It is undeniable that the future of work is set to be revolutionized, driven by the power of AI. At Thomson Reuters, we are committed to understanding how this evolving technology is truly impacting the professionals and industries we serve as well as the greater society at large — today and tomorrow.
Our Trust Principles and Purpose — To Inform the Way Forward — drive us to serve our customers with integrity, promote access to justice, and champion truth and transparency. It is through this lens that we view the potential of AI for legal work as a powerful force for good, especially for legal professionals.
The new Future of Professionals report explores how artificial intelligence (AI) and human expertise will shape the roles and skills of professionals. The report is based on a survey of 1,200 professionals from North and South America and the UK.
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Future of Professionals Report
How AI is the Catalyst for Transforming Every Aspect of Work |
Key findings for legal professionals
Legal professionals recognize that AI can help automate routine tasks, such as document review, contract analysis, and e-discovery, saving time and costs. AI also has the potential to enhance their decision-making, by providing insights, predictions, and recommendations based on data and analytics. Ultimately, AI can enable legal professionals to deliver better outcomes for their clients and stakeholders, by improving the quality, accuracy, and efficiency of their services.
However, AI does not replace human expertise and value. Legal professionals still need to leverage their domain knowledge, ethical judgment, creativity, and emotional intelligence to complement AI and provide trusted advice and guidance. Legal professionals also need to adapt and upskill to the changing landscape. They need to embrace lifelong learning, develop new skills and competencies, such as data literacy, digital fluency, and critical thinking, and adopt new ways of working and collaborating with AI, such as co-creation, supervision, and oversight.
While some currently see AI as a threat, it is in fact an opportunity for the legal profession. By harnessing the potential of AI, legal professionals can enhance their roles, expand their services, and create more value for their clients and society.
How AI can reshape productivity for law firms
AI can help legal professionals do large-scale data analysis faster and better than before. It can also handle non-billable administrative work with more precision, reducing errors and costs. These benefits mean that legal professionals can spend more time on billable work. One survey respondent said that AI could also help them track their time and billing more effectively, which they sometimes forget to do.
AI can also reduce revenue loss from write-offs. AI can help law firms avoid write-offs by improving their workflows and processes, making them more efficient and profitable. Not only will the automation of mundane tasks free up time for professionals to focus on higher-level tasks, but they will also find creative ways to use AI tools to deliver value in ways we can’t yet imagine.
Recommendations
- Legal professionals should adopt a growth mindset and be open to change and innovation. They should seek to understand the potential and limitations of AI, and how it can enhance their work and value proposition.
- Legal professionals should invest in their continuous learning and development. They should identify the skills and competencies that will be in demand and pursue relevant training and education opportunities.
- Legal professionals should uphold the highest standards of professionalism and ethics. They should ensure that AI is used in a lawful, fair, and accountable manner and that it respects the rights and interests of their clients and stakeholders.
