Letter from the Head of Thomson Reuters Institute
Mike Abbott
It seems today that anywhere two or more providers of professional services are gathered – whether they’re lawyers in a law firm, in-house counsel, accountants, or the like – the conversation quickly turns to artificial intelligence (AI) and the impact it will have on the future of these professions.
How disruptive will it be? Should we begin using it now, or wait for others to find a safe path for us to follow? How do we advise our businesses and clients regarding the use of these technologies and their potential impacts?
It’s safe to say we’re at a point where the questions clearly outnumber the answers.
At the same time, we must be careful that thoughts about AI don’t overshadow the other realities that professional service firms must confront today – realities that pose equally challenging and perhaps more immediate problems. This split focus requires careful attention and a delicate balance.
This is the same balance we needed to strike in this issue of Forum magazine.
Of course, it is impossible to ignore the changing realities created by the lightning pace of AI evolution. And to that end, this issue explores topics around the responsible use of AI for professionals, how to create guidelines for safe use of AI for broader enterprises, and the potential benefits of building early familiarity with generative AI tools.
However, we also must be aware of the myriad of other problems professional services leaders must face. Law firms and their clients may be facing an inflection point around how services are priced. In-house counsel are searching for ways to better convey the value their departments bring to the business through meaningful metrics. Hybrid working, data security, and cryptocurrency continue their rapid evolutions as top-of-mind issues. And how we recruit and develop talent is constantly changing due to influences from technology and generational shifts.
There is certainly no shortage of topics to occupy the minds of professional services leaders. We hope this latest issue of Forum brings some clarity to at least a few of those topics, as well as some insight into how to meet them head-on.
