By the year 2030, it is likely the legal space will look and operate differently to today, resulting in reshaping the way IP professionals at law firms and in-house councils work. What could this mean for the future of the IP legal profession?
Today’s global workforce is experiencing significant, swift and continuous shifts. Customer needs are evolving. Retirement eligibility is increasing. The growth of artificial intelligence (AI) is forecasted to cause even greater changes.
These shifts are impacting the way business is done within law firms and in-house corporate legal teams. To keep pace, IP legal teams are trying to understand the downstream impact on traditional lawyering and what is needed to successfully navigate the evolving IP ecosystem into the future.
To help, Clarivate recently released two resources that explore the current state of AI in IP and the importance of embracing change to prepare for what is on the horizon:
Changing expectations will undoubtedly influence the current norms of IP law and practice, forcing the industry to reimagine the roles of people, process, data and technology in the way IP is created, protected and managed.
What is the current state of AI in IP?
According to Forbes, AI is projected to see an annual growth rate of 37.3% from 2023 to 2030 and the AI market size is estimated to reach $407 billion by 2027.
What does that mean for the IP legal industry? The interplay between IP, AI and the wider legal industry is complex. To get a pulse-check of the perception of AI in the IP industry, Clarivate surveyed 575 IP and research and development (R&D) professionals from law firms and corporations worldwide between July 17 and August 1, 2023.
One attorney pointedly said, “Practitioners and clients need to lead the change instead of being pulled
The post Change on the horizon: The evolving IP legal profession first appeared on a new day for immigration.
