Extract from Geoffrey D. Ivnik’s article “New Revenue Streams: Getting the Right Skills in Place Is Essential”
The rising adoption of generative artificial intelligence (Gen AI) technology in the legal profession is having an impact on all areas of law firm operations, including staffing decisions.
Nearly four in 10 (38%) of senior Am Law 200 lawyers say their firms are planning to hire technologists such as data scientists or engineers to support their Gen AI programs, according to the 2024 LexisNexis Investing in Legal Innovation Survey.
According to the new report Gen AI in Law: Unlocking New Revenues, law firms are quickly discovering the importance of developing the right skills to capitalize on the potential of Gen AI to take advantage of new revenue opportunities.
Seize the opportunity to develop necessary skillsets
Adopting Legal AI technology, Gen AI tools trained for the legal profession, means that lawyers will need to be proficient in “prompting” the tools so they can interact with the technology and use it effectively. While lawyers may not need to become AI technologists, firms should increasingly expect lawyers to have some degree of understanding of how to use these tools when they are making new hires, according to the new report, Gen AI in Law: Unlocking New Revenues.
In fact, another key reason for firms to accelerate their Gen AI programs is to help them attract the best new law school graduates.
