How GenAI will impact the law department
This episode of the EY Tax and Law in Focus podcast, hosted by Susannah Streeter, explores the transformative impact of generative AI (Gen AI) on the legal sector. Our panel includes Jeff Soar, EY Global Law Leader; Saskia Vermeer-de Jongh, Partner in HVG Law and AI and Digital Law Leader; and Heather Deane, former EY Americas Law Managing Director, now Director at The Clean Fight, an accelerator for climate tech start-ups.
The discussion highlights the strategic implications for legal departments and broader business operations as the use of GenAI grows. Key topics include the various roles legal departments will play in GenAI governance and adoption, from advising businesses on compliance with rapidly changing laws and regulations to using GenAI tools to enhance efficiency and free up time for higher-value tasks. The panelists stress the importance of proactive risk management and the establishing of robust GenAI governance frameworks to ensure ethical and legal compliance.
The episode delves into the differing regulatory approaches, with the EU focusing on human rights and product safety, the UK leveraging existing legislation with a principle-based approach and the US emphasizing corporate responsibility and self-regulation.
Additionally, the conversation addresses the disillusionment some feel about GenAI and the necessity for a cultural shift within legal departments to embrace what it has to offer, along with the importance of ongoing training and support from data scientists and engineers for legal teams.
Understand how GenAI can revolutionize legal departments by automating routine tasks, enhancing efficiency and improving compliance and risk management.
Learn the strategic role of legal departments in GenAI governance, emphasizing proactive risk management, ethical considerations and regulatory compliance.
Appreciate the need for a cultural shift within legal teams, highlighting the importance of ongoing training and collaboration with business teams to leverage GenAI's full potential.
Gain insights into the differing global regulatory approaches to GenAI and the practical steps for implementing it in legal practices, including developing clear governance frameworks and integrating data-driven strategies.
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