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Summary
The legal profession has historically shown an immunity to change, displaying a more traditional character identified with classical court practice and heavy volumes of legal publications. However, this is now a realistic possibility, with the introduction of artificial intelligence (AI) promising to be an essential factor of reform in the world of law firms and beyond. The sustainability of funding must be assessed broadly, without barriers and prejudice regarding the means and tools with which it can be achieved.
AI can, therefore, be an ally of the lawyer and a factor in the utilisation of sustainable financing options, first by suggesting these solutions, effectively contributing to the training and informing of professionals about the options that exist. Of course, this change will also mean more opportunities for law firms to adopt ESG policies in their internal processes. The legal relationships of their customers will be affected, as non-compliance with sustainability policies will begin to incur increased transaction costs, penalties and damages.
Show Notes
The legal profession has historically shown an immunity to change, displaying a more traditional character identified with classical court practice and heavy volumes of legal publications. The penetration of IT in the provision of legal services, while it did help to upgrade the quality and speed of the provision of these services and the administration of justice (especially in modern and advanced jurisdictions), has not provoked significant reform of the legal profession. This act of incorporating environmental, social, and governance (ESG) data into investment management has become known as sustainable finance or investing. In other words, giving access to a wider range of financing options, provided that sustainable development goals are achieved. The potential for AI – combining algorithms, predictive models, and data analysis to support sustainable finance appears ripe.
