Law firms are increasingly adopting AI. This may create significant benefits in terms of efficiency but also carries potential risks. These may include lack of transparency in the process for providing advice, difficulty in satisfying requirements for supervision, and compliance with the GDPR.
A paper published by Bafin, the German financial services regulator, addresses some of the regulatory and ethical challenges posed by AI. Although this is aimed at the financial services sector, much of it is equally relevant to the legal sector. A link is on our news page www.legalrisk.co.uk/news.
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