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LexisNexis Studies How Artificial Intelligence Is Affecting Law Firms
LexisNexis Legal & Professional released the “results from a survey of senior leadership at top U.S. law firms and legal professionals at Fortune 1000 companies. The survey was conducted to better understand the business impact of generative AI technology on the legal industry and how it is redefining itself.”
Findings, available at lexisnexis.com/en-us/products/lexis-plus-ai/thought-leadership.page, include the following:
- Nearly all the legal executives surveyed expect their investment in generative AI technologies to increase over the next five years (90%).
- 70% believe these solutions will enable new value-added work product for clients, with about a third (30%) expecting these solutions to result in a direct impact on firm revenue.
- Regarding the bottom line, nearly half (47%) expect to achieve a reduction in costs from the use of generative AI solutions.
- Both large law firm and corporate respondents believe generative AI technology will impact hiring, with 27% anticipating increased hiring of technologists in 2024. …
For more information, read the press release.
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