2024 Investing in Legal Innovation Survey Results

This document is a report detailing the findings of the 2024 Investing in Legal Innovation Survey conducted by LexisNexis Legal & Professional. The survey involved 266 Managing Partners and C-suite leaders from Am Law 200 firms and Fortune 1000 companies, gathering insights on the adoption of generative AI in the legal sector. Key findings indicate that 31% of executives have a dedicated budget for generative AI in 2024, with 90% expecting increased investment over the next five years. The report outlines the anticipated benefits of generative AI, including cost reduction and new revenue opportunities, with 47% of firms exploring new business avenues enabled by this technology. It highlights the primary uses of AI in legal practices, such as legal research and document drafting, while also addressing the challenges firms face, including trustworthiness and quality of AI solutions. The report concludes with predictions regarding staffing changes and the overall impact of generative AI on the legal industry.