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Legal, tax and accounting professionals are “cautiously optimistic” about generative AI, according to new Thomson Reuters research on professionals’ sentiments on generative AI in the UK, US and Canada.
The research, which sought to better understand how the technology is perceived and applied within the professional services industry, uncovered a mix of optimism and caution in the adoption of generative AI.
Among the professionals surveyed, the potential of generative AI is undeniably recognised; 78% of respondents believe generative AI tools such as ChatGPT can enhance legal or accounting work, with the proportion being slightly higher for legal (82%) than for tax (73%).
Furthermore, 52% of all respondents believe that generative AI should be used for legal and tax work.
However, despite the research sharing strong feelings about generative AI’s potential utility, only 4% of respondents are currently using generative AI in their operations, with an additional 5% planning to do so.
Interestingly, tax and accounting firms are more open to the idea, with a 15% adoption or planned adoption rate.
Among those who have adopted or are planning to adopt generative AI technologies, about two-thirds of those in corporate legal and 80% of those in tax identified it as the most compelling use. Knowledge management, back-office functions, and question answering services were also cited as use cases of interest.
Steve Hasker, president and CEO of Thomson Reuters, said: “Generative AI has the capacity to disrupt and redefine the professional landscape, but it is clear from our findings that there is a trust gap with professionals.
“The future of professional work is set to be revolutionised by generative AI, and as an industry, we need to work together to find the right balance between the benefits of technology and any unintended consequences.”
He added: “We believe this will help our customers to first trust the transformative power of generative AI, an then harness the opportunity to shape the future of their professions.”
