Extract from Isha Marathe’s article “Law Firms, Legal Departments Are Investing in Gen AI, but for Different Purposes”
At this point in the game, legal’s growing appetite for generative artificial intelligence shouldn’t come as a surprise to anyone who has been following the technology’s trajectory.
However, the “2024 Investing in Legal Innovation Survey” conducted by LexisNexis shows the degree to which law firms and corporate legal departments are penciling generative AI into their budgets.
The two sides of the legal aisle have different motivations for investing in generative AI, and different plans for just how much resources to put behind it. But despite these divergences, there’s little doubt that the industry is forging ahead with the novel technology.
Law Firm and Corporate Gen AI Investment Plans
The LexisNexis survey was conducted between Dec. 6, 2023, and Jan. 9, 2024, and includes responses from 266 managing partners and C-suite leaders at Am Law 200 and other large law firms with 50 or more employees, along with legal professionals at 44 Fortune 1000 companies.
Nearly 90% of all law firms surveyed expect their generative AI budgets to grow over the next five years.
