UK lawyers forecast significant AI savings

UK lawyers are increasingly optimistic about the impact of artificial intelligence (AI) on their productivity, with expectations of £2.4 billion in savings over the next year according to research conducted by Thomson Reuters, a leading content and technology firm. The survey indicates that AI usage could free up around 140-person hours for each lawyer annually, translating to roughly £12,000 savings per individual.

As AI technology continues to evolve and become more sophisticated, these savings are predicted to rise significantly. In three years, lawyers estimate that their AI tools will save approximately 240 working hours, equating to £4 billion in total savings. Over a five-year period, this figure is expected to reach 370 hours or 15 days, leading to total savings exceeding £6 billion.

Thomson Reuters emphasised the importance of "agentic AI" solutions, which are described as a transformative leap for legal professionals. These advanced tools can plan, reason, act, and respond without requiring constant prompts, crucial for maintaining the high standards of precision and auditability that the legal field demands.

To fully leverage the advantages of AI and ensure a satisfactory return on investment, law firms are advised to develop intentional AI strategies. Thomson Reuters stresses the necessity of using professional-grade AI capable of delivering trustworthy and auditable results rather than relying on consumer-grade solutions that may not meet the rigorous requirements of legal work.

John Shatwell, head of Legal Professionals Europe at Thomson Reuters, expressed concerns about the limitations of public AI tools, stating that they "fail to meet the high-stakes standards and quality of work required by legal professionals." He further noted that law firms following a clear, professional strategy would achieve tangible results, while those ignoring this advice risk wasting substantial resources on subpar tools.

To maintain high standards, Thomson Reuters utilises proprietary and trusted content sources for training their AI, ensuring accuracy and relevancy through the involvement of over 1,500 trained lawyers throughout the AI model lifecycle. To enhance reliability, their AI products also offer transparency by providing users with the sources and citations that inform generated outputs. This ability to fact-check and verify information is crucial for legal professionals, aiding them in spotting potential inaccuracies before employing AI-generated results in critical projects or cases.