Stat(s) Of The Week: Gen AI Versus Outside Counsel
Will tech-savvy law departments need less outside help?
As corporate law departments increasingly adopt generative AI, a majority of them expect the technology to reduce their reliance on outside service providers for routine tasks, according to a new study.
A survey of 475 law department professionals by the Association of Corporate Counsel and Everlaw reveals that 58% of legal departments believe that generative AI will reduce their dependence on outside providers.
In a statement announcing the results, the organizations noted that this proportion more than doubles the 25% of respondents to a 2023 survey who said they planned to reduce the number of law firms they would engage with during the coming year, with cost-effectiveness cited as the primary reason.
“The expectation for in-house teams to cut costs with AI is becoming a reality, with over a quarter now reporting savings,” Gloria Lee, Everlaw’s CLO, said in the statement. “In just three years, AI technology’s accelerating impact on corporate counsel has begun to reshape in-house legal functions, spurring a sea change across the legal industry.”
Jeremy Barker is the director of content marketing for Breaking Media. Feel free to email him with questions or comments and to connect on LinkedIn.
