Hanzo Weighs in on Legal Tech Predictions for 2024

Technological advancements have continued to reshape the legal industry and 2024 looks set to usher in more of the same activity, according to a blog post by Sarena Regazzoni at legal and compliance data provider Hanzo. 

Here are some key predictions for legal tech in 2024:

• With its ability to perform a variety of tasks, AI is predicted to become an essential tool, revolutionizing many aspects of the legal industry. No doubt AI will improve efficiency, speed, and accuracy in the legal industry.
• We’ll see the practical incorporation of AI into business operations, for example, integration into existing workflows, enhancement of decision-making speed, and relevancy assessment in legal operations.
• More companies will be adopting advanced prompt engineering in large language models (LLMs) as LLMs demonstrate their ability to simplify complex legal cases into manageable facets. A trend towards more specialized, task-specific AI applications will enhance the precision of AI responses and contribute to cost-effectiveness and scalability.
• Standardization of responsible AI in legal tech will emphasize governance, safety, security, and trust. Legal tech will be increasingly reliant on AI and machine learning to process sensitive information, thus the need for robust protocols ensuring data security and ethical AI use.

The year 2024 will bring significant change, highlighting the importance of responsible innovation as GenAI revolutionizes the legal sector. AI will be used to enhance service delivery and, at the same time, will be engaged in upholding security and ethical practice standards.