tech
In-house lawyers aim to shed the grind, not the people
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
TL;DR
- In-house legal teams are using AI to increase work capacity without reducing headcount.
- AI is employed to automate repetitive tasks and handle 'deflection' of common queries, freeing lawyers for complex work.
- Companies are exploring partnerships with external law firms for AI initiatives, such as centralizing IP data.
- General counsel are aware of AI's privacy and security risks, which is increasing their influence within companies.
- While AI platforms can be costly, in-house teams are focused on achieving a clear return on investment.
- Concerns exist regarding junior lawyers potentially losing skills due to over-reliance on AI.
- A significant majority of legal professionals are using AI, but trust in AI outputs varies.
- Effective AI implementation requires a complete reimagining of work processes, not just integrating AI into existing systems.
- Specific AI applications in practice include contract review, summarizing legal texts, translations, compliance, and data analysis.