Artificial intelligence (AI) is rapidly becoming a vital part of the legal industry. Declan Peters and The Lawyer Portal delve into how law firm management can harness AI’s potential while effectively managing associated risks. The surge in AI’s presence, both in the public domain and professional sectors, has been remarkable.
While mass-market AI tools like ChatGPT continue to gain traction, the legal industry is also exploring AI to optimize operations, and law firms are no exception.
Traditionally, law firms have been perceived as conservative in their approach to business management, often adhering to practices like the billable hour. However, there has been a noticeable shift, with many firms showing a growing interest in legal technology over the years. This interest has now reached unprecedented levels.
Research conducted by John Armour and Mari Sako at the University of Oxford reveals that over half of all lawyers are now utilizing some form of AI in their work.
Here are 10 key factors to consider when integrating AI into law firm management, highlighting both the potential benefits and the inherent risks.