Lawyers tip AI to boost growth, billings
Lawyers and other professional advisers regard artificial intelligence tools such as ChatGPT as another vehicle to boost profits, and are looking forward to junking menial work as the technology improves.
These are the findings of a survey by Thomson Reuters of more than 1200 people working in professional services firms, in-house departments and government agencies in the United Kingdom and the Americas.
Two in three (67 per cent) forecast that the emergence of AI and generative AI would have a “transformational” or “high” impact over the next five years, compared with 53 per cent expecting that impact from the cost of living crisis.
The Future of Professionals report says AI will be “the catalyst for transforming every aspect of work”.
“The majority of professionals perceive AI as a catalyst for growth,” the report says.
“Whether it is firm growth or in-house departments seeking to facilitate revenue generation through offering new services or products, professionals
employed in both firms and corporations see AI as having the ability to enable growth opportunities.
“For firms, AI reduces friction to launch new advisory services or expand into new markets.
“For example, AI potentially can free up time for professionals to identify and evaluate attractive markets for expansion. For corporate departments, AI can assist in the development of new products and services that could further company growth.”
The survey focused on those working in legal, tax and accounting, global trade, risk and compliance fields. It reported that law firms see two particular opportunities for AI to boost productivity – saving time via large-scale data analysis and performing non-billable, administrative work with
greater accuracy.
“Both
Read more on afr.com
