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The rapid advancement of generative artificial intelligence (AI) presents a series of opportunities for in-house legal teams, and of complex legal considerations. In an era of declining legal budgets but an increasing number of obligations, how does the in-house legal team do more with less?
On November 9 2023, LegalOn Technologies hosted a webinar on "Generative AI for In-House Counsel: Navigating AI Risks in the Business and with Third Parties.” Stanford Law Professor Mark Lemley, the Author of “AI for Lawyers” Noah Waisberg, and LegalOn CEO Daniel Lewis spoke to more than 900 attendees on topics ranging from leveraging AI in contract review and metadata extraction to navigating the legal intricacies of training AI with copyrighted data. You can access a free recording of the webinar here.
A poll conducted among the attendees provided key insights into their perceptions of generative AI in the legal field. The results indicated a strong positive attitude towards the use of generative AI, both broadly within organizations and specifically within legal departments. A notable 86% of respondents were enthusiastic or cautiously optimistic about the potential of generative AI across their organizations, with 82% showing a similar sentiment towards its use in legal departments.
With insights from more than 600 legal professionals, this blog post unpacks the perception of AI among in-house counsel and operators.
Our poll findings contain valuable insights into the legal community's perceptions of generative AI. This analysis covers the responses of 596 professionals, including in-house counsel, legal operations staff, outside counsel, and other legal practitioners. The questions focused on the adoption and implications of generative AI in legal practices.
The majority (86%) of respondents are either enthusiastic or cautiously optimistic about the use of generative AI across their organizations. This demonstrates a prevalent positive attitude towards AI integration in various organizational processes. Only a small fraction (6%) express significant concerns, which could be attributed to issues like data security, ethical considerations, or a lack of understanding of AI capabilities.
Similar to the broader organizational context, 82% of respondents display a positive inclination towards using generative AI within their legal departments. This reflects a recognition of the specific benefits that AI can bring to legal workflows, such as improved efficiency and accuracy in tasks like research, document analysis, and contract management. The concerns and uncertainties remain consistent with the broader organizational perspective.
The positivity is even more pronounced when it comes to AI-assisted contract review, with 84% of participants showing enthusiasm or cautious optimism. This suggests a strong recognition of the practical benefits that AI can provide in helping review and redline routine contracts.
AI contract review software assists in examining, analyzing, and reviewing contracts before signature. Instead of manually sifting through pages of contractual documents, this software can quickly identify critical clauses and potential risks and suggest revisions. Its key benefits include:
Efficiency: by drastically reducing the time required to review and finalize contracts.
Accuracy: through reducing human errors by providing consistent and automated reviews.
Scalability: it can handle large volumes of contracts without additional resource demands.
Cost savings: reducing the need for extensive manual review leads to financial savings in the long run.
Download our Buyer’s Guide to AI for Pre-Signature Contract Review to know more.
The insights from our poll of nearly 600 legal professionals signal significant implications for the industry:
The findings from our poll reveal a clear, positive trend towards the integration of generative AI in legal practices. Legal professionals are not only open to the idea of AI but are also recognizing its practical benefits, particularly in areas like contract review.
As we navigate this evolving landscape, LegalOn Technologies remains committed to being at the forefront of this transformation. Our focus on combining AI with expert legal guidance uniquely positions us to address the pain of routine contract review.
We encourage legal professionals to explore our AI-powered contract review software, designed to enhance the efficiency and effectiveness of legal teams. For those looking to deepen their understanding of AI in legal practices or to explore how our tools can benefit your organization, we invite you to reach out to our team for more information or to schedule a demo
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