According to Thomson Reuters’ new report, Ready or Not: Artificial Intelligence and Corporate Legal Departments, “corporate counsel believe they are tech savvy but acknowledge that their comfort level and confidence with technology have limitations, specifically around artificial intelligence (AI).” From the press release:
The report notes that more than half (56%) of in-house attorneys either perceive that AI technology is not used or are not yet familiar with the use of AI technology in their legal department. And for others, there is skepticism about its reliability and cost-effectiveness. Despite the unknown, some in-house attorneys surveyed envision AI as being beneficial in increasing efficiency (17%), reducing costs (13%), minimizing risk (7%) and supporting document review (6%).
The top concern among respondents in using AI was cost (19%), as the mantra of doing more with less and budget constraints were key factors to adoption. Reliability (15%) was another concern, especially in areas of ethical considerations and confidentiality. A third concern is a constant with any new technology or process: change management (9%).
H/T to Bob Ambrogi’s LawSites post. — Joe