Opening Pandora’s Box

Early implications of Generative AI for corporate legal management

The 2024 Lex Mundi Summit Report offers an in-depth analysis of the risks and opportunities associated with the adoption of Generative Artificial Intelligence (GenAI) in products, services, and operations, as well as in private practice law firms and in-house legal teams. The report draws upon insight from the Summit, which was attended by 50 General Counsel, from leading multinational businesses, and explored the impact of new technologies on risk management & compliance, the practice of legal services, and legal operations.

The timeliness of the conversation is a reflection of both the difficulty to estimate the broader ramifications of new GenAI capabilities as well as the need to compare notes with peers and experts about what constitutes sound legal guidance for management teams and boards in an ill-defined regulatory landscape.

The report includes further exploration on:

• Cross-Border risks and regulation: The rapid advancement of GenAI technology outpaces the development of regulatory frameworks, particularly in cross-border contexts.
• M&A and ESG compliance: The role AI plays in assisting with due diligence and document drafting in M&A deals is well established, yet it will be vital to understand how AI systems have been in use in an acquired business to avoid potential issues.
• Legal operations: Will GenAI be the technological step-change that may finally force the long-prophesized demise of the billable hour for corporate legal advice?