Generative AI to transform legal tech market with automation

Generative AI to transform legal tech market with automation Generative AI (GenAI) has tremendous potential for bringing more automation to the global legal technology sector that is likely to reach $50 billion (in value) by 2027, albeit with some riders. According to Gartner, there has been key growth in technology adoption for spend management, e-billing, contract lifecycle management, legal matter management and legal document management. Incorporating GenAI into these applications will only accelerate purchasing and adoption, said the report. Chris Audet, Chief of Research for legal, risk and compliance leaders' practice, said that the widespread availability of consumer tools such as OpenAI's ChatGPT and Google's Bard, will quickly increase the number of established legal technology use cases. According to the report, lawyers also need to understand the limitations and risks of using GenAI as well as its potential. It is essential to check the output of GenAI. It is not a suitable technology at this stage to complete tasks without review, the report advised." [Read more]( If you would prefer not receiving our emails, please [Click Here](