Three-quarters of top 20 UK law firms now promote use of AI to clients
updated on 02 September 2024
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Larger law firms are more advanced in their integration and promotion of AI within their services compared to mid-tier firms, according to research from Thomson Reuters.
Thomson Reuters’ 2024 Future of Professionals report found that 75% of the top 20 law firms in the UK actively promote their use of AI to clients. However, only 45% of the law firms ranked from 21 to 40 in the league table do the same. Meanwhile, enthusiasm among UK lawyers for AI tools is high as 79% believe that AI will have a transformative effect on the legal profession.
The research also found that 35% of the top 20 UK law firms have developed their own AI tools for internal use, while 65% have adopted third-party AI-powered solutions. In terms of leadership, 35% of the top 20 law firms have appointed a head of AI to manage internal adoption and usage of AI, compared to 20% of firms ranked 21 to 40 by turnover. In addition, 60% of the top 20 law firms have dedicated internal for AI-driven digital transformation, while only 30% of law firms ranked 21 to 40 have similar teams.
Head of Legal Professionals, Europe at Thomson Reuters, John Shatwell, said that “the legal industry has been incredibly quick to identify the potential of AI” and it’s optimistic about the technology’s ability to improve productivity and client service. Shatwell added: “There is a growing consensus in law firms that AI is going to be essential to maintaining their competitive edge and to meeting client expectations.”
Shatwell also highlighted that there’s a concern among lawyers (29%) that their law firms are “moving too slowly in terms of AI adoption”, which may lead to “both internal and external pressure for law firms to develop their AI offering for clients”.
The research suggests that law firms anticipate that AI investments will not only help them win new business, but also deliver significant improvements in productivity. Meanwhile, lawyers expect to save up to 138 hours in their first year by using AI tools, allowing them to focus on more complex tasks.
