Increased Accuracy: More Data-driven Decisions In-house

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.

Challenge: Increased Accuracy: Potential for More Data-driven Decision Making

AI systems offer the potential for more accurate, data-driven decision-making in legal contexts. This advantage is particularly valuable for in-house teams dealing with complex legal issues and large volumes of data.

A 2023 study found that AI-powered contract review tools achieved an average accuracy rate of 94%, compared to 85% for human lawyers reviewing the same documents.[84]

According to research carried out as part of this report, legal departments increasingly require the "use of appropriate technologies" when choosing their legal partners, indicating a growing recognition of AI's potential in improving accuracy and efficiency.

Alex Denne

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Advisor

Alex Denne, Head of Growth (Open Source Law) at Genie AI, is a legal tech leader and serial founder with over a decade of experience driving innovation and making legal services more accessible. Since joining in 2021, he has scaled the platform from 200 to over 120,000 users, combining deep contract law expertise with a data-driven, open-source approach. He is passionate about democratizing legal knowledge through AI, backed by strong academic credentials and experience leading major product and innovation initiatives.

Interested in joining our team?‍Explore career opportunities with us and be a part of the future of Legal AI.