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Note: This article is just one of 60+ sections from our full report titled: The 2024 Legal AI Retrospective - Key Lessons from the Past Year. Please download the full report to check any citations.

In-House Development of Specialized AI Applications

BigLaw firms are investing heavily in developing proprietary AI tools tailored to their specific practice areas and client needs. As of 2024, over 60% of large law firms were exploring the potential of new generative AI systems, as were a third of small firms.[109]

AI-powered closing checklists have significantly improved transaction efficiency in M&A deals. Dynamic closing checklists enable legal teams to manage all transaction documents in a single location on a cloud-based platform in real time. This allows for efficient management of final document forms, resulting in a smooth closing process with improved organization of final transaction documents.[110]

AI has substantially enhanced document review and contract analysis capabilities. For instance, A&O Shearman claim that Legal AI has resulted in a productivity gain of 30% with document reviews, finding and extracting essential data, and providing rapid insights into large data sets.[111]