New report from Litify highlights law firm and legal department perceptions and priorities for artificial intelligence
Litify, the legal industry’s end-to-end operating solution for law firms and in-house legal departments, today released the results from a 2023 State of AI Report, which identifies the use and impact of artificial intelligence across the legal sector. The report is a result of a survey commissioned by an independent market research firm.
The report, which includes insights from verified legal professionals and near-even distribution from plaintiff firms, full service firms, and corporate entities, shows that 62% of today’s legal professionals are not using AI. While there has been significant progress toward technology adoption in legal over the last few decades, there is still work to be done, as a similar percentage also feel the industry is not yet ready for AI technology.
Key takeaways from the report include:
● AI is here, and it will be transformative, but many in the legal industry aren’t ready to use it yet.
○ 62% of legal professionals say they are not using AI
○ 60% of professionals feel the industry is not ready for AI
○ Respondents cite security and privacy concerns and a lack of knowledge on staff to use AI successfully as the main barriers to implementing AI
● For those already taking advantage of AI, the benefits are positive.
○ 95% of individuals already using AI are saving time each week on their legal work
○ The leading use case for AI in legal work is around document management: Respondents are most likely to use AI for reviewing, summarizing, and/or drafting documents.
○ 75% of respondents feel AI will have a positive impact on the legal industry, with workload and access to legal services being two of the largest areas that AI will benefit.
“As the economy and legal market remains uncertain, it’s more important than ever for legal business to prioritize a strong technology and data foundation,” said Litify President & COO Ari Treuhaft. “The 2023 State of AI Report also highlights that a majority of legal professionals feel it’s important to work at organizations that embrace advanced technology, such as AI. But companies can’t ignore the need for integrative platforms, centralized solutions, and cloud-based collaboration that will enable them to accelerate outcomes through the use of AI. By leaping over this foundation, legal businesses will be at risk of giving AI incomplete information to analyze, cutting off automation where it could help make an entire process more efficient, and losing those employees who want advancement but are given a poor experience as a result.”
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