The Legal Software Suppliers Association (LSSA) has posed a query regarding the influence of AI tools in the legal technology industry and its projected evolution in 2024. The association has underscored the fact that Artificial Intelligence encompasses more than just ChatGPT, challenging the conventional understanding of the technology.
Throughout 2023, numerous sectors experienced the emergence of generative AI, with law firms and the legal sector as a whole striving to harness and take advantage of the capabilities offered by AI. The LSSA is forward-thinking, contemplating the opportunities and obstacles generated by innovation in the sector.
Kevin Horlock, CEO of LSSA, alongside esteemed LSSA members, deliberated on the impact of AI in the legal technology industry in the inaugural installment of a series of legal technology prognostic articles. Concerns have been voiced regarding the use of ChatGPT in court, with instances where attorneys have compromised the credibility of their defense after utilizing the tool to condense notes.
John Flanagan, Head of Product at LEAP, underscored the significance of harnessing the potential of AI, drawing parallels between the current state of AI and the state of the industry 15 years ago with cloud technology. He stressed that failing to utilize AI would be a detriment, as it has the capability to function as a co-pilot in the legal sector, leveraging data, referencing case law, and analysing other data to achieve optimal outcomes for clients.
Chelsea Goldsby, Operations Director of Osprey Approach, highlighted the inevitable impact of AI tools on the legal sector, enabling teams to work swiftly, produce more precise work, and ensure compliance. She emphasized the necessity for a cultural shift in law firms to embrace AI opportunities and innovation, advocating for experimentation and a receptive attitude towards change.
Oliver Tromp, UK Vice President of Action Step, predicted an uptick in the utilization of large language models (LLMs) in various areas, such as document automation, legal research, contract review, chatbots, compliance monitoring, and predictive analytics in 2024. He also anticipated that machine learning would enhance time recording solutions, proposing time entries based on the actual work done by lawyers.
Kevin Horlock, CEO of LSSA, concluded by underscoring the importance of data protection and the necessity for software that fulfils the requisites of law firms. He emphasized that the selection of appropriate software can significantly impact a law firm’s performance, urging firms to thoroughly contemplate their technological investments.
In conclusion, the legal industry is swiftly evolving with the integration of AI tools. As the use of AI becomes more pervasive, it is imperative for law firms to embrace innovation and make well-informed choices regarding technology in order to thrive and prosper in the future.