AI: All of top 20 have held events
New research has highlighted the importance of using artificial intelligence (AI) – and being seen to use it – among the largest law firms.
Three-quarters of the top 20 have implemented a third-party AI-powered tool and have a dedicated internal-facing team focusing on digital transformation using AI or machine learning, while 45% have built their own AI tool or customised an existing tool in a joint venture.
More than half (55%) have AI skills training for staff, while six of the top 20 have even made venture capital-style investments in an AI company or created an incubator focused on AI innovation.
Meanwhile, every member of the top 20 has published an AI report or hosted an AI-related event, and all but one promotes its use of AI, according to the research by Thomson Reuters.
All these figures are significantly higher than for the next 20 biggest firms, 60% of whom promote their use of AI and half have adopted a third-party tool.
The top 20 are also positioning themselves to advise clients on AI – 65% have a new division for doing so or have a head of AI legal advice, compared to just 15% of the next 20.
A third (35%) of top 20 law firms have published an AI ethics framework or code of conduct for clients, compared to just 10% of the next group of firms.
Raghu Ramanathan, president of legal professionals at Thomson Reuters, said: “A large majority of law firms now promote their distinction in the use of AI, just as they promote their expertise in specific service lines and industry sectors…
“Top law firms recognise that it’s not just a question of adopting this technology but also ensuring training programmes are in place to use it effectively and responsibly.”
Meanwhile, CILEX has launched the CILEX AI Academy, delivering personalised AI training to members in partnership with online learning platform 5Mins.ai.
It delivers short sessions, either online or through a mobile app, on generative AI tools, prompt engineering, AI ethics, data security and professional responsibility.
CILEX commercial director Toby Moseley said: “No one doubts the significant impact AI is having on the legal sector but outside the UK’s largest firms, many risk getting left behind as they struggle to keep on top of new developments and the urgent need to upskill staff.
“Traditional training options aren’t always able to keep up with the pace of change, so the new academy is designed to evolve to ensure that employees are trained on the most up-to-the-minute information.”