Part one of our two-part blog series about early adoption of agentic AI systems for law firms
In the legal profession, staying ahead of technological advancements is a key part of maintaining a competitive edge. One particular advancement that is gaining traction is agentic AI. Unlike generative AI (GenAI), which often operates in a linear, step-by-step manner, agentic AI systems can autonomously perform tasks by orchestrating various tools and making decisions based on predefined objectives.
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The significant opportunity cost of waiting
What the future holds for agentic AI
Understanding agentic AI
Agentic AI in legal can automate and improve many tasks that lawyers currently manage. It can process large volumes of information, apply complex reasoning, develop new arguments, and even construct cases. By handling these tasks, lawyers can concentrate on more strategic and valuable work, which can lead to better efficiency, productivity, and quality of life.
A significant advantage of agentic AI is its ability to analyze unstructured data. Law firms often have extensive data from previous cases, transactions, and client interactions. An agentic AI tool can sift through this information to offer insights and recommendations that might give firms an edge over their competitors. For instance, it can identify successful legal strategies or forecast outcomes based on past data.
Additionally, agentic AI can help law firms retain valuable insights from numerous transactions. This means that when lawyers move to different firms, they cannot take these insights with them, making it more appealing for lawyers to stay at a firm that has invested in this technology.
Press release
Thomson Reuters ushers in the next era of AI with launch of agentic intelligence
Discover agentic AI now ↗Using agentic AI in law firms
Lawyers frequently find themselves bogged down by tedious, repetitive tasks that slow their workflow. Agentic AI can significantly streamline common responsibilities, from legal research to drafting documents. With a reduced workload, lawyers can focus on more critical tasks, enhancing overall productivity.
Agentic AI can also improve decision-making by integrating professional-grade tools and proprietary data. In the legal industry, analyzing laws and regulations can be subjective and context dependent. But agentic AI has the ability to provide accurate and nuanced insights, especially when interpreting information in the context of a specific case.
Moreover, the customization and flexibility of agentic AI systems are key advantages. Lawyers can set specific objectives and parameters, ensuring the technology aligns with the unique needs of their practice.
The significant opportunity cost of waiting
Despite the clear benefits, many law firms are adopting a ‘wait and see’ approach when it comes to agentic AI. However, this delay can be risky. It takes time to learn and become proficient with new technology, and firms that postpone adoption will need to invest significant time and resources to catch up. By the time they decide to use AI, their competitors might already be ahead, posing a serious risk to their livelihood.
Firms that adopt agentic AI early can gain substantial advantages in efficiency and competitiveness. They can retain talent better, manage more work, and shift to fixed fee agreements. Those that delay might miss these opportunities, making it harder to compete in the long run.
What the future holds for agentic AI
Agentic AI can offer astounding benefits to law firms by automating and enhancing various tasks, leading to improved efficiency and productivity. Those who embrace agentic AI solutions now will develop valuable knowledge about AI capabilities and limitations, positioning them to make more strategic decisions about future tech investments. Tech-forward legal services are fueling client expectations, so early adoption also demonstrates a commitment to innovation and value to clients. By leveraging agentic AI now, your firm will be better positioned to meet the demands of a rapidly changing legal market.
Ready to shape the future of your practice? Read the next part of this blog series, where we explore how to evaluate potential AI partners and discuss the role of Thomson Reuters as a leader in agentic AI.
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