Harnessing the True Potential of AI in Legal Services

Generative AI is reshaping the legal sector, offering law firms a chance to elevate client services, streamline delivery, and craft innovative new solutions - and investment in the technology is soaring. Nearly 90% of the top 100 firms are now using or trialling GenAI tools, a sharp rise from 55% last year, according to PwC’s 2024 Law Firms’ Survey.

Yet despite predictions that legal services are poised for profound AI disruption, significant challenges remain. Scaling GenAI adoption in the legal sector is truncated by investment capacity, data security, regulatory compliance, and lack of technical skills. Many firms are still grappling to unlock  productivity gains, while concerns grow over how automating fee-earning work may impact client demand and pricing structures. 

To realise AI’s full potential, firms need to think beyond pilot projects.  Embracing a bold adoption strategy that encompasses all roles and levels can drive this change. But how can legal services champion the innovation to shift GenAI into a catalyst for growth, not just experimentation?

This Financial Times webinar, as part of the FT’s AI Transformation Series, in partnership with PwC, discussed the current state of AI within the legal profession and the disruption that new tools will bring. The discussion analysed the demonstrated ROI in key operational areas such as document review, e-discovery, contract drafting and due diligence. It explored the untapped opportunities for innovation in underserved applications, where these tools may be overlooked. 

AI in Law

The legal sector has a fundamental productivity challenge that needs solving. With the traditional approach of increasing rates and billing more no longer sustainable, how can AI forge a path to sustainable productivity and profitable growth? 

Choosing the Right AI Strategy

Buy, build or blend? - What are the trade-offs between proprietary systems, out-of-the-box models, and hybrid approaches, such as training on firm-specific data?

Fostering AI Literacy & Enhancing Legal Training

How can firms and in-house teams foster AI literacy, especially in the context of change it will bring to junior legal roles? And how might it, in turn, help more junior roles find better quality technical (legal) training?

FT Live Digital Dialogues are fully digital 50 minute event experiences delivering maximum engagement. Live webinars provide unique opportunities to engage global senior audiences. All access, digital passes include access to all the live sessions PLUS all sessions on demand for 30 days. Join the conversation.

© Financial Times Live

FT Live and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice