Extract from Sarena Regazzoni’s article “Legal Tech Predictions for 2024: Embracing a New Era of Innovation”
As we step into 2024, the legal industry continues to be reshaped by technological advancements. This year promises to bring new developments that could revolutionize how legal professionals work and interact with clients. Here are key predictions for legal tech in 2024:
Prediction for 2024: Increased Adoption of Generative AI for Legal Services Use Cases
Last year, generative AI took the world by storm. And this year, we predict we’ll see more adoption of AI which is expected to revolutionize many aspects of the legal industry in the near future. With its ability to perform a variety of tasks, including drafting specific clauses, creating initial drafts of legal documents, summarizing documents, reviewing, translating, searching and retrieving, analyzing, comparing documents, responding to case-specific questions, automating deposition outlines, automating e-discovery, reviewing documents on a large scale, and automating Intellectual Property (IP) management, AI is set to become an essential tool for legal professionals. It is predicted that AI will significantly improve efficiency, speed, and accuracy in the legal industry.
Prediction for 2024: Evaluation of Generative AI Shifts From What’s Possible to What’s Practical
In 2024, we believe we’ll see the focus shift from merely showcasing AI capabilities to practically integrating them into business operations. Hanzo CEO Julien Masanes anticipates that companies will seek to emerge from the common trap of “pilot purgatory,” where organizations are stuck in endless AI testing cycles without full-scale implementation. Masanès suggests the key to escaping this is by prioritizing AI applications based on their practical value, adoption, and feasibility, with an emphasis on targeting core business outcomes like customer acquisition or service improvement. A practical application of AI in eDiscovery is where AI efficiently assesses relevancy in legal operations, seamlessly integrating into existing workflows and enhancing decision-making speed. Enterprises will adopt this strategic approach, focusing on real-world applications and incremental changes, marking the transition from AI experimentation to evolutionary transformation.
