IANS | 28 Apr, 2024
Generative AI (GenAI) has tremendous potential for bringing more
automation to the global legal technology sector that is likely to reach
$50 billion (in value) by 2027, albeit with some riders.
According
to Gartner, there has been key growth in technology adoption for spend
management, e-billing, contract lifecycle management, legal matter
management and legal document management.
Incorporating GenAI into these applications will only accelerate purchasing and adoption, said the report.
Chris
Audet, Chief of Research for legal, risk and compliance leaders’
practice, said that the widespread availability of consumer tools such
as OpenAI's ChatGPT and Google's Bard, will quickly increase the number
of established legal technology use cases.
According to the report, lawyers also need to understand the limitations and risks of using GenAI as well as its potential.
It
is essential to check the output of GenAI. It is not a suitable
technology at this stage to complete tasks without review, the report
advised.
"As various business functions pursue automation, legal
leaders may find themselves facing some tough questions from senior
leadership if they haven’t evaluated its potential in the legal
department," Audet noted.
According to the report, new
technologies can fundamentally change the way legal organisations
perform business and GenAI has the potential to help.