Legal firms are witnessing rapid Artificial Intelligence (AI) adoption despite being highly regulated.
PwC‘s recent law firm survey reveals that nearly 90% of the top 100 UK firms have either implemented or tested generative AI tools, a significant increase from 55% in 2023.
Bristol-based VWV team undergo specialised training and utilise external AI tools to enhance efficiency, such as reducing contract review time by 80%.
To ensure successful AI integration, VWV implemented initiatives to engage staff and embed AI tools within teams effectively. For instance, using AI for note-taking allowed trainees to engage more in client meetings, reducing note-taking time by 50%. Additionally, acquiring a tool for drafting reports in commercial property transactions doubled the efficiency of the entire process.
The key lesson learned was that training, generating interest, and fostering enthusiasm among staff are crucial steps for successful AI implementation, as demonstrated by VWV’s experience.
Despite concerns that only firms with extensive resources could benefit from AI, the availability of cost-effective large language models (LLMs) levels the playing field. Success in AI adoption hinges more on cultivating a culture that embraces AI than on financial resources.
Small businesses can unlock the potential of AI by investing in training and motivating their workforce to embrace this transformative technology.
Check out this free resource from Federation of Small Businesses (FSB) with benefits, concerns, plans for the future and recommendations all discussed https://www.fsb.org.uk/resource-report/redefining-intelligence.html