{"id":2043,"date":"2023-07-12T07:05:41","date_gmt":"2023-07-12T07:05:41","guid":{"rendered":"https:\/\/insight.thomsonreuters.com\/mena\/legal\/?post_type=insight_resource&p=2043"},"modified":"2024-02-28T11:08:24","modified_gmt":"2024-02-28T11:08:24","slug":"legal-tax-professionals-see-generative-ais-utility-but-take-cautious-approach-to-adoption-report-shows","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com\/mena\/legal\/resources\/resource\/legal-tax-professionals-see-generative-ais-utility-but-take-cautious-approach-to-adoption-report-shows","title":{"rendered":"Legal & tax professionals see generative AI\u2019s utility but take cautious approach to adoption, report shows"},"content":{"rendered":"\n

Corporate law and tax professionals as well as their outside firms believe generative AI tools like ChatGPT can and should be used for work; but the sectors differ in potential use cases and how they\u2019re approaching risk mitigation policies<\/h4>\n\n\n\n

As generative AI tools such as ChatGPT continue to take hold in the public consciousness, those in the legal and tax professions are beginning to consider and plan for how these innovative technologies could be used in their own work and how to overcome the risks that generative AI presents.<\/p>\n\n\n\n

A new report comparing legal and tax approaches to generative AI, as well as the difference between corporate and outside professionals, reveals how attitudes and adoption of generative AI are developing in the tool\u2019s early days. Although there are some slight differences in the strength of their opinions \u2014 for example, more legal professionals than tax professionals believe generative AI can<\/em> be applied to their work \u2014 respondents from all segments said they feel positively that the technology can apply to their daily work product.<\/p>\n\n\n\n

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The Future of Professionals: ChatGPT and Generative AI in Legal, Corporate & Tax Marke<\/strong><\/em>ts<\/em><\/strong> report comes from a series of surveys conducted between March and May by the Thomson Reuters Institute of more than 1,800 legal and tax professionals in the United States, the United Kingdom, and Canada. The survey was accompanied with assorted interviews conducted by the Institute, painting a picture of professional services industries that are still weighing their options for adopting the technology even as they eye potential use cases for when they feel the technology is ready.<\/p>\n\n\n\n

Some segments are already moving: 15% of tax & accounting firm respondents and 10% of corporate law department respondents, for instance, report already adopting generative AI tools or having made clear plans to do so. Others are still waiting out the technology, however: respondents from 73% of corporate tax departments said they have no plans to adopt generative AI technologies at this time, 13 percentage points higher than any other segment.<\/p>\n\n\n\n

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Other important findings in the report include:<\/p>\n\n\n\n