A major study into the future investment and hiring plans of the London legal sector has revealed a surprisingly high acceptance of Artificial Intelligence (AI) among companies.
The data was compiled by CBRE, a global supplier of real estate specialist services, which says nearly half of all firms surveyed already using some form of the technology already, while 89% currently use it or plan to in the future.
The survey also showed that a larger chunk of those polled, 45%, think increasing uptake of AI would definitely have an impact on the number of employees they need at junior level, with 30% saying they were not yet sure what the impact would be on their graduate entry plans.
The study also shows that 98% of firms contacted doubt Brexit will have any “significant effect” on employment levels while a similarly high proportion can’t see it dinging their profitability going forward.
It also suggests demand for office space among London law firms is relatively weak, with 2017 demand 21% below the running 10-year average though slightly higher than in 2016.
Next week sees a special conference on the issues the report raises, Think AI For Legal 2018, at the convenient City One Moorgate Place conference venue.
The conference, which runs from registration at just after 9am to 4pm drinks and networking, has as part of its theme the problem of the projected displacement of one in five legal jobs within a generation, according to the Law Society of England and Wales.
It will also explore to what extent AI is already a reality for City firms and general counsels thanks to its ability to slash the time needed for document-intensive work such as due diligence and discovery – as the CBRE survey also seems to indicate.
If you are a practitioner or technologist interested in the further exploitation of AI in the law, then Think AI For Legal 2018 seems tailor made for your needs – go here to check out the full, content-led, agenda to find out, and here to secure your place on the 3rd.
