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09/06/2024 | News release | Distributed by Public on 09/06/2024 05:40
How AI is transforming how lawyers work
How AI is transforming how lawyers work
Guest blog from Paul Caddy at Shoosmiths as part of our #PuttingAIIntoAction campaign week 2024.
Embracing the Future
We stand on the brink of incredible advancements with AI-innovations that promise to transform how we live and work. While some narratives focus on potential downsides, it's crucial to recognise the immense opportunities AI presents, especially in fields like law.
The legal profession-my area of expertise-is sometimes perceived as cautious about AI. Research shows that some of the most common words attributed to lawyers are, for example, 'pessimistic' and 'cynical.' And, as much as I'd rather not admit it, there is some truth to this. Lawyers are often tasked by their clients to consider worst-case scenarios, which naturally encourages a sceptical mindset.
But caution does not mean inaction. A prudent approach to AI-one that is optimistic, realistic, and thoughtful-opens up incredible possibilities. It's not about fearing AI but understanding the risks of not using it. The Economist noted on August 19, 2024, that some investors worry about AI not delivering vast profits. But the real focus should be on AI's ability to augment and enhance human capabilities.
AI as a Powerful Tool
A great analogy to understand the potential of generative AI is to consider the humble microwave. It's a piece of technology that's almost invisible in our kitchens, and yet it can cut the time it takes to do certain things by almost 90%. Like AI, it has specific use cases: it can't do it all, but what it does, it does exceptionally well.
The lawyers I work with don't typically use AI for complex legal research, but they do use it to work smarter, faster, and more efficiently. AI helps with summarising long documents or chains of emails, creating action points from meetings held in Teams, or rewriting texts in a different tone or style. Some law firms are even innovating by developing their own AI-powered tools, such as generative AI chatbots.
A recent LexisNexis survey conducted in February 2024 revealed that 62% of law firms have modified their daily operations due to the impact of generative AI, a figure that will likely increase substantially in the future.
The New Legal Landscape
The takeaway? AI isn't here to replace lawyers-it's here to empower them. Lawyers who harness the power of AI are set to lead the way, bringing unprecedented efficiency, insight, and capability to their practice.
The legal field is entering an exciting era, so get ready for an exhilarating ride!
Authors
Paul Caddy
Head of Insight, Shoosmiths
Paul Caddy is Head of Insight at Shoosmiths, having previously practised as a commercial and data protection lawyer, with a particular focus on new
technologies.
Qualifying in 2000, he has worked in private practice in major law firms, in business and with leading legal publishers, such as LexisNexis (LexisPSL) and Thomson Reuters. Paul joined Shoosmiths in 2019.
Paul is a prolific writer and, through thought leadership, is determined to help drive change in the legal sector, not only through the use of legaltech, but by focusing on the human side of legal practice too. Together with colleagues David Jackson and Tony Randle, he has recently published a book on the future of legal practice: Legal Practice in the Digital Age. The book shows how lawyers can embrace technological change through taking a people-centric approach, being creative with technology and innovation, and entrenching forward-thinking new mindsets into their firm's DNA.