Because innovation in the AI tech space is rapidly progressing, it’s becoming increasingly critical for companies to address it or risk getting left behind. Businesses across every industry are starting to ask themselves, “Is the time right for us to start using AI tools? How do we protect our business from the risks that AI poses? How should we think about implementation prioritization?” And the legal industry is no exception.
That’s why we assembled a panel legal leaders across e-commerce, finance, and software and got their thoughts on how they’re navigating the rise of AI. In this webinar, Shelley McKinley, Chief Legal Officer at Github, Morgan Fong, General Counsel at Instacart, and Helen Clerkin, COO, Legal and General Counsel at Standard Chartered Bank joined Ironclad Chief Community Officer Mary O’Carroll to discuss how AI is changing the landscape of legal work and what teams can do to stay one step ahead of the curve.
Key Takeaways
- Do your research. Many organizations, including law firms, law trade publications, and legal tech companies are beginning to circulate documentation around how to make the best use of AI. Take the time to read through how companies similar to yours might be setting up AI use guidelines or what functionalities they’re looking for to start implementation. And if you can’t find resources easily, you can always ask an AI interface like ChatGPT to find them for you.
- Set the right expectations. Your legal team is not going to go from 0 to 100 in a day, a week, or even a month. So start small, evaluating AI tools on a case by case basis at first to make sure that you’re not trying to implement in a way that ends up resulting in more work or risk.
- Focus on implementing AI responsibly. With such relatively nascent and unregulated technology, there is always a risk of compromised compliance, corrupted use, and general misinformation. Take the time to understand what effects, both large and small, implementation might have on your business and your customers, and prepare accordingly. For instance, if you know you’re going to have to share sensitive software data or PII with an AI model, make sure you have information ownership properly spelled out in your AI tech vendor agreements.
- Lean on your community. Legal departments are all facing the rise of AI tech together. So share the learnings and insights you’ve gathered with your network, exchange resources, and generally stay up to date with what your peers are doing. After all, a rising tide lifts all boats.
Interested in seeing how Ironclad is bringing generative AI to CLM? Talk to one of our digital contracting specialists and get a custom demo.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.
