I can’t recall any prior technology that has simultaneously trigged both of breathless enthusiasm and panicked resistance . While the technology shows game changing promise, there are significant ethical, client relations, security and intellectual property concerns which still need to be addressed. The C-Suite survey charts the issues of concern where are impeding adoption of GenAI.

Rapid Uptake and Generative AI investments

  • 53% of Am Law 200 firms have purchased generative AI tools and 45% are using them for legal work
  • Most of the executives surveyed expect their investment in generative AI technologies to increase over the next five years (90%).
  • 70% of Am Law leaders believe Gen AI solutions will enable new value-added work product for clients
  • Firms recognize the potential return on their investment, with 47% believing generative AI technology will decrease costs and 30% believing it will increase revenue.

Priorities for Using Generative AI

Reshaping the Law Firm Business Model

  • More Fortune 1000 executives expect generative AI to produce value for their organizations, with threequarters (76%) expecting cost savings for their legal departments and 72% expecting the technology to increase the ability to complete more work in-house

The GAP in Ai Expectations

  • I found the expectation gap most intriguing. Basically most law firms believe that their clients do not want them using Generative AI tools for in their client work (38%)  and most in house counsel approve of law firms using Generative AI for their company’s work (68%).
  • Both large law firm and corporate respondents believe generative AI technology will impact hiring, with 27% anticipating increased hiring of technologists in 2024, led by 38% of Am Law 200 leaders expecting to increase hiring of technologists, such as data scientists, to support generative AI initiatives at their firms this year
  • While a majority of law firm respondents believe generative AI will impact the apprenticeship model of large law firms (58%), only a small number of legal leaders expect a reduction in legal roles over the next five years.