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HAPPY ANNIVERSARY CHATGPT! Leveraging Generative Artificial Intelligence in Your Law Firm Practice: One Year into this Disruptive Technology Phenomenon - Recent News

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Posted by: Joy Holley on Oct 17, 2023

Generative Artificial Intelligence (“GenAI”) has been a prominent topic in legal news since the release of ChatGPT in November 2022. GenAI stands out due to its wide public accessibility and its potential to profoundly influence the knowledge-based legal industry. In addition to boosting efficiency and productivity, GenAI’s new technological capabilities hold the promise of empowering lawyers to offer more precise and insightful guidance to their clients.

Law firm managing partners and C-suite leaders might find themselves in a dilemma, caught between lawyers seeking the latest AI tools to enhance their practices and the need to manage expenses. Small firms and solo practitioners may not realize the possibilities for GenAI to give them a competitive advantage because of their ability to be more flexible and implement technology faster than larger firms. Corporate legal departments may not understand the range of opportunities GenAI presents to better serve the business and align to the organization’s strategic goals. The sheer abundance of information on AI can be overwhelming, leaving lawyers unsure about how to begin harnessing the potential of this disruptive technology.

To help navigate this new and rapidly evolving landscape, we want to provide an overview of tips and takeaways about GenAI in the legal industry from the past year. The Innovation & Technology in the Legal Profession Committee will be featuring them here over the next several weeks.

#1: Adopt a long-term perspective. If you haven't explored AI for your practice yet, don't worry, you're not falling behind. AI integration isn’t a sprint; it's a marathon. The rate of change will continue to accelerate, and AI tools will undergo significant transformations in the next 18-24 months.

Stay tuned for more information in the coming weeks! If you have GenAI questions or want more information about how to get involved in the committee, please contact me at joy@joyholley.com.


 


The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the policy or position of The Bar Association of Metropolitan St. Louis, the Saint Louis Bar Foundation or BAMSL’s Board of Governors. Acceptance of advertising and new product information does not imply endorsement of products or services advertised or listed nor statements concerning them.

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