Generative AI to transform legal tech market with automation, news, latest news, genai, genai uses, genai use cases, generative ai examples

Generative AI (GenAI) is poised to revolutionize the global legal technology sector, which is projected to reach a value of $50 billion by 2027. According to Gartner, there has been a significant increase in the adoption of technology for various legal functions such as spend management, e-billing, contract lifecycle management, legal matter management, and legal document management.

The integration of GenAI into these applications is expected to streamline processes and drive faster adoption. Chris Audet, Chief of Research for legal, risk, and compliance leaders’ practice, highlighted that the availability of consumer tools like OpenAI’s ChatGPT and Google’s Bard will expand the use cases for legal technology.

However, it is crucial for legal professionals to understand the limitations and risks associated with using GenAI. The report emphasizes the importance of reviewing the output generated by GenAI, as it is not yet advanced enough to complete tasks without human oversight.

As businesses increasingly turn to automation, legal leaders need to evaluate the potential of GenAI within their departments to avoid tough questions from senior management. The report suggests that new technologies, including GenAI, have the potential to fundamentally transform how legal organizations operate and conduct business.