legal - kn

Sixty-six percent of legal department respondents are looking to cut back on outside counsel.

2023 will be memorialized as the year that revolutionized the role of AI and legal tech in the legal industry. AI tools are redefining the way legal departments handle workflows, instrumental in automating legal work, and demonstrating value addition to legal departments. 

One of the biggest disruptions in the world of legal was when legal-specific technology (legal tech) made its entry more than 4 decades ago. Let’s go time traveling and jump back in history to find out more about the time legal tech was invented, its adoption, and how it has transformed exponentially over the decades into its myriad current avatars!

AI is having a profound effect on the practice of law. Though AI is more likely to aid than replace attorneys in the near term, it is already being used to review contracts, find relevant documents in the discovery process, and conduct legal research.

2023 ushered in the cutting-edge world of Artificial Intelligence (AI) and legal tech specifically tailored for legal departments and corporate counsel. While ChatGPT burst onto the scene in 2022, it paved the way for AI to be implemented in legal tech. The year saw a rise in M&A activity and millions of dollars being allocated towards legal tech and legal AI.

As part of a legal department, you may have noticed that the term “CLM” pops up frequently. With countless software options available, you might be wondering, “do I need a CLM system?”. Did you know that a study by McKinsey found that 60% of legal professionals reported challenges managing high contract volumes!

Crises in the legal field can arise unexpectedly, threatening the stability and reputation of even the most well-established organizations. JD Supra lightheartedly shares that “crisis planning is not everyone’s idea of a good time,” yet that proverb rings true because prevention is truly better than cure. 

Visionary leaders stand out by staying ahead of the curve, identifying opportunities that remain invisible to others, and maintaining clarity in the face of uncertainty.

In the ever-evolving landscape of technology, there’s a whisper of apprehension among legal professionals: “Can artificial intelligence (AI) replace lawyers?”. It’s a question that stirs emotions, ignites debates, and forces us to confront the very essence of what it means to practice law. As AI advances at an unprecedented pace, it’s natural to feel a mix of excitement and uncertainty about its implications for the legal profession.

Think of a time when lawyers are no longer buried under a heavy heap of paperwork, spending hours together straining their eyes reading the legal texts and combing all sorts of documents. Instead, they are more relaxed, sitting back and sipping coffee, discussing strategies with clients, developing plans for growth and improvement while shifting the heavy burden on the shoulders of their AI assistants. This is not some parallel universe, but the legal profession is undergoing a drastic transformation through artificial intelligence (AI) which is rapidly changing the framework, especially in the areas of legal research and document review.