From genAI tools expected to save manual work hours to four-day work week trial in Brisbane, we bring you a collation of key updates for August 2024.
Generative AI estimated to save professionals 200 hours annually
A new report from Thomson Reuters highlights the transformative impact of generative AI (genAI) on the professional world. The Future of Professionals Report reveals that 78% of surveyed professionals view AI as a positive force in their fields, with genAI tools expected to save around 200 hours of manual work per year per professional. As AI becomes more integrated into workflows, there is a growing need for AI literacy and ongoing education. The survey, which included 2,200 professionals from 50 countries, underscores the importance of AI in reducing administrative tasks and unlocking time for higher-level work.
Law Firms experience sustained growth in Q2 2024, driven by transactional practices
A recent Thomson Reuters report shows continued growth for law firms in Q2 2024, with a 2.4% increase in overall demand compared to the same period in 2023. The Thomson Reuters Law Firm Financial Index (LFFI) rose to 67, marking six consecutive quarters of progress. This growth was fuelled by a resurgence in transactional practices, such as corporate law, mergers and acquisitions, real estate, and tax, alongside strong performance in counter-cyclical areas like litigation and bankruptcy. The report also highlights positive lawyer productivity growth, attributed in part to the adoption of AI tools. Law firms managed to keep expenses under control, further contributing to their financial stability.
Tech and AI survey reveals challenges and opportunities for legal practitioners
The Queensland Law Society’s March 2024 survey on the Business of Law, Technology, and AI highlights key issues faced by legal practitioners. With over 400 responses, the survey identified meeting client expectations, leveraging existing technology, cybersecurity, and staff recruitment as major concerns. Recruitment and staffing were cited as top challenges, exacerbated by financial pressures, especially for smaller firms and those in regional areas.
Regarding AI usage, 64% of respondents are not currently using AI, though there is interest in learning about its integration. Most AI use is limited to internal or marketing tasks, and there is a strong desire for resources on generative AI and its practical applications. The survey underscores the need for better support and resources to address these challenges.
Brisbane firm enjoys success with four-day work week
Brisbane Criminal Lawyers has reported increased happiness, connection, and productivity among its staff since implementing a four-day work week in March. Principal Bruce Peters initiated this change, expressing satisfaction with the results, which have exceeded expectations without a drop in revenue.
Staff members Leo Strachan and Jade Bradley noted that having a “work-life balance day” allows them to manage personal appointments and responsibilities, leading to improved efficiency and team collaboration. They appreciate the flexibility of scheduling their work while remaining responsive to clients. Bruce emphasised the importance of establishing clear ground rules and having dedicated staff to make the four-day model successful, stating that time off leads to refreshed and motivated employees.
About Law Image: Law Image is a leading document management company. Founded in 1999 and headquartered in Melbourne, we have offices in Sydney, Brisbane, and Perth. Law Image supports law firms and government departments across Australia with end-to-end legal document management solutions.
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