The time saved using this technology could allow your team to bill more, work less, bring in new business and strengthen client relationships.
Eyes open to the risks
So, the upsides to AI technology are rich and plentiful. However, it is important to understand the potential risks. The recent generative AI survey from LexisNexis found that 90 per cent of lawyers had concerns about the technology.
The key worries are about the reliability and accuracy of the outputs and the security of the tool itself. Yet, according to the 2023 LexisNexis Bellwether report, 24 per cent of respondents said they’d consider using public-access or free-to-use AI sources. Of that number, three-quarters said they’d accept a risk level of up to 70 per cent. For a profession that trades on accuracy and reliability – this is concerning. Public access AI is not trained on legal content, nor is it trained to respond to legal questions or prompts. This can lead to errors, hallucinations (content that is entirely fictional, but is presented as fact) and bias.
These risks can be reduced when the AI tools are grounded on trusted and audited legal content. LexisNexis has one of the world’s largest collections of legal content – ranging from primary and secondary law, legal encyclopaedic works, practical guidance and precedents. When a legal question is asked of LexisNexis’ tool, Lexis+ AI, it sources its answer from the huge collection of curated LexisNexis content and it offers a direct link to the grounding content so that the legal practitioner can check for themselves what the law actually says.
To have faith in the accuracy of an answer, AI tools need refining. This needs an army of legal subject matter experts and data scientists who review outputs and provide clear guidance on what needs to be improved to meet the legal use case. With more than 2000 specialists around the world, LexisNexis collaborates closely with experts at leading law firms such as Macfarlanes, Pinsent Masons and CMS UK. These experts are part of a testing and feedback programme, challenging Lexis+ AI with real-life scenarios.
Boosting productivity and unlocking benefits with generative AI tools
The 2024 generative AI survey revealed that the top two priorities for generative AI are document drafting (91 per cent) and researching legal matters (90 per cent). Unsurprisingly, text-based tasks such as writing emails and document analysis were also in high demand.
We are on the brink of a new horizon for the legal market. Large firms, small firms, solo consultants, barristers and in-house departments are all set for a changing legal landscape.
From improving the client experience, enabling organic growth, forging new career paths, and helping solve the emerging talent crisis, the opportunities for legal practitioners who embrace this tech are significant and boundless.
