The World Economic Forum wrapped up in Davos last month, after political and economic leaders from around the world come together under the theme “Cooperation in a Fragmented World.” As multiple crises continue to exacerbate geopolitical tensions, issues on the docket included climate change, the war in Ukraine, the global energy crisis and the persistent effects of the pandemic.

In light of recent headlines about the potential of AI to transform all industries, it’s no surprise that this next-generation technology took centre stage during discussions on how to tackle many of the world’s most pressing challenges. Recent AI developments like DALLE and ChatGPT continue to evolve at a breakneck pace, transforming the way we deal with everything from climate change to cybersecurity. With the world on the precipice of an AI-driven technological jump, the question remains: who will embrace it and who will be left behind? Clearly, businesses who are already exploring or actively integrating AI into their work processes will be better equipped to take on the challenges posed by today’s volatile economic and geopolitical conditions.

One profession that simply cannot afford to be left behind is law. With legal teams everywhere facing increasingly complex challenges, from enhanced regulatory thresholds to growing efficiency demands, legacy technologies simply cannot keep pace. Legal professionals must adopt technology which can evolve alongside rapid and, indeed, unforeseen changes to the political, economic and regulatory landscape.

As this article notes, Davos has underlined the importance of digital transformation in helping businesses to maintain productivity and profitability during economic uncertainty. This will be crucial for the legal teams that sit at the heart of businesses. With AI in their toolkit, automating a range of routine and administrative tasks such as contract management and workflow allocation, lawyers will be equipped to improve business agility and focus resource on value-generating activity. At Luminance, we regularly see the power of AI to transform legal processes across businesses of all sizes, from scale-ups to some of the world’s largest corporations.

The level of discussion surrounding AI at the World Economic Forum has cemented its importance in helping to address the most pressing issues of our time. Learn more about how AI could transform your legal team here.