The modern world of work is characterised by rapid technological development. In addition to blockchain and metaverse, the use of artificial intelligence (AI) has recently come into focus. Its application is also a crucial question in the legal industry. How will AI change legal advice? Will it be equally beneficial for companies and for lawyers and legal advisors? Where should the legal profession integrate AI into working realities to best meet this challenge? And where should it be avoided?
The Legal Tech Hub Innovators Forum on 13 October 2023 at k47 in Vienna, hosted by Legal Tech Hub Europe (LTHE), provided a stage for discussing strategies for the future application of AI. Many leading representatives of European law firms accepted the invitation of LTHE Board Members Stefan Artner, partner at DORDA, Gudrun Stangl, partner and COO at Schoenherr, and Philipp Kinsky, partner at Herbst Kinsky.
The use of AI as a strategic decision
AI systems have the potential to fundamentally change the way lawyers work. In contract analysis, for example, AI can sift through thousands of documents in seconds, identifying and classifying clauses. It is expected to save law firms and their clients valuable time. But which results can be relied upon, and which need to be verified and at what expense? For which tasks is using AI advisable and a “trust but verify” approach the right one? And which tasks should primarily be performed by lawyers themselves? This development requires a rethinking of the entire industry, and raises new challenges in the training of future lawyers.
The legal profession is shaping AI
The use of AI offers an encouraging number of opportunities to make daily work, both legal tasks and everyday processes, more efficient and to lead them into a digital future. It is critical to take the associated concerns seriously. The LTHE Board agrees: “No one can predict the future – but one thing is certain: AI will transform activities in the legal industry, and it is up to us to actively (help) shape these changes and use AI applications for the benefit of both our clients and our law firms.“
Legal Tech Hub Europe (LTHE) stands out for its commitment to AI in the legal industry by promoting innovative technologies and driving discussion. Through the collaboration of leading law firms and experts, LTHE has become an important institution for the exchange of knowledge in the field of digitalisation and legal tech in recent years. The Founding Members include the renowned law firms Dorda, Schoenherr, Herbst Kinsky, SCWP and EH.