A study by PwC has revealed that lawyers with AI skills and technology understanding tend to earn more. They can command salaries as high as 49% than their counterparts. The PwC posted a study last year that included the range of jobs, including lawyers and accountants. The study showed that wages for individuals with artificial intelligence skills were higher by 25% in the United States than those who are not accustomed to technology and AI.
But the percentage in the UK & Canada was 14% & 11%. A huge notable difference in the percentage was particularly pronounced in certain professions like lawyers in the United States with AI skills could earn around 49% more.
PwC’s report was created by analyzing more than 500 million jobs across 15 different countries from Asia, Europe, and North America.
The sectors and countries that have a high demand for AI skills tend to have higher wages too in comparison to traditional job skills. Especially in case of scarcity of skilled professionals,” Mehdi Sahneh, senior economist at PwC UK, said in a statement.
The AI Advantage & Boon in Productivity
Having AI skills and knowing how to effectively put them into practice offers various advantages to lawyers. They can increase the efficiency of work, automate repetitive tasks, reduce errors, and gain a competitive edge.
Increased efficiency
Lawyers with AI skills can automate mundane and repetitive tasks like document review, legal research, contract management, data analysis, and more. This will free up lawyers’ crucial time and let them focus on high-value work.
Improved Accuracy
In-house lawyers with AI expertise can produce a better quality of work that is accurate and less prone to errors. AI tools can analyze large amounts of data within seconds.
Enhanced Client Service
With the help of AI tools, lawyers & in-house teams can have more responsive client service. They can offer faster and improved client satisfaction.
What Future Holds?
For aspiring and established lawyers this report is a clear sign to use AI. It is the future of the legal industry and holds a lot of potential. Not just that individuals who are ready to embrace the technology will also play a crucial role in shaping the industry.
Key areas where lawyers can focus are:
Learning more about AI platforms and technologies.
Staying updated with legal innovation, and developments related to AI.
Understanding the ins & outs of AI tools.
Automating routine tasks with AI technology.
If you are a lawyer still wondering how to improve revenue for your legal practice, it is high time to sharpen your AI skills. Lawyers who can improve their skills can thrive in the advancing legal world.