical AI offers a framework for the responsible use of A<\/a>I. At the time of writing, Australia has no AI-specific regulations. Instead, AI activities fall under existing legislation.<\/p>\n

Organisations are encouraged to look to the government’s voluntary code of ethics<\/a>. This transitional phase presents an opportunity for law firms to become industry leaders in ethics and innovation.<\/p>\n

By developing an AI governance plan, firms can play a significant part in setting industry standards ahead of any legislation. A public code of AI ethics<\/a> can help to boost trust among the workforce and clients who may be hesitant about the new technology. Additionally, robust AI governance will leave firms prepared for any potential regulation.<\/p>\n

5. Responsible AI offers purpose-built technology to benefit lawyers<\/h2>\n

To confidently use AI, finding a suitable solution is key. Cautiousness among professionals needs to be addressed. The Future of Professionals 2023 report found that the biggest concerns among 30% of the legal professionals surveyed were around data security (15%) and ethics (15%).<\/a><\/p>\n

Carter Cousineau, Vice President of data and model governance for Thomson Reuters, says ethical considerations will continue to trend upwards in 2024. Commenting for Corporate Counsel Business Journal<\/a>, she notes: “Organisational governance will increase\u2014Vendors will need to be crisp on the value they\u2019re bringing as companies ask more probing questions and lay down more governance. As focus grows, we could see ethical AI procurement become part of ESG [environmental, social, and governance] reporting.”<\/p>\n

The most trustworthy AI solutions in the legal sphere use large language models trained only on vetted corpuses of information. CoCounsel Core, for example, is an generative AI-powered legal assistant<\/a> trained on content created by lawyers and legal experts from trusted content. The high-quality product, which can also be used for drafting legal documents, delivers a powerful user experience for lawyers – with peace of mind.<\/p>\n

AI signals growth \u2013 here’s what to expect in 2024<\/strong><\/h2>\n

AI is here and its impact cannot be ignored. Generative AI solutions offer law firms unprecedented quality and depth of client services. Following a code of ethics, responsible AI is built to be used by lawyers, not to replace them. Instead, it offers potential to expand the business of law. In this fast-paced reality, those who don\u2019t harness AI\u2019s benefits will fall short against competitors\u2019 offerings.<\/p>\n

According to Terri Mottershead, Executive Director of the Centre for Legal Innovation, firms are faced with choices on harnessing the power of AI and data.<\/p>\n

“Internally, right now, the big gains are in efficiency, speed, consistency, accessibility, scalability of solutions, and data-driven insights for legal businesses and for their clients,” she says.<\/p>\n

“Externally, the gains are all about sharing information (legal knowledge) so clients can self-serve, using data insights to customise solutions for clients, and refocusing the time saved from internal gains on the human centred part of legal practice, the strategist and trusted advisor roles \u2013 the bits AI can\u2019t do\u2026yet!<\/p>\n

Has the legal sector in Australia realised the true potential of AI and data? “Not yet but soon! 2023 has been a year of understanding the tech and working out how to use it \u2013 experimentation. I think 2024 will be a year of getting into the nitty gritty of implementation, metrics and ROI,” says Terri.<\/p>\n

“Some will do that by leveraging the expanded functionality of existing tech in one place \u2013 big platforms will encourage it.<\/p>\n

\u201cOthers will build or buy new tech and integrate it into their existing platforms to support new practices or superpower what they built this year. Much of this work is going to focus on large language models (LLM) and, they rely on data so, 2024 is also going to be the year of data \u2013 governance and insights combined with a pinch of predictive analytics.<\/p>\n

“We\u2019re still at the beginning of this journey, there\u2019s a long, exciting and untested road ahead!”<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

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