Credit: Olivier Le Moal/Adobe Stock General Counsel Who Don't Embrace Artificial Intelligence Will Eventually Be Replaced
AI technology and its adoption is moving at light speed. General counsel who ignore the benefits of AI or avoid the use of AI in their legal operations will be left behind and their legal departments will suffer.
March 27, 2024 at 09:43 AM
5 minute read
Artificial intelligence (AI) is a transformative technology that will revolutionize our way of life and business as did the computer, the internet and cellphones. Blackstone refers to AI as the "megatrend of megatrends." McKinsey predicts that by 2030, 30% of the hours currently worked across the U.S. economy could be automated in large part due to generative AI. This has serious implications for general counsel and corporate legal departments.
According to a Thomson Reuters study, corporate law departments are very familiar with this megatrend but surprisingly only 11% of general counsel indicated that they are actually using or planning to use ChatGPT and generative AI within their legal department. This means a staggering 90% of general counsel have no intention of utilizing AI in their legal operations while the rest of the world explores the benefits of and utilizes this revolutionary technology.
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