Artificial intelligence is transforming how law and accounting firms do business, from streamlining litigation discovery to simplifying tax preparation.
But as AI tools grow more powerful, so do the risks – and the professionals adopting them are walking a line that balances innovation and accuracy with ethics and data security.
More professional services firms now use AI to help manage overwhelming amounts of data in a speedier fashion. This helps free up workers from routine tasks and boost their customer service, strategic thinking and innovation.
Michelle Six, an attorney at West Palm Beach-based Gunster that specializes in electronic discovery law, data privacy, cross-border discovery and AI technology exploration, says the options for integrating AI are plentiful.
The firm recently launched Zest, a subsidiary focused on using AI in the e-discovery process to sift through massive data sets more efficiently by spotting patterns, flagging important documents and organizing files at a speed that surpasses traditional human review.
"Gunster is evaluating a number of AI products, and Zest offers different types of advanced AI tools to assist with document review, key document searches and deposition preparation," Six said. "The market is flooded with a bunch of different product options, so we are trying to thoughtfully examine different offerings and see which ones are likely to be the best fit for a firm of our size and the types of matters that we handle."
One area Gunster is exploring the use of AI in is its construction litigation practice, where evidence often includes hundreds of images. Six said AI can help quickly identify issues or spot inconsistencies, saving time and pinpointing crucial details. Looking ahead, Six sees the potential for AI to take on even more complex tasks, such as interpreting handwritten notes.
Six noted that generative AI can accelerate tasks, but cautioned that the tools come with risks, like the potential to fabricate cases or facts – a flaw known as "hallucinations".
"Some AI large language models profess to have reduced hallucination rates to 2% to 3%," Six said. "But the truth is, if your work contains or relies on incorrect or fabricated information in any form, that could have a very negative consequence in litigation, which is why it's always so important to verify and validate any generative AI output."
On the accounting side, Miami-based Kaufman Rossin has been exploring AI since late 2022, shortly after OpenAI's ChatGPT release brought generative AI into the mainstream, Chief Innovation Officer Albert Primo said.
The firm began by crafting an AI policy for safe and ethical use, especially around protecting client confidentiality, he said. Kaufman Rossin then identified about 75 potential uses for AI within the firm, which include summarizing legal and financial documents, and comparing spreadsheets.
"We created an AI app store for the firm, and all of our users have access to different tools and the ability to extract data that's specific to a specific team," Primo said.
He shared that the firm's primary partners used to develop these apps are Writer, a company focused on enterprise AI, as well as OpenAI's GPT Enterprise. And, while most of their projects are currently in-house, Primo said Kaufman Rossin could consider rolling out AI-powered services to clients in the future.
One example for a client use is helping them extract information from their tax records, which could save hours of work and improve accuracy.
"There is a point in the future when clients will be able to upload documents used for tax returns, and an agent will be able to classify the amounts, place them in their correct buckets, and export that into a tax program to produce the first draft of a tax return," Primo said.
"They'll review that tax return, provide the engagement team with a list of coaching or review notes and, at that point in time, you've accelerated about 40% to 60% of that process, freeing up our professionals to provide higher levels of advisory to our clients than we do today," he added.
While he grants that AI is not an all-solving tool, the firm found that one of the most rewarding aspects of adopting the technology was reexamining and improving on its internal workflows.
Still, legal and accounting professionals say that the goal isn't to chase the latest tech hype or replace workers, but to build trust with clients and their own teams while using AI to enhance the services they provide.
"You can never presume what technology is right for any one particular matter," Gunster's Six said. "You always want to talk to your clients and disclose what the options are, and be smart about what the options and risks look like, and the measures taken to safeguard against any risks."
Read the full article at South Florida Business Journal.
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