The legal industry is facing challenges to the traditional hourly billing model, as the rise of generative AI has sparked both optimism and concern. Optimists believe that AI can enhance efficiency by assisting in document drafting and contract review, while some lawyers worry that the widespread adoption of AI may undermine competitive advantages, particularly for large law firms that rely on junior staff to handle a significant volume of complex cases. A survey indicates that about one-third of UK law firms are concerned that AI could negatively impact profits and profit margins, as the use of AI may lead to a reduction in the workload of junior staff, who typically handle this portion of work.

PwC Ireland has partnered with Microsoft to open a new Generative Artificial Intelligence (GenAI) center in Dublin. Irish businesses have been relatively slow to adopt artificial intelligence and generative AI. PwC has invested over €1 billion to advance the development of AI technologies.

According to PwC's 2024 Digital Trust Insights report, 90% of organizations are confident that generative AI will help drive business expansion in the next 12 months. The report highlights the growing emphasis on enhanced investment strategies in cybersecurity. Nearly 70% of organizations plan to actively incorporate generative AI into their future cybersecurity strategies.