The Thomson Reuters Institute published its most recent report on generative AI, 2024 Generative AI in Professional Services.

This comprehensive study investigates the attitudes, views, and use of GenAI among legal, tax, and accounting professionals, as well as risk, fraud, and government sectors. The survey, conducted in early 2024, acquired significant insights from respondents from the United States, United Kingdom, and Canada, focusing on partners, managers, directors, general counsel, assistant general counsel, attorneys, and judges.

The report delves deeply into GenAI's disruptive impact on professional services, and here's a quick overview of how legal professionals perceive AI-powered technology and its possible uses in their daily work.

Here are some of the insights from the report:

Expected new job titles in AI

GenAI is poised to affect all organizations, but the extent of its impact will vary. The Thomson Reuters report found that corporations and technology companies stand out as the two primary influencers in shaping how GenAI will alter the future of work. These entities play a crucial role in directing AI technologies' development, application, and governance, shaping their influence on workforce trends and industry standards. Corporations, with their financial resources and market reach, and technology companies, with their innovation and expertise in AI, are critical players in driving how GenAI evolves in the workplace.

The Thomson Reuters report says that at least two-thirds of respondents from different types of businesses think that tech companies will have the most impact on GenAI's future. More than half of the people who answered think that companies affect people. Respondents from law firms were the most sure of their power, while those from the court system thought that government regulators had the most control over GenAI.

Top GenAI usage

The report reveals that legal professionals leveraging GenAI experience greater efficiency and productivity in their work. The integration of AI technologies streamlines tasks and enhances overall performance.

Conclusion

The report reveals that industries in the professional services sector, which have always been resistant to change, have readily adopted GenAI's potential with unexpected speed and adaptability. Within slightly more than a year of the introduction of ChatGPT, numerous professional services businesses have initiated the exploration of GenAI applications, conducted tool trials, and evaluated their strategic compatibility. 

The interest in GenAI is expected to increase in the upcoming years as more professionals evaluate its utilization and influence in the workplace. Although a few individuals may choose not to embrace GenAI, a significant majority are anticipated to become users. In addition, experts will undergo further training on GenAI, particularly in firms whose attitudes towards its utilization are still being shaped.

Furthermore, the report shows a good prognosis for GenAI, with almost one-quarter of professionals reporting that their firms have already begun to change workflows by adopting GenAI.

Source: Thomson Reuters