20
May
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Generative AI and the Legal Industry
The legal professionals are getting the chance to stretch their idea of what the technology can do for them and create important opportunities for growth in the legal industry. The generative AI technology is most likely to change the corporate legal departments and law firms in profound and unique ways.
What is Generative AI?
Generative artificial intelligence (generative AI) is a type of AI that can create new content and ideas, including conversations, stories, images, videos, and music. The next step in artificial intelligence is to be trained to learn human language, programming languages, art, chemistry, biology, or any complex subject matter. It reuses training data to solve new problems.
Generative AI can do a lot of things, it can explore and analyze complex data in new ways. So researchers can discover new trends and patterns that may not be otherwise apparent. Such algorithms can summarize content, outline multiple solutions paths, brainstorm ideas, and create detailed documentation from research notes.
How can Gen AI help the legal industry?
Many legal professionals are already considering the use of generative AI in their legal practice with over 82% of them believing that the capability can be used in legal work, though this percentage suggests that legal professionals see the potential but are unsure if they can trust the available tools to deliver accurate legal work products.
Gen AI has begun to make in-roads among law firms, corporate legal departments, and other legal service providers and technology companies. Some firms might move faster than others, while even within each firm progress could be diverse, with some practice areas with work that’s more susceptible to automation - such as real estate - radically transforming with AI faster than other practice areas, such as litigation.
Zach Warren - the person who leads Technology and Innovation Content for the Thomson Reuters Institute stated that generative AI is smart enough to give a plausible answer to most prompts and that from there, the human using the tool should decide whether the material is accurate and edit it which can be a great way to get a solid first draft, even for legal issues he added.
He also offers several ways lawyers can use generative AI to create efficiencies in their practice, such as asking the tool to write a brief or contract based on a set of facts or asking the tool to draft an RFP response to lighten the load in business development.
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