Last summer, there were fears over how generative artificial intelligence (AI) would impact the legal industry going forward. Fueled in part by the explosion of ChatGPT and an April 2023 Goldman Sachs report that stated that 44% of legal tasks could be completed by AI, many wondered if AI would immediately threaten legal jobs. So, what has happened since last summer? Did those fears come to pass?

In a word, no. Or at the very least, not yet. Like most new developments in the practice of law, change has been slow. For instance, the commitment to and implementation of AI in the legal industry this past year has been less drastic than in other sectors. While some of the largest companies in the world have used increased AI investment and optimization to justify massive layoffs, there has been no such trend in the legal field to date. But that is not to say that there has been little to no impact. BigLaw has been exploring AI’s capabilities and assessing how to incorporate it safely and profitably into their practices. And despite this slower, more cautious approach, we have started to understand where AI might fit within the practice of law as well as some of the practical applications that AI, specifically generative AI, can offer.