Law Firms Rapidly Adopt AI Technology

The legal industry is rapidly adopting artificial intelligence (AI) tools, with large firms leading the way but mid-sized firms like Whiteford also making significant strides. A LexisNexis survey revealed that 53% of large firms have already purchased AI solutions, while mid-sized firms have seen a jump from 2% to 20% in adoption. As technology attorneys experience a boom in demand due to the complexities surrounding AI, they are assisting companies with compliance and policy development. Financial institutions are particularly benefiting from AI in risk management and compliance, allowing for real-time monitoring of regulatory adherence. Meanwhile, tech transactions lawyers must now navigate a broader range of issues related to AI, including data ownership and liability for AI-generated decisions. This technological evolution is reshaping the legal landscape, necessitating a reevaluation of skills and practices within the industry.