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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.

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.