tech

Law firms look for clear gains from AI

Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter.

Law firms look for clear gains from AI

TL;DR

  • Law firms and in-house legal departments are prioritizing the adoption of AI and legal tech for efficiency gains.
  • Ashurst Advance has utilized generative AI to significantly speed up document review processes for clients.
  • New AI legal tech suppliers like Harvey and Legora are emerging, alongside established players like LexisNexis and Thomson Reuters.
  • Challenges include client confidentiality, convincing legal staff to trust and use AI, and demonstrating a clear return on investment (ROI).
  • Despite increased spending, lawyer trust in AI outputs remains relatively low.
  • The availability of similar AI tools for both law firms and their clients is changing the client-law firm relationship.