New research insights published by Info-Tech Research Group highlight how AI is reshaping the legal landscape to enable firms to enhance efficiency, improve client satisfaction, and mitigate risks. The firm’s resource, Legal AI Summary:
How AI Augments Law Firms and In-House Legal Teams, highlights how AI-driven tools like automated contract review and legal research platforms are transforming traditionally time-intensive tasks to allow legal professionals to allocate more time to strategic decision-making and client engagement. The report also details five of the leading AI-powered solutions in the software marketplace.
TORONTO, January, 2025 /PRNewswire/: The legal industry is undergoing a significant transformation driven by exponential advancements in artificial intelligence (AI). This shift is reshaping traditional practices, enabling legal professionals to address growing complexities while meeting client demands with greater precision and efficiency. To help law firms and in-house legal teams navigate this new landscape, Info-Tech Research Group has recently published its Legal AI Summary: How AI Augments Law Firms and In-House Legal Teams report. The global research and advisory firm’s report outlines a roadmap for IT leaders to address critical industry challenges, such as talent shortages, cost pressures, and increasingly intricate legal workflows. The research insights from the firm will help guide IT in the legal sector on how to help their organizations deliver higher-value services to their clients.
“AI is no longer a distant concept for the legal industry; it’s a practical and essential tool for addressing the mounting pressures faced by firms and in-house teams,” says Rob Garmaise, Vice President of Artificial Intelligence Research at Info-Tech Research Group. “By adopting packaged AI solutions, legal professionals can automate routine tasks, deliver higher-quality services, and focus on strategic, high-value activities that drive client satisfaction and organizational success.“
The firm’s report emphasizes that the adoption of AI is critical for legal firms aiming to remain competitive. Packaged AI applications, which require no specialized expertise or complex infrastructure, are highlighted in the report as ideal entry points for legal teams. These solutions simplify workflows, streamline document review, and enhance collaboration, making them invaluable tools in today’s demanding legal environment.
Key Benefits of Leveraging AI-Powered Tools in the Legal Industry from Info-Tech’s Report:
Info-Tech’s Legal AI Summary: How AI Augments Law Firms and In-House Legal Teams report outlines how AI-driven tools are transforming legal workflows and empowering legal teams to engage more meaningfully with their work. In the report, the firm’s research insights indicate that by bridging information gaps, fostering smarter collaboration, and enhancing operational efficiency, AI-powered solutions can enable organizations to realize the following benefits:
- Increased Efficiency: Automating time-consuming tasks like legal research, drafting, and contract review reduces operational costs and accelerates workflows.
- Enhanced Client Satisfaction: Faster turnaround times, tailored legal solutions, and improved accuracy strengthen client relationships.
- Risk Mitigation: AI tools improve compliance, detect errors, and ensure consistent quality across legal documents.
- Empowered Legal Teams: By eliminating repetitive tasks, AI allows legal professionals to focus on strategic and creative aspects of their work.
- Improved Knowledge Management: Advanced AI solutions optimize knowledge sharing and document retrieval, fostering better collaboration within teams.
“AI is set to revolutionize the legal profession far beyond operational efficiency,” explains Garmaise. “AI’s transformative potential includes enabling alternative pricing models like fixed-fee arrangements, fostering workforce diversification by integrating skills in technology and data science, and expanding access to justice by making legal services more affordable and accessible through streamlined workflows.”
Featured AI-Powered Solutions for Law Firms and Legal Teams:
The firm’s report also highlights the following five leading AI-powered platforms that are helping to revolutionize the legal industry:
- Alexi: Streamlines legal research and memo creation, saving significant time and costs.
- NetDocuments’ PatternBuilder MAX: Automates the entire document lifecycle, improving drafting efficiency.
- DraftWise: Enhances legal drafting by providing access to precedents and automating contract playbooks.
- LegalOn: Speeds up contract review processes for in-house teams, ensuring compliance and reducing reliance on external counsel.
- Lexion: Manages contract lifecycles, automating workflows and fostering collaboration between legal and business teams.
Info-Tech’s Legal AI Summary provides law firms and in-house teams with practical strategies and insights for adopting AI solutions as they navigate the complexities of today’s legal landscape. By offering actionable insights into addressing critical challenges affecting the industry, the report equips legal professionals to strategically implement AI technologies and position themselves for sustainable, long-term success.
For exclusive and timely commentary from Info-Tech’s subject matter experts, including Rob Garmaise, an expert in the AI space, and to access the complete Legal AI Summary: How AI Augments Law Firms and In-House Legal Teams report, please contact [email protected].
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