According to Goldman Sachs, 44% of legal tasks could be performed by AI, more than any occupation surveyed except for clerical and administrative support. Artificial intelligence (AI) is poised to fundamentally reshape the practice of law. While there is a long history of technology-driven changes in how attorneys work, the recent introduction of large language model-based systems such as GPT-3 and GPT-4 marks the first time that widely available technology can perform sophisticated writing and research tasks with a proficiency that previously required highly trained people.
Law firms that effectively leverage emerging AI technologies will be able to offer services at lower cost, higher efficiency, and with higher odds of favourable outcomes in litigation. Law firms that fail to capitalize on the power of AI will be unable to remain cost-competitive, losing clients and undermining their ability to attract and retain talent. For attorneys, getting the most out of AI tools will involve far more than just pushing a button. AI is most effective when it is used to complement human skills, and the people who learn how to leverage this collaboration well will get the most mileage out of AI tools.
