In the realm of in-house legal teams, the buzz surrounding generative AI is palpable, offering a treasure trove of tools to explore. Peter Krakaur, EY’s global law innovation and technology leader, offers a pragmatic starting point for legal departments: identifying GenAI applications that not only streamline legal processes but also align with broader business objectives.
One promising path entails harnessing this technology to extend regulatory compliance advice beyond the confines of the legal department, engaging colleagues from various functional areas. For instance, legal teams are mulling over the utilization of GenAI to deliver insights into product compliance, showcasing the potential for cross-functional collaboration within the organization.
Moreover, legal departments are actively delving into the potential of emerging AI to bolster activities like marketing and external communication reviews. This underscores a larger trend of seamlessly integrating AI solutions into a diverse array of organizational functions. By focusing on use cases that bridge the gap between legal and business spheres, legal teams can forge collaborative partnerships with other departments and position themselves as champions for widespread GenAI adoption, a strategic maneuver that not only enhances operational efficiency but also propels critical business initiatives forward.
Source: Legal teams advised to deploy GenAI in ways that benefit the business | Legal Dive
