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Generative AI is one of the first technology solutions professionals in Liberty Mutual Insurance’s legal department immediately expressed an interest in leveraging, said Tyson Roy, the insurance company’s director of legal innovation.

If 2023 was the year that artificial intelligence changed everything, 2024 could go down as the year that U.S. copyright law changes AI.

Corporate legal priorities are shifting around the globe. The Thomson Reuters Institute spoke with over 1,500 corporate legal professionals from companies with over $1 billion in global revenue to learn about changing law department priorities and outlooks.

European Union watchdogs are so frustrated with Big Tech dominance they have turned their traditional approach to regulation on its head.

Allen & Overy and other biglaw firms are using AI LegalTech Tools and related law technology tools to push a technological revolution in the legal profession that will transform how legal services are prepared and delivered.

The legal tech landscape is experiencing unprecedented growth, with the global legal tech market measured at USD 24.62 Billion in 2022 according to Spherical Insights & Consulting. Thanks to the disruptive analytical, predictive, and generative power of AI in informationally complex fields such as law, this number is very likely to grow exponentially in the next decade.

A growing percentage of in-house attorneys also are seeking new roles, including at law firms, according to a report from legal talent provider Axiom.

The legal sector in Leeds has grown by 19% since 2020, while the local tech sector has skyrocketed 110% to £15bn, according to the report by Whitecap Consulting.

The exponential rise of generative AI is causing seismic changes in the legal profession. Princeton University concluded in a survey undertaken this year that legal services are set to be the most drastically impacted by generative AI. Indeed, artificial intelligence poses both the biggest threat, and opportunity, that law firms have ever faced. Those who navigate the risk, make quick decisions, and leverage the technology to their advantage, will ride both the immediate wave of success and come out on top in the long-term.