THE IMPACT OF ARTIFICIAL INTELLIGENCE ON BANKING

Abstract

Recent technological developments in artificial intelligence (AI) promise to disrupt the very foundations of how legal work is practised and delivered. Yet how they challenge current business models, where they encounter resistance and how the benefits of AI can be realised remain unexplored. Drawing on interviews with professionals in the UK legal services sector, the article highlights how technological and market pressures combine to challenge the business models of legal services firms. The article extends the debate on technological disruption in legal services through a focus on business model innovation as a tool that can support firms in the sector to reimagine legal services provision.

This abstract provides a summary of the impact of artificial intelligence (AI) on the legal profession and professionals, including its potential as both a way forward and a threat. The increasing use of AI in the legal profession has led to concerns about job displacement and potential biases in AI systems. However, there are also opportunities for increased efficiency, reduced costs, and improved access to justice. Legal professionals must adapt to these changes by developing new skills, collaborating with AI experts, and advocating for ethical and responsible use of AI in the legal profession. The literature suggests that AI will continue to play a significant role in the legal profession, and legal professionals must be prepared to navigate these changes in order to remain competitive and effective in their work.