17 It is very important for clients to understand how it affects their obligations and contracts in potentially new ways. Other issues that have surfaced also relate to trade secrets - how to keep prompts and Generative AI workflows secret; ethics - how to supervise someone else using gen AI if you yourself have never used it; and the comingling of client data. While embracing the latest generation of AI technology, the vast majority of lawyers appear to be proceeding with caution. The impact of AI on the lives of lawyers and their clients Eyal Oren, partner at Shibolet & Co: “We have already established an AI team to monitor closely the evolution of AI in terms of technology, the regulatory landscape and that of the judiciary to be able to give advice in an uncertain environment. In addition, the firm is working on the constant review of AI tools for internal implementation.” Partner, Roy Keidar, who heads the Emerging Technologies practice at Israeli law firm, Arnon, Tadmor-Levy adds: “We see the impact across the board. The growing use of Generative AI tools by lawyers entails significant benefits for lawyers which are still at its nascent stages, but also poses significant challenges to protect privileged information of clients, to ensure adequate use to avoid issues of professional liability, and to develop the right program for training the future generation of lawyers.” “A real game-changer for clients” “Before the use of AI-assisted diligence technology, we would frequently be asked to just review the top material contracts, says Adam Levin, co-head of Dechert’s corporate group in London. “Now, we can have our AI check every single agreement in a transaction. It’s a real game-changer for clients to be able to have that extra level of comfort.” Keidar of Arnon, Tadmor-Levy, adds: “Generative AI won't replace lawyers so quickly in the crucial crossroads of a company (such as strategic deals, regulation analysis or litigation). But it can influence some of the clients’ willingness to pay lawyers by the hour, for services they can get almost free, even if they are of inferior quality. General counsels were looking for guidance on how to formulate internal policies for their companies. Such policies should be tailor-made for each organization, as the use of AI varies across
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