A technological revolution is unfolding, creating both excitement and concern among workers. Artificial intelligence (AI) has the potential to free individuals from tedious tasks, but it also poses a threat to millions of jobs. The Financial Times has identified three industries at the forefront of AI adoption to explore its impact on everyday work.
In the professional services sector, AI tools have been enhanced for easy accessibility and assistance in legal case work. Junior staff members benefit the most from the time savings provided by AI. However, AI is not always accurate and can potentially intensify work rather than replacing jobs.
Lawyers Alex Shandro and Karishma Brahmbhatt of Allen & Overy in London have been utilizing generative AI tools in their work. Their firm has developed Harvey, an AI platform built on Open AI’s latest models specifically tailored for legal work. Shandro recently used Harvey to gather information on advertising regulations in the UK related to augmented reality. The tool provided a comprehensive list that would have taken a junior lawyer significantly longer to compile. Brahmbhatt has also found the technology useful, although it sometimes generates incorrect information.
David Wakeling, head of A&O’s markets innovation group, emphasizes the importance of not overestimating AI’s capabilities. He likens AI to a confident and articulate 13-year-old, possessing both knowledge and limitations. The law firm considers AI a tool for enhancing productivity rather than a magical solution. Despite its flaws, it aims to save time across its workforce.
PwC, with its younger workforce, has also started adopting AI tools like Harvey. These tools democratize access by integrating into commonly used software like Office 365 and the Google Suite. The firm’s UK AI leader, Euan Cameron, likens AI technology to a Swiss army knife with numerous applications. PwC allows employees to discover their own use cases as long as certain guardrails are in place, ensuring human oversight and low-cost failure cases.
These AI tools primarily offer time savings for tasks typically assigned to junior staff. However, this raises questions about the future of such roles in law and consultancy firms. Will these jobs become obsolete? If so, how will senior employees be trained in the future? PwC’s chief technology officer for the tax, legal, and people business, Bivek Sharma, believes firms will still require subject matter experts, but the training process will evolve. Expectations for these experts will increase, necessitating quicker adaptability.
The legal sector also grapples with the implications of streamlining human labor since firms charge by the hour. However, Allen & Overy embraces AI while acknowledging its imperfections. A desire for progress and efficiency drives them to adopt AI technology safely.
The concerns surrounding AI extend beyond the legal industry. Screenwriters, currently on strike since May 1, fear reduced job opportunities as AI can generate book adaptations or first drafts. Actors worry about losing control over their images, and voice artists are concerned about the development of AI technologies that can replicate mouth movements in multiple languages.
AI start-ups have already introduced dubbing technology that claims to save time and expand the reach of foreign-language films. Additionally, actors can now rent out digital doubles for certain roles.
While AI brings remarkable advancements, it also raises important questions and challenges for various industries. Workers must navigate the evolving landscape and find ways to ensure AI benefits both organizations and individuals.
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