Latest Perspectives and Considerations on GenAI

Growing Familiarity with Generative AI

Legal professionals working across various sectors have positive views on generative AI (GenAI). According to the Thomson Reuters Institute’s 2024 GenAI in Professional Services report, a majority believe GenAI can be applied to their industry.

Law firm and corporate attorneys (85%), government practitioners (77%), and corporate risk professionals (82%) see potential in GenAI. However, their enthusiasm moderates when contemplating actual application. Only 51% of law firm respondents, 60% of corporate legal practitioners, and 40% of government legal respondents advocate its use.

Assessing AI-Related Concerns

Even with growing positivity, skepticism remains. Common concerns include AI’s potential for inaccuracy (70%) and challenges in legal compliance (60%). These issues need addressing before widespread adoption.

Ethical and responsible AI use is also a primary consideration. Professionals can benefit from GenAI once they master responsible AI practices. This includes understanding the technology to mitigate related risks.

Maximizing Professional Expertise

AI will not replace professional expertise. Instead, it’s best applied to specific tasks, allowing professionals to focus on high-value activities. Professionals should oversee AI outputs for reliability and usefulness.

Embracing AI means focusing on how it augments human capabilities. It offers cost savings, increased productivity, and quality control, freeing professionals to add more value.

Responsible and Ethical AI Adoption

To minimize risks, professionals should choose AI tools developed for their specific needs. Public AI versus private AI is a key distinction. Public AI uses the entire internet for data, which may be problematic.

Private AI relies on trusted data sources, enhancing accuracy and ethical compliance. This makes private AI a safer option for precise and ethical outcomes.

Legal professionals should stay updated on AI developments. This ensures they are not only participating but also leading in an evolving AI landscape.

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