Lawyers regard artificial intelligence tools such as ChatGPT as another vehicle to boost profits, but worry about losing their jobs
Lawyers and other professional advisers regard artificial intelligence tools such as ChatGPT as another vehicle to boost profits, and are looking forward to junking menial work as the technology improves.
“For example, AI potentially can free up time for professionals to identify and evaluate attractive markets for expansion. For corporate departments, AI can assist inThe survey focused on those working in legal, tax and accounting, global trade, risk and compliance fields. It reported One survey respondent said AI would “help capture time and billing more effectively where we tend to forget to enter time entries now”.“In reviewing a return, I often spend a substantial amount of time … trying to figure out the best way to handle a client’s taxes to reduce overall taxes in the next five years and not just the current year,” one tax professional said.
For in-house legal departments, the report said AI could have a big impact on internal operational efficiencies, as well as reducing external spend.The survey reported concern that “the human element may be lost” in the transformation.
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