Legal AI Revolution: How Generative AI is Transforming Law Practice and Boosting Productivity

Generative AI (Gen AI) tailored for the legal profession, referred to as Legal AI, is revolutionizing law practice by enabling faster drafting of legal documents. According to experts at a Wall Street Journal event sponsored by LexisNexis, Legal AI tools allow lawyers to focus more on high-level analysis and application, reducing time spent on manual drafting. Ilona Logvinova, managing counsel at McKinsey Legal, emphasized that integrating automation enhances efficiency, shifting lawyers’ roles from drafters to editors, allowing them to refine AI-generated drafts with expert judgment.

The LexisNexis 2024 Investing in Legal Innovation Survey reveals that law firm leaders are embracing Gen AI, with 39% indicating plans to use it for drafting. Gen AI can generate preliminary drafts of legal memos, contract clauses, and client letters from simple prompts, providing a strong base grounded in legal authority. This technology enables lawyers to focus on adding legal insight rather than creating documents from scratch, thereby enhancing productivity.

A significant number of firms are investing in these tools; 53% of Am Law 200 firms have purchased Legal AI tools, and 45% actively use them for legal work. This trend highlights the growing reliance on Gen AI to improve workflow and client outcomes. Joel Murray of McKean Smith LLP noted that AI could be invaluable in optimizing attorney productivity and delivering client results by complementing traditional expertise. The article draws from insights shared at the Wall Street Journal’s event, “What Every Managing Partner & C-Suite Leader Needs to Know About Legal AI,” held in New York City, where industry leaders discussed the role of AI in modernizing legal services.


Lexis Nexis, 2024