Survey sponsored by Wolters Kluwer predicts generative AI use will separate successful from unsuccessful law firms within five years
Thursday, August 3, 2023
More than 80% of respondents believe that generative AI will create "transformative efficiencies"
NEW YORK, July 26, 2023 /PRNewswire/ -- Effective use of generative AI will separate successful and unsuccessful law firms within the next five years, according to a majority of respondents (62%) polled in a new survey sponsored by Wolters Kluwer Legal & Regulatory and conducted by Above the Law. The survey - Generative AI in the Law: Where Could This All Be Headed - features input from 275 legal professionals about the practice areas, business functions, and jobs most likely to be impacted by generative AI.
"The landscape for generative AI continues to evolve rapidly," said Ken Crutchfield, Vice President & General Manager of Legal Markets, Wolters Kluwer Legal & Regulatory, U.S. "This survey indicates that forward-thinking law firms and corporate legal departments anticipate generative AI's potential to drive substantial new efficiencies that empower attorneys to focus on higher-value legal work."
Generating new success
Law firms and corporate legal departments appear equally confident that generative AI will provide major business advantages. The majority of law firm respondents (65%) either "strongly agree" or "somewhat agree" that the effective use of generative AI will separate successful and unsuccessful firms within the next five years. Those sentiments were echoed by the majority of in-house legal respondents (61%) as well.
Routine tasks made more efficient
More than 80% of respondents agree that generative AI will create "transformative efficiencies" within legal research and other routine tasks. Those findings could eventually be reflected in future staffing patterns. More than two-thirds of respondents believe that document review lawyers, librarians, and others involved in knowledge management and research are at risk to be replaced by generative AI.
Skepticism remains around high-level work
Respondents are more skeptical about generative AI's ability to execute high-level legal work in the vein of negotiating mergers or developing strategy litigation. Less than half (31%) agree that generative AI will transform high-level legal work. Job categories such as law firm partner or of counsel were also rated among the least at risk to become obsolete due to generative AI.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2022 annual revenues of EUR5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.
MEDIA CONTACT:
Frank Ready
Senior Specialist, External Communications
Legal & Regulatory
Wolters Kluwer
Office: 717-205-3647
Email: Frank.Ready@wolterskluwer.com
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SOURCE Wolters Kluwer Legal & Regulatory
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