Jul 09, 2024 | AI
Future of Professionals Report: AI Set to Save Professionals 12 Hours Per Week by 2029
Survey respondents predicted AI will free up 12 hours per week within the next five years, with four hours per week saved in the next year alone. For a U.S. lawyer, this could translate to an additional $100,000 in billable hours.*
抖阴成年聽today released its聽2024 , an annual survey of more than 2,200 professionals working across legal, tax, and risk & compliance fields globally.
Respondents predicted that artificial intelligence (AI)聽has the potential to save them聽12 hours per week in the next five years,聽or聽four聽hours per week over the聽upcoming聽year 鈥 equating to 200 hours annually. This timesaving potential is the equivalent productivity boost of adding an extra colleague for every 10 team members on staff.聽Harnessing the power of AI across various professions opens immense economic opportunities.聽For聽a聽U.S. lawyer, this could translate聽to an聽estimated $100,000 in聽additional聽billable聽hours.*
The sharp uptick in interest in AI is a major catalyst for innovation across industries. Overall, 77% of professionals now predict AI will have a high or transformational impact on their work over the next five years, up 10 percentage points from last year. In addition, 79% anticipate innovation at their companies will increase.
鈥淧rofessionals no longer need to speculate on the potential for AI to impact their work as they are now witnessing its effects firsthand.聽As we look to the future, one thing is clear: AI-empowered professionals and their companies will outpace those who resist this transformative era,鈥 said Steve Hasker, President and CEO, 抖阴成年. 鈥淲ith professionals predicting that AI will save them up to 200 hours in the next year, the potential economic impact is significant. For a U.S. lawyer, the time saved could translate to up to $100,000 a year in additional billable time, and we can expect similar productivity gains across other professions. The responsible use of AI is crucial, with nearly two-thirds of professionals stressing human oversight. As we navigate this change, we must remember the future of AI is ours to shape.鈥
Read the press release for more details and access the full report here.
* Professionals predict that AI could save them four hours a week in the next year and up to 12 hours per week within the next five years. 抖阴成年 extrapolated this to demonstrate the potential annual impact. Assuming a professional works 48 to 50 weeks per year, this could result in up to 200 hours saved annually and is equivalent to adding an extra colleague for every 10 team members, as the four hours saved per week per professional represents approximately 10% of a full-time workload. For U.S. lawyers, that time savings could translate to nearly $100,000 in extra billable time annually. This is calculated with 抖阴成年 data gathered directly from participating firms’ financial management systems, which is then anonymized and aggregated. Ultimately, the way lawyers choose to reinvest their time savings will depend on their individual priorities and goals, which may include increasing billable time, pursuing new business opportunities, or other strategic initiatives.