Between December 3, 2023, and January 3, 2024, LexisNexis Legal and Professional conducted a survey across 266 Managing Partners and other leaders at American Law 200 and other large law firms. Nearly a third of the executives surveyed indicated their firms had a dedicated budget for generative AI for 2024 and almost 90% indicated they expect their investment in generative AI to increase over the next five years. “Findings include results from 114 executives across 68 Am Law 200 firms, 102 executives across 79 other large law firms, and 50 executives across 44 Fortune 1000 companies. Firms recognize the potential return on their investment, with 47% believing generative AI technology will decrease costs and 30% believing it will increase revenue. Nearly half of executives are exploring new business opportunities made possible by the technology (47%).” Surveys were conducted in English via the Forsta survey platform.
For more details regarding survey findings, Click here to view the Executive Summary (an overview), Findings (Full Survey Results), an Appendix, and a discussion of the methodology.