We are already seeing a significant impact of AI on the legal industry, for in-house teams and private practice. The impact ranges from streamlining processes and making them more cost effective to providing better data to enable Legal and commercial teams to manage their transactions and of course risk management.
We have also noticed that for in-house teams who have embraced AI their teams have moved up the value chain, which is an in-house lawyers dream.
And, as we address in our report on AI and automation this month, the hype looks largely justified. Advances in recent years in machine learning against a backdrop of increasingly powerful networked computers means automation has already driven considerable change in the legal industry in the last decade. Within five years that process will probably be at the level of reshaping the underlying business model of many industry leaders.