Lawyers anticipate major AI time savings

A recent survey by Thomson Reuters reveals that UK lawyers are increasingly optimistic about the impact of AI on their profession, predicting significant time savings and productivity gains. The survey, part of the 2024 Future of Professionals report, shows that lawyers expect to save nearly 140 hours annually through AI-powered technology—a time savings valued at up to £51,000 per lawyer.

Kriti Sharma, Chief Product Officer for Legal Tech at Thomson Reuters, highlighted the growing enthusiasm among legal professionals: “The legal profession has recognised the potentially significant productivity benefits of leveraging AI. It’s exciting to see law firms running AI pilot programs and making long-term investments in the technology as trust around safe usage grows.”

Kriti Sharma emphasised the broader impact of these advancements: “With 102,000 lawyers working at UK law firms, three hours of time saved per week will help unlock potential for more creativity, strategic thinking, and even better service. It also could translate to a significant boost to the UK economy.”

The report estimates that by the third year of AI adoption, lawyers will save seven hours weekly, rising to 11 hours by the fifth year. This would amount to over 1,500 hours saved per lawyer over five years.

UK lawyers are particularly enthusiastic about AI, with 79% believing it will have a "high or transformational impact" on the legal profession within the next five years. Additionally, 73% view AI as a "force for good" in the industry, and 54% estimate that over half of their work will involve AI-powered technology by 2029.

The study also found that UK lawyers are more open to AI's ethical implications than their international counterparts. A striking 92% of UK lawyers consider it ethically acceptable to use AI for basic drafting, a higher percentage than those in Canada (82%), the US (75%), and Latin America (78%).

Regarding the specific benefits of AI, 56% of UK lawyers are most excited about the time savings AI will bring. Of these, 34% are enthusiastic about the time it will free up, while 22% look forward to the increase in productivity. Meanwhile, 36% are excited about the direct value AI will add to their work.

As the legal sector continues to evolve with technological advancements, UK lawyers are leading the charge in embracing AI, seeing it as a tool that not only enhances efficiency but also adds significant value to their work.