The 2024 Legal AI Retrospective:
Key Lessons from the Past Year

I. Executive Summary

This report is the result of the extensive research, feedback, conversations and direct input from industry leaders. We extend our sincere gratitude to all who have contributed.

Where can I get the report?

You can download the most up to date version of the 2024 Legal AI Retrospective here

Why another report on Legal AI?

We recognize that the majority of research into Legal AI falls into one of three categories.

• Written by legal journalists (simplified - often lacking in technical depth)

• Written by legal vendors (biased - often highlighting their own successes)

• Written by scholars, engineers and researchers - (academic - often more theoretical than practical)

This leaves a gap for deeper, unbiased, and more practice-oriented reporting, which we have worked hard
to fill.

Who should read this report?

This report provides in-house legal teams and law firms—particularly those in corporate and commercial law—with a valuable resource to navigate the rapidly evolving landscape of Legal AI

Our unique approach

As we are one of the longstanding vendors in this space, we have taken an unusual approach:

• We call out and applaud our competitors for their successes! (A rising tide lifts all boats, after all).

• We don't try and sell our products or services to you at any point.
(We are here to learn, just like everyone else).

Rather than attempting to distill the complex and far-reaching impact of AI into a few key findings, we instead invite you to explore the full breadth of 200+ insights, 100+ topics, 60+ cited studies and 30+
comments from industry leaders. All the references featured throughout this 50-page report are from 2024 where possible, and 2023 otherwise.

Report Structure

1. Key Areas of Legal AI Development, and their practical applications.
2. The Emerging Trends and Technologies, and their current limitations for legal use cases
(also, some prompt engineering tips for you).
3. Pros and Cons of Legal AI by Legal Team Type
(in-house counsel, Big Law, and small/solo law firms).

Our sincere hope

By engaging with the full range of topics and perspectives presented in this report, you will gain practical insights into implementing Legal AI effectively within your organization. You'll stay ahead of emerging trends, and understand the specific advantages and challenges to your legal team.

If you would like to join our panel of experts and contribute to upcoming reports, please reach out to us via community@genieai.co.

Sincerely,

Alex Denne, Head of Growth @ Genie AI
‍

“AI's impact on legal practice and operations is undeniable and
transformative. It's not just about automating tasks; it's about leveraging technology to drive growth, enhance client services, and modernize law firms. As our law firm clients integrate AI into our strategic processes, we see significant improvements in efficiency and profitability. This is why I advocate for law firms to proactively evaluate and leverage these technologies. The future of legal
services is shaped by our ability to adapt and innovate, ensuring that we not only meet but exceed the evolving demands of our
clients and the market.”

Dan Safran, President and CEO, Unbiased Consulting LLC;
Adjunct, University of Illinois College of Law, USA