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The legal industry is rapidly changing with the advent of large language models, such as ChatGPT, disrupting traditional practices and opening up new possibilities for legal professionals. These conversational AI tools can automate routine tasks, including document review and contract analysis, as well as perform legal research and writing more efficiently. They can also help create blog posts and social media content for marketing purposes.
According to Noah Waisberg, co-author of the book AI for Lawyers and founder of Kira Systems, “If you are a lawyer who is not using this stuff, your opponents are. They are going to do better work than you. For most people, it’s going to give them an edge, and I don’t know why you wouldn’t take an edge.”
OpenAI’s Generative Pre-Transformer models (GPT) are among the most well-known large language models that can understand, process, and respond to human language. In addition, Google recently launched an experimental preview version of its conversational AI tool, Bard, while Microsoft’s BingAI search engine has embedded OpenAI’s GPT technology. Meta also introduced LLaMA, a Large Language Model Meta AI available to academics, policymakers, and others who apply for a noncommercial license.
While large language models such as GPT have been used for some time now, experts believe we are still in the early stages of this technology. Daniel Martin Katz, a law professor at Illinois Institute of Technology’s Chicago-Kent School of Law, says even more large language models are in the works. According to UBS, the AI hardware and services market is expected to grow to $90 billion by 2025, up from $36 billion in 2020.
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The legal industry is already seeing the benefits of these large language models. A LexisNexis survey from March revealed that 86% of lawyers are aware of generative AI tools such as ChatGPT, and half had already used it in their work or were planning on doing so. The survey also found that “84% believe generative AI tools will increase the efficiency of lawyers, paralegals, or law clerks.” Furthermore, “61% of lawyers and 44% of law students also believe generative AI will change law schools and the way law is taught and studied.”
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Conversational AI is a tool that will create new opportunities and free up lawyers from tedious tasks, according to Waisberg. While the technology is adept at solving difficult problems, it still has trouble accurately pulling data from contracts, and human oversight is still necessary. For instance, GPT-4 isn’t ready as a stand-alone approach for contract analysis if predictable accuracy matters.
Despite these challenges, the legal industry is embracing conversational AI technology. Law firms are investing in AI-driven tools and solutions to stay ahead of the competition and improve efficiency. It’s clear that large language models are transforming the way legal professionals work, and it’s up to lawyers to embrace these technologies and stay competitive in the changing landscape of the legal industry.
