While law firms see AI as a competitive advantage, they have yet to develop policies for its use
The International Bar Association (IBA) and the Center for AI and Digital Policy (CAIDP) have jointly released a report that explores the transformative role of artificial intelligence (AI) in the legal sector.
Launched at the IBA Annual Conference in Mexico City, the report “The Future is Now: Artificial Intelligence and the Legal Profession” examines AI’s impact on law firms and underscores the importance of ethical governance for these technologies.
The report highlighted AI’s significant influence on the structure and strategy of law firms, noting the importance of the legal community staying informed on AI developments to maintain industry standards and benefit society. IBA President Almudena Arpón de Mendívil Aldama emphasized the role of lawyers in governing AI and ensuring that it is implemented in a way that respects fundamental rights and societal values. She emphasized the IBA’s commitment to supporting the profession in responsibly adopting AI to improve legal services.
Findings in the report revealed that many legal professionals advocate for AI regulation, with almost half of those surveyed supporting this idea. Additionally, there is a strong desire for regulatory consistency across jurisdictions, as varying rules could complicate compliance for global firms. The report also highlighted that while AI is increasingly seen as a competitive advantage, many law firms have yet to develop policies for its use, and most legal professionals are not fully aware of AI’s potential regulatory impacts on their practices.
The report discussed the challenges and benefits of AI and focused on the growing role of generative AI in client-facing services such as legal research and contract drafting. It advised law firms to approach AI adoption with a strategy that includes robust training and skill development to ensure compliance with laws surrounding competition and intellectual property.
CAIDP executive director Marc Rotenberg, who participated in the report’s launch, highlighted the necessity of creating policies that emphasize fairness, transparency, and accountability as AI continues to evolve. He stressed the report’s value as a resource for legal practitioners, policymakers, and AI developers, encouraging the legal community to proactively embrace AI while maintaining ethical standards.
The report also explored potential challenges facing the legal profession, including issues related to data governance, privacy, and intellectual property, as well as AI’s potential impact on law firm structure, hiring practices, and fee models. Additionally, it warned that rapid regulatory changes could stifle innovation within law firms.
The report is part of the IBA and CAIDP’s effort to provide a strategic framework for navigating AI’s growing role in legal practice. Building on the IBA’s prior work on alternative and new law business structures, the report serves as a resource for law firms and legal professionals to embrace AI responsibly and adapt to an evolving landscape while safeguarding ethical principles in the practice of law.
Source: thelawyermag.com
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