One in five legal departments are considering an initiative in artificial intelligence but only six per cent have already implemented or are currently testing out AI tools, according to HBR Consulting’s recent Law Department AI Survey Report. The survey revealed that 57 per cent of law departments said that the implementation of AI is currently a high or medium priority over the next several years. Contract analytics was the area with the biggest opportunity for law departments to leverage AI, 40 per cent of respondents said. Meanwhile 71 per cent believed their legal department's ability to track and manage contractual obligations was 'fair' or 'needs improvement.'
The figures also revealed that 71 per cent of respondents believed that artificial intelligence increased productivity without increasing headcount whilst 66 per cent believed it would improve law department operations and enable self-service by clients. More than one in four of the respondents (26 per cent) said AI would decrease their reliance on outside counsel.