The rapid integration of generative artificial intelligence (GenAI) into professional services has created a complex landscape of opportunities and ethical considerations. According to the 2024 Future of Professionals Report from Thomson Reuters, a surprising 78% of respondents across legal, tax & accounting, risk & fraud, and government sectors view AI as a positive force in their professions. This widespread acceptance, even among traditionally risk-averse industries, suggests a significant shift in attitudes towards AI technology. However, this general enthusiasm for AI doesn’t translate into universal agreement on its applications, particularly when it comes to providing professional advice. The report reveals a stark contrast in perspectives among different sectors. While 65% of tax & trade professionals and 57% of risk & fraud professionals are comfortable with AI providing advice or strategic recommendations, only 17% of legal professionals share this view. This disparity highlights the nuanced challenges faced by different professional services in adapting to AI technologies.

The reluctance of legal professionals to embrace AI for advisory roles stems from the profession’s deep-rooted emphasis on human relationships and nuanced understanding of client needs. As one UK-based law firm partner emphasised, “People need people to understand them and their needs, not algorithms.” This sentiment underscores the legal industry’s concern about maintaining the human touch in a field where empathy and interpersonal skills are often as crucial as legal expertise. Conversely, the greater acceptance of AI in tax and risk professions may be attributed to their more quantitative nature and the pressing need for additional resources in these talent-strapped sectors. This divergence in attitudes presents a significant challenge for the future of professional services, particularly in scenarios where clients may be more open to AI-driven advice than their legal advisors.

Read more: Thomas Reuters