Practical Uses Taking Shape
AI tools are already showing promise in legal settings, where they assist law firms, eDiscovery providers, and in-house legal teams with tasks such as document summary, legal research, and contract analysis. At Lucent, we see the value these tools bring in specific, controlled areas. While the cost savings are still up for debate, there’s no question that generative AI can help streamline time-intensive processes and make certain tasks more manageable.
A great example of this is AI-powered deposition summaries. Sifting through lengthy deposition transcripts can be a tedious task, especially in large cases with numerous witnesses. By using AI to automate this process, legal teams can save time and focus on the bigger picture, without losing the key insights buried in the details. It’s a clear-cut, practical use of AI that benefits legal professionals without attempting to take on tasks beyond its current abilities.
Another area where AI is proving helpful is in contract lifecycle management. Reviewing, analyzing, and organizing large volumes of contracts has traditionally been a time-consuming process. AI can assist in quickly identifying essential terms, clauses, and obligations, helping attorneys keep track of critical details across multiple agreements. This can be particularly valuable during complex mergers and acquisitions, where each contract may hold significant implications for the overall deal. However, as Sequoia Capital pointed out in their article “AI’s $600B Question,” AI can sometimes focus too much on trends in large datasets, which means it might miss unique, pivotal details that a seasoned attorney would recognize. This is why, for now, many legal professionals prefer to use AI for routine tasks where any margin for error is more easily managed.
Managing Expectations
It’s important to recognize both the strengths and limitations of AI. For routine, data-heavy tasks like document processing and contract analysis, AI has shown itself to be a capable assistant. However, when it comes to areas requiring deeper interpretation, strategy, or creativity, AI still has a way to go. The technology’s current strengths lie in identifying patterns, extracting information, and handling large amounts of data efficiently. For legal professionals, these capabilities are helpful—but they aren’t yet transformative.
At Lucent, we’re seeing how AI can play a supportive role without replacing the nuanced work attorneys are trained to perform. There’s a place for AI in legal work, but it’s within well-defined boundaries. Many of the tasks that AI is taking on allow attorneys to focus on the work that requires judgment, intuition, and years of expertise. As Jim Covello from Goldman Sachs remarked in a recent New York Times article, “AI still makes too many mistakes,” especially in areas that demand precision and high-stakes decision-making. His point highlights a sentiment shared by many corporate clients, who are open to using AI but cautious about its limitations, particularly in cases involving major financial or reputational risks.
Positive Developments in Legal AI
Aside from deposition summaries and contract review, another promising area for AI is legal research. In fast-paced cases, the ability to access relevant case law, statutes, and legal opinions quickly is crucial. AI-driven research tools can comb through vast databases to highlight relevant cases and legal precedents, providing attorneys with timely insights that help inform their strategies. This kind of support can be especially valuable during litigation, where a well-researched argument can make a significant difference.
These use cases don’t represent an overhaul of the legal profession, but they do provide tools that can make attorneys’ lives a bit easier and their work a bit more efficient. The legal industry’s standards for accuracy and accountability remain high, and AI, when applied appropriately, has the potential to meet these standards in certain, well-defined tasks.
A Practical Path Forward
Ultimately, the potential of AI in the legal field is less about replacing human expertise and more about enhancing it. AI can’t do everything, nor should we expect it to. Instead, it’s quite possible that the value will lie in finding practical applications that complement attorneys’ skills and reduce time spent on repetitive tasks. For now, AI’s role in law is best seen as a way to handle routine, data-intensive tasks so that legal professionals can focus on what they do best.
Mark A. Cohen, a legal tech expert writing for Forbes, echoed this sentiment, noting that while AI may offer some short-term savings, these can be offset by long-term costs associated with constant updates, error correction, and specialized training. At Lucent, our experience has aligned with these observations—AI can assist, but it’s not yet delivering the perfect combination of better, cheaper, and faster. As Covello also remarked, “I’m not sure it’s going to be less expensive,” given the enormous investments required to maintain and improve the technology. This skepticism reinforces the idea that, at least for now, generative AI’s value lies in selective, realistic applications.
Moving Forward with Patience
The prudent path forward involves keeping a close watch on AI’s progress without overcommitting to an immature technology. We can allow AI’s role in the legal field to evolve naturally, adopting it where it adds practical value and assessing it objectively over time. Rather than expecting AI to revolutionize the profession, we can focus on the ways it can complement and support existing workflows.
In the end, AI’s promise for the legal industry is not about replacing human judgment or transforming the field overnight; it’s about adding value in specific, manageable ways. By embracing a balanced, patient approach, the legal industry can reap the benefits AI offers today while remaining open to the future possibilities it may bring.
