Generative AI drives institutional changes in the legal sector

In the FT Accelerating Business series, RSGI researchers look at how “back office” functions are utilising data and technology to increase the speed of business. Our latest reporting has revealed how generative AI companies are challenging incumbent technology and alternative service providers to rethink their business models and work out how they can survive as in-house professionals integrate AI directly into their business. We also found the technology holds the potential to help purchasers make more informed decisions when choosing which providers to work with. While these changes rattle the industry there is also excitement about the ways AI are already improving professional services, and we looked at collaborative initiatives to standardise legal taxonomies so that the technology can be adopted faster and start making a major difference to the way businesses process legal work.
This article features case studies in:
- integrating AI use
- cutting time spent on contracts
- procurement and billing
- standardising legal data
Our research found examples from legal research to analysing new legislation where use of AI dramatically speeds up processes.
Read the full story here
Digital ratings aim to speed up purchase of legal services
This article looks at the companies which are helping legal service purchasers use data to make informed decisions about the providers they go to, demanding greater transparency from law firms on their strengths and weaknesses.
Generative AI turns spotlight on contract management
Contracts are the bread and butter of organisations but their management is often very wasteful. New software offers possibilities to draft and negotiate contracts faster and with more data at lawyers’ fingertips. It can also help companies know more about what’s in their bank of contracts and make sure they and their partners or customers are meeting obligations.
Generative AI’s challenge to legal sector’s alternative providers
In the past decade law firms have faced a growing threat from ‘Alternative Legal Service Providers’ which provide cost-efficient services for high-volume low-value legal work. But now these companies are themselves in the hot seat as generative AI threatens to undercut their business model.
Wanted: a data standard to underpin lawyers’ use of generative AI
While the legal industry gets excited about generative AI, one fact remains: much of its data is unstructured and messy. Certain legal minds with an eye on the future are collaborating on projects to develop legal standards that will make it easier to put the technology to use.
