AI: All of the Top 20 held events
New research highlights the importance of using artificial intelligence (AI), and is seen to use it among the largest law firms.
Three-quarters of the top 20 implemented third-party AI-powered tools focused on digital transformation using AI or machine learning, with 45% building their own AI tools or customizing existing tools with joint ventures.
Over half (55%) have received AI skills training for staff, while six of the top 20 have made venture capital-style investments in AI companies and created incubators focused on AI innovation.
Meanwhile, a Thomson Reuters survey found that all top 20 members will publish AI reports or hold AI-related events, with all but AI promoting the use of AI.
All of these figures are significantly higher than the next 20 largest companies, with 60% of which employ third-party tools that encourage AI and half of them.
The top 20 also places themselves to advise AI clients. 65% have a new division to do so, or have an AI head of legal advice, compared to just 15% of the next 20.
A third (35%) of the top 20 law firms have published AI ethics frameworks or client codes of conduct, compared to just 10% of the following corporate groups.
“We're looking forward to seeing you in the process of doing things,” said Raguo Ramanathan, president of Thomson Reuters legal experts.
“Top law firms recognize that it is not only about adopting this technology, but also about ensuring that training programs are effective and responsible for use.”
Meanwhile, Cilex launched the Cilex AI Academy and collaborated with the online learning platform 5mins.ai to provide personalized AI training to its members.
Offer short sessions on generative AI tools, rapid engineering, AI ethics, data security and professional responsibilities online or via mobile apps.
Toby Moseley, Commercial Director at Cilex, said: “While AI has a major impact on the legal sector, there are many risks left outside the UK's biggest companies, and there are many risks that are struggling to maintain the urgent need for new developments and emergency staff.
“Since traditional training options don't always keep up to the pace of change, the new academy is designed to evolve to help employees get trained with the most up-to-date information.”
