What impact is AI having in legal & compliance?
Source | blog.global.fujitsu.com | Albert Mercadal Playa
The usually calm world of legal and compliance suddenly finds itself at the forefront of change – and it’s not an altogether comfortable experience.
“Our legal department was slow to adapt when the company completely shifted its growth focus”, admits the General Counsel of a telecommunications company in a recent Gartner note.
“It hurt legal’s credibility, and mine personally.”
Considering, as Gartner goes on to estimate, that “…the average legal department lawyer spends 25% – 40% of their time on work that doesn’t even need to be done by a lawyer — at an annual cost of $2.7 million”, then it’s unsurprising that 80% of legal and compliance departments consider digital transformation as a must-do.
Data analytics and Artificial Intelligence (AI) look like the most likely candidate technologies to achieve this, with 16.7% and 53.3% respectively of law firms already testing them.
The sudden flip in expectations is mostly down to the acknowledgment that data analytics can now extract meaning, rather than just data, from documents, and that AI is capable of initiating action based on that meaning.