Law firms increasingly reliant on tech specialists
By Law News
Forty-three of the top 50 UK law firms have a chief technology officer, or a C-suite-level tech specialists, according to a recent survey.
More than three quarters of law firms cited digital transformation as a high or medium priority last year and many firms have appointed a CTO to drive this transformation, Thomson Reuters revealed in its State of the UK Legal Market Report 2023.
In a press release, the company said:
"The role of a CTO will only grow in importance with the increase in use of AI within law firms. The recent explosion of interest in generative AI such as ChatGPT, is already though to be influencing technology investment strategy within law firms. One-third of law firms globally are considering adopting generative AI, with 80% of law firm leaders believing generative AI can be used for legal work.
"More law firms are becoming aware of the benefits AI can provide in boosting efficiency and adding value for clients. The technology can analyse vast amounts of legal information, streamline the document review and due diligence process and automate routine and repetitive tasks. Through machine learning algorithms, AI can also analyse historical case data, identify patterns and predict case outcomes. These benefits can help a lawyer devote more of their time on tasks that require critical judgment and less on monotonous administrative tasks."