As Generative AI (GenAI) matures rapidly, CLOs and legal departments have powerful new tools at hand—to increase their productivity and even transform the legal function. In-house lawyers will also play a central role in navigating their organizations through the legal and regulatory challenges of ever-improving GenAI.
With Generative AI, chief legal officers (CLOs) and their legal departments have the opportunity to transform their operating model while helping guide their organization through the legal implications of use and intellectual property.
The latest generation of GenAI, based on machine learning, will profoundly affect the work of in-house lawyers. For daily administrative activities and routine legal work, GenAI is already boosting productivity and efficiency. More advanced systems can summarize, draft, and analyze documents. In the longer term, GenAI will build compliance into businesses' operating processes and help them identify legal risks at an early stage. Eventually, it will empower people across organizations to undertake everyday legal work for themselves.
CLOs face the challenge of staying on top of new developments, embracing change, adapting to new roles, and ensuring their businesses are leveraging relevant GenAI capabilities. The future promises a more strategic and impactful legal profession, powered by the transformative power of AI—but only if the moment is seized starting now.
GenAI brings risks as well as benefits. It falls to CLOs and legal departments to protect their organizations by staying on top of the wide range of legal developments and risk best practices. Deloitte Legal can help you to develop and put in place a flexible, future-facing strategy for both your legal department and the enterprise as a whole. Here’s how: