A few days ago, I attended a terrific Association of Corporate Counsel -Chicago luncheon that was sponsored by Thomson Reuters on the topic of “Managing Legal Departments’ Priorities: Insights & Tools for Success.”
Hillary McNally from Thomson Reuters delivered a great presentation on the increasing opportunities for in-house counsel to leverage leading technology like artificial intelligence (“AI”) and large language models (“LLMs”) to drive better scale and legal services to their clients.
My favorite slide from the presentation AKA “the money slide” 💸 is above which outlines these 5 legal subject matter areas where AI and LLMs can be used as a tool for corporate counsel to work more efficiently:
📃 Contract Analysis
⚖️ Regulatory Compliance
📄 Document Drafting
📚 Legal Research
💡IP Management
As AI and LLM tools become more mature and prevalent, we will see even more subject matter areas where these tools will enhance the delivery of legal services by lawyers and legal professionals.
My tips when using AI in the legal profession are to start with small projects, work with AI providers who you can trust and learn from others in the profession who are already using AI technology to deliver legal services to their clients.