Analysis: AI may be a tool for enhancing efficiency and reducing mundane tasks in the legal sector rather than a threat to job security
What does Suits character Mike Ross have in common with AI? A photographic memory for legal documents and no college degree. The extraordinary popularity of the US legal drama (the show accounted for 18bn minutes of viewing last July when it arrived on Netflix) has been credited with a bump in Gen Z interest in legal careers, but there's a catch. Suits depicts the legal career path as a shortcut to exquisitely tailored, high-stakes court battles. In reality, the path is littered with miles of paperwork.
Artificial intelligence might be the shiny new hire that does away with all that. It matters: legal firms are reporting high staff turnover as new recruits raised on Suits and unwilling to spend years drafting legal documents are taking their law degrees elsewhere.
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From RTÉ 2fm's Jennifer Zamparelli Show, is AI coming for all our jobs?
It matters too because Ireland is ravenous for talent. The country's investment fund sector, the second largest in the EU, employs approximately 17,000 people and is a key component of the national economy. There is over €4 trillion in investment currently domiciled here. Ireland is the largest fund administration centre in the world so atracting and holding on to talent is critical.
Commercial Generative AI (GenAI) promises a paradigm shift in traditional legal practices. This shift can reshape the legal landscape, and if done right, can simultaneously reinforce Ireland's position as a global leader in investment funds.
It’s true that AI will take over many of today's jobs, especially at professional level. In the case of the legal profession, however, these are jobs new graduates are shying away from. Advanced AI applications, which are increasingly employed for high-volume, repetitive tasks, are streamlining processes and redefining traditional legal roles. AI in the legal sector extends beyond mere automation; it is reshaping job roles, operational models, and the business landscape, heralding a new era in legal service delivery.
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From RTÉ Brainstorm, will we see robot judges and cases decided by AI in Irish courtrooms in the future?
Legal professionals in Ireland are adapting to this changing landscape and seeing AI as a tool for enhancing efficiency rather than a threat to job security. GenAI opens opportunities for legal professionals to engage in higher-value, strategic work, moving away from mundane tasks. The key is to leverage GenAI as a means to augment human capabilities, not replace them.
At the Insight SFI Research Centre for Data Analytics at DCU, I have been working with legal firms in the development of Generait to automate the more complex and time-consuming aspects of legal work, such as drafting Prospectus documents, and reducing the time spent on these tasks from days to just minutes.
A Prospectus document provides detailed information about investment funds and it is required for regulatory purposes. This is essential for informed decision-making by investors and is subject to approval by regulatory authorities, such as the Central Bank of Ireland. The job of preparing the prospectus falls on the desk of law firms and is a highly time-consuming process.
AI, in short, is going to make law careers more interesting
While the use of AI-powered solutions may raise concerns about reduced billable hours for law firms (might we see a reduction in onerous legal fees?), the potential benefits of increased productivity and improved compliance far outweigh this. Moreover, high turnover rates remain a significant risk for legal departments.
The influence of AI extends beyond the legal sector, permeating various facets of Ireland's economy. From healthcare to manufacturing, AI is opening new avenues for innovation and efficiency. It will take jobs, certainly, but it will shift the balance of human activity into more creative areas. The legal profession will be a vanguard in a more widespread transformation of professional roles.
AI, in short, is going to make law careers more interesting. That doesn’t, however, address the fact that, unlike on the telly, the vast majority of cases never go to trial, and there's a ton of preparation that goes into every court showdown. But who wants to watch that?
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The views expressed here are those of the author and do not represent or reflect the views of RTÉ
