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March 12, 2024

The Impact of AI on Legal Talent in the Corporate World

Author: Lalitha Janarthanan

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“You can have a job if you wanted to have a job for personal satisfaction. But the AI would be able to do everything,” quoted Elon Musk which squarely summarizes the challenge that AI could pose to all professionals including lawyers in the corporate world as of today.

Though AI has taken the entire world by storm and has all potential to become the “most disruptive force in history”, Eliezer Yudkowsky, co-founder and research fellow at the Machine Intelligence Research Institute has rightly pointed out that “By far, the greatest danger of Artificial Intelligence is that people conclude too early that they understand it.”

AI is widely used by all departments in the corporate world, and the legal industry is no exception to this technical advancement. Though we still have not hit the stage where AI could replace the involvement of lawyers completely, it is steadily transforming the practice of law.

In areas such as contract review, legal research, and document review, AI powered tools can rapidly increase productivity.  Done through faster automation, the analyzing of contracts, identifying of relevant cases, statutes, and regulations, providing insights to help legal professionals make better-informed decisions, and keyword searching in e-discovery, all become significantly more efficient, accurate, and streamlined, transforming the landscape of legal practice.  As these complex, and heavy lifting tasks become efficiently managed by AI tools with more speed and accuracy compared to human intervention, the requirement to hire and train associates in a law firm may slowly reduce. Also, as it is cost effective, the large law firms may prefer to use AI rather than investing on human intelligence where the consistency cannot be promised, and the accuracy rate of the output can be fluctuating.

An important reason for the growing significance of AI in the legal arena is its ability to process and analyze vast amounts of legal data while providing insights quickly and accurately that can assist lawyers in constructing their case and identifying the authorities and precedents that are relevant to the case. While a human-in-the-loop strategy may be necessary for handling complex legal concepts and nuanced tasks like contract drafting, negotiation, and forecasting legal outcomes, AI possesses the potential to render various roles obsolete in the near future. Nonetheless, this shift also opens opportunities for specialized roles in the industry. Lawyers who possess both legal and technical expertise, capable of assessing AI outputs and comprehending complex algorithms, will find themselves in high demand in the near future.

To meet market requirements, law schools will have to include training and courses on AI, which will allow law students to stay relevant and enhance their skill set to match market standards. Prior knowledge in using AI powered tools will not only assist students to stay abreast of competition but will also help them to assess the accuracy of the results and understand the necessity to protect the confidentiality of the data shared by the client. Interestingly, Clare Hart, CEO of Williams Lea opined, “AI won’t take your job… someone who understands how to use AI will.”

The excessive promotion of AI tools in the market, could lead to misleading the clients into believing that legal research can be conducted without the need for a lawyer, overlooking the potential risks associated with AI. This can reduce the number of clients that may approach a lawyer for their legal needs.

In the coming days, there will be less administrative work performed and a large amount of research work and drafting will be removed from the lawyer’s responsibility due to AI usage. However, there could be an abundance of copyright and noncompliance cases, where AI is predominantly used without complying with the regulations and policies. Furthermore, legal advice could become more cost-effective, potentially reducing the number of associates needed per case. This might narrow the fee gap between larger and smaller law firms.

Currently, the major concern over the utilization of AI tools is whether it is accurately and responsibly used by the lawyers without compromising the ethical standards. Though AI has made the review and research tasks easier it comes with its challenges as well. Privacy and data security emerge as major issues when employing AI, due to the lack of transparency about which external parties might access the confidential and sensitive information we upload to third-party platforms.

In addition, the application of AI must be monitored and there needs to be a structured process for application as it could go wrong and one needs to have a system of checks and balances to validate the output of AI. Proxiio Global Solutions Pvt Ltd understands this and has structured and defined a validation plan outlining the best practices and guidelines. Its robust team has prior experience and expertise finalizing data sets for training. Constantly monitoring and redefining searches to enhance results, a summaries report is also maintained to document these results. After carefully understanding and finalizing the requirements of the client, Proxiio customizes a roadmap highlighting the guidelines, deviations, validation methodologies and other stringent methods that need to be followed to streamline the effort. In an era where AI's role in legal services is rapidly evolving, Proxiio's forward-thinking approach ensures that your firm not only meets the current demands of the market but also anticipates future trends. Our holistic AI solutions are designed to optimize your legal operations, reduce costs, and secure a competitive edge.

Proxiio is your partner in transforming legal practices through AI. By embracing our comprehensive AI solutions, you equip your team with the tools necessary for success in a technology-driven world. Join us in leading the legal industry into a new era of innovation and excellence.

“Success in creating AI would be the biggest event in human history. Unfortunately, it might also be the last, unless we learn how to avoid the risks” mentioned Stephen Hawking, Theoretical Physicist, Cosmologist, and Author. While it's premature to forecast the trajectory of AI adoption given the market's ongoing maturation and its eventual effect on legal professionals in the corporate world, there's a consensus that lawyers must integrate AI more responsibly into their daily practices. Doing so is crucial for maintaining competitiveness in the ever-evolving legal landscape. 

Contact Proxiio Today

Unlock the full potential of AI in your legal operations with Proxiio Global Solutions. Contact us to discover how our AI services can revolutionize your practice and prepare you for the future of legal services.

Lalitha Janarthanan
Assistant Vice President

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