The Risks and Opportunities of GenAI for Corporate Legal Services: A Preview of The 2024 Lex Mundi Summit Report

AI is the topic on everyone’s mind since November 2022, when OpenAI released ChatGPT, a groundbreaking technology that can generate realistic and coherent text from any prompt. ChatGPT is an example of Generative Artificial Intelligence (GenAI), a branch of AI that can create new content, products, and services from scratch, using data and algorithms.

But what does GenAI mean for the legal profession? How can corporate legal teams use GenAI to improve their performance and efficiency, while avoiding the risks and challenges of this emerging field?

That’s what we wanted to find out from the 2024 Lex Mundi Summit Report, a thought-provoking and insightful analysis of the impact of GenAI on corporate legal management.

The report covers topics such as:

• The business transformation enabled by GenAI, and how it can create new opportunities and challenges for corporate legal services.
• The cross-border risks and regulation of GenAI, and how to deal with the uncertainty and complexity of legal frameworks across jurisdictions.
• The M&A and ESG compliance in the age of GenAI, and how to use AI to assist with due diligence, document drafting, and ESG reporting.
• The legal operations and the future of the billable hour, and how to use GenAI to automate and optimize legal tasks and workflows, while developing new skills and competencies.

As an Oman-based member firm of Lex Mundi, the world’s leading network of independent law firms, we are delighted to share with you the 2024 Lex Mundi Summit Report. You can download the full report here.

We hope you find this report useful and informative. Please feel free to contact us if you have any questions or feedback.