The International Bar Association (IBA) has released a report titled 'The Future is Now,' produced in collaboration with the Center for AI and Digital Policy (CAIDP), emphasizing the necessity for the legal profession to adapt to technological advancements.

The IBA has called for the legal profession to take the lead in regulating artificial intelligence (AI) to ensure it benefits humanity.

Research within the report indicates that 48% of lawyers support the regulation of AI in their profession, while 57% emphasize the need for consistent regulations across different countries.

This report comes at a time of increasing global regulatory activity surrounding AI, including proposals from the UN for global governance and a draft treaty from the Council of Europe, which has been signed by the UK, US, and EU.

Despite the growing interest in AI, only 43% of law firms have established policies regarding its use, and a significant 69% of respondents are unaware of how AI regulations might impact their operations.

It warns that law firms developing their own AI tools may face accusations of violating competition laws.

The report identifies potential benefits of AI in the legal sector, such as reduced workloads and improved access to legal services, while also cautioning about challenges related to data governance, security, and privacy.

Moreover, lawyers are held accountable for the content of AI-generated submissions in legal proceedings, underscoring the critical need for human oversight in AI applications.

One of the key conclusions is that generative AI has the potential to significantly transform law firm structures and operations, though successful integration requires thorough training and development.

Marc Rotenberg, CAIDP's executive director, stressed the importance of establishing robust policies for fairness, accountability, and transparency in AI, viewing the report as a crucial resource for legal professionals and policymakers.

He further noted that the impact of AI on the legal profession could surpass that of the internet, raising concerns about the risks associated with unregulated AI systems.

Finally, the report highlights that 48% of IBA members support comprehensive AI regulation that encourages innovation while maintaining consistency and coherence.