Renowned law firm DLA Piper recently published its report titled “AI Governance: Balancing Policy, Compliance, and Commercial Value,” with the highly ambitious project featuring original insights from 600 organisation leaders across the globe.
“We asked about what they’re already doing in relation to AI, what they’re planning to do and what concerns remain to be addressed,” the report explained, with the hope of “[cutting] through AI hype and hysteria to offer a practical perspective on [its] governance, strategies, challenges and risks.”
The findings reveal that more than a third of organisations who participated lack confidence in their AI deployment’s compliance with existing laws (36%) and are uncertain about developing AI regulations (39%).
Some of the report’s additional key findings include the following:
- 45% see AI as critical to how their organisation generates value, and 41% foresee their core business being made redundant by AI unless they embrace it;
- Nearly half of respondents (43%) have seen AI projects interrupted, paused or rolled back, citing data privacy issues (48%) and a lack of governance framework (37%) as common reasons;
- Half of the respondents (49%) want to unlock AI value in line with their organisational values, and 65% have actively terminated AI supplier contracts over ethical concerns;
- Over half of respondents are excluding legal and compliance teams from their AI decision-making;
- Over a third (36%) of respondents are not confident that they comply with current AI law, and 39% are unclear on how regulation is evolving.
Much like legal professionals, as legal recruitment consultants, we aim to prioritise striking a delicate balance to embracing AI technology.
Both industries share a significant interest in its implications, emphasising the ethical utilisation of its systems and ensuring strict adherence to relevant laws and regulations.
Additionally, we share privacy and data protection concerns and caution about potential misuse and unauthorised access to our databases.
Another crucial point would be AI algorithms’ transparency, as it may perpetuate bias and discrimination in processing profiles and confidential information.
Ultimately, both fields entail a deeply human-centred process, and while AI can automate certain tasks, it cannot replace intuition and keen judgement.
After all, the legal profession is grounded in the art of connection – it demands the capacity to notice subtleties, build relationships and have critical discernment – attributes that even the most advanced AI cannot replicate.
As for our services, our role extends beyond merely matching skills to jobs, as we also act as consultants to lawyers and law firms, providing career guidance and offering valuable advice on their hiring strategies.
In this respect, AI can greatly assist us in streamlining our processes. However, we mustn’t rely solely on technology but rather use it to enhance our expertise.
At Nrol, our in-depth industry knowledge and extensive network allow us to help businesses and legal professionals who seek optimal career opportunities.
If you’re looking for a new role at a law firm that matches your skills and experience, or if you need assistance finding the perfect candidate for your team, we are here to provide support.
Contact us today at www.nrol.com.au or recruitment@nrol.com.au.
