NEW YORK--(BUSINESS WIRE)--Litify, the all-in-one platform powering legal’s top performers, today released the second annual 2024 State of AI in Legal Report. The comprehensive report is the result of a nationwide survey conducted by an independent market research firm to identify the continued use and impact of artificial intelligence across the legal sector.
The second annual report includes insights from a random sample of verified legal professionals and near-equal representation from plaintiff firms, full service firms, and in-house legal departments. The research shows that the legal industry’s use of AI has doubled in the past year with more professionals feeling prepared to take advantage of the technology. Over the past year, it’s become clear that AI is currently best positioned to support legal professionals with their manual tasks so they can spend more time on impactful work.
Key takeaways from the report include:
- The industry’s use of AI doubled to 47% in the past year.
- Over half of respondents now feel the industry is ready for AI.
- Those not using AI continue to cite security, privacy, and trustworthiness concerns as their main barriers to adoption.
- 92% of those using AI are saving time on their legal work — with 33% now saving up to 10 hours per week.
- The top tasks for AI in legal work are around document management.
- The adoption of AI in legal is projected to increase to 60% of respondents by next year.
“It's remarkable to see that nearly half of the legal industry is now using AI to save time on rote, repetitive tasks. However, given the privileged nature of legal cases and documents, it's not surprising that the industry continues to be cautious about how AI tools collect, store, and manage their data,” said Litify CEO Curtis Brewer. “At Litify, we’re working closely with our clients and leading technology partners to address these concerns through our responsible approach to AI development.”
Download and read the full 2024 Litify State of AI Report.
This announcement follows Litify’s debut on the Inc. 5000, the prestigious annual ranking of the nation’s fastest-growing private companies. Litify landed in the top one-third of fastest-growing private companies with three-year revenue growth surpassing 300%.
About Litify
The platform powering legal’s top performers.
Litify helps law firms and in-house teams achieve better business performance with an all-in-one platform that standardizes, measures, and improves their legal operations. The industry-leading platform combines secure cloud-based technology, configurable and automated workflows, and a powerful business analytics engine to deliver a solution that evolves with each business. Capabilities include matter and intake management, document generation, timekeeping and billing, legal front door and corporate ebilling, real-time dashboards and analytics, mobile, and much more.
