Law.com Compass: Horizon Scanning Generative AI in Big Law
Am Law 200 firms view generative AI as more of a near-term opportunity than smaller law firms, but challenges in implementation remain.
May 21, 2023 at 08:19 AM
3 minute read
Unless you have been living under a rock, it's been hard to miss seeing examples of the power of generative artificial intelligence tools such as ChatGPT. The technology is still evolving and improving to meet professional standards across industries, but the future of the global economy will undoubtedly be heavily impacted by AI automation.
A recent report released by Goldman Sachs found that a quarter of all tasks in all U.S. industries were at risk of being replaced by generative AI, including as much as 44% of legal tasks. In fact, GPT-4 recently placed in the 90th percentile of test-takers on the bar exam, showcasing how far the technology has come.
While human attorneys are not quite at risk of being replaced with machines in the near future, generative AI is on the immediate horizon for many Am Law 200 firms, from both an operational and practice development perspective. According to results from ALM's Q1 2023 Economic Flash Survey, the majority of Am Law 200 firms are planning on integrating these tools into their workflow in the near-term. Furthermore, nearly half of Am Law 200 firms are currently staffing or are planning on staffing attorneys or technical personnel with a specialty in providing clients with legal guidance on issues surrounding AI.
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