Transformative change takes time. Cutting-edge technology commonly oscillates between "tech summers" (periods of heightened enthusiasm and investment) and "tech winters" (characterised by scepticism and reduced funding). Generative AI (GenAI) is no exception, and we appear to be experiencing a "GenAI winter". However, as Bill Gates has noted, "People often overestimate what will happen in the next two years and underestimate what will happen in ten." Looking beyond current fluctuations, GenAI has the potential to reshape professional services.
Professional services – legal, tax, accounting and risk – are cautiously exploring GenAI's potential. According to the 2024 report by Thomson Reuters Institute, approximately one-quarter of organisations have integrated GenAI into their workflows, and this proportion is expected to rise steadily. However, concerns about accuracy, data security and compliance likely explain recent reports suggesting companies struggle to achieve sufficient staff engagement with AI technologies. Given the risk-averse nature of these sectors, the measured pace of GenAI adoption is unsurprising. Nevertheless, looking a decade ahead, this technology promises to revolutionise the industry.
At Taylor Wessing, we have strategically embraced generative AI across our operations. Our fee earners routinely utilise LITIUM, our proprietary in-house AI platform, and Legora, a third-party AI solution, to enhance productivity. Beyond legal teams, various departments leverage Microsoft Copilot and Grammarly for optimised workflows and communication. We continuously monitor AI developments to identify new opportunities for innovation. Our latest article in Business & Accountancy Daily attempts to distil key learnings from our GenAI journey, in the hope that others find these insights useful.
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