New Delhi: Generative AI (GenAI) has tremendous potential to bring greater automation to the global legal technology sector, which is likely to reach $50 billion (in value) by 2027, although with some conditions. According to Gartner, there has been significant growth in technology adoption for expense management, e-billing, contract lifecycle management, legal case management and legal document management.
The report states that incorporating GenAI into these applications will only accelerate buy-in and adoption. Chris Audette, head of research for the Legal, Risk & Compliance Leaders practice, said the widespread availability of consumer tools like OpenAI’s ChatGPT and Google’s Bard will rapidly increase the number of established legal technology use cases. According to the report, lawyers need to understand the limitations and risks of using GenAI as well as its potential.
It is necessary to check the output of GenAI. The report advised that completing tasks without review is not an appropriate technique at this stage. “As various business functions advance automation, legal leaders may face some tough questions from senior leadership if they have not evaluated the potential for it in the legal department,” the audit said. According to the report, new technologies could fundamentally change the way legal organizations do business and GenAI has the potential to help.
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2024-04-28 19:30:31