Enrico Schaefer - January 30, 2023 - Artificial Intellience, Uncategorized
Yes, AI contract drafting is coming. And, yes, Robot lawyers are still a myth. AI experts say AI can generate better legal documents than lawyers. But AI won’t replace attorneys. Instead, AI will make attorneys more efficient and drive more volume of legal services for reviewing and finalizing AI-generated documents. Lawyers will become more efficient, and clients will receive more for each legal dollar spent.
AI is set to significantly affect law practice through large language models and document automation tools. These tools can search for relevant templates and reduce time formatting documents such as contracts. AI can also automate tasks like finding and replacing text or ensuring that terminology is consistent throughout the document, reducing editing work by up to 90%. By reducing costs associated with legal services, AI will open up access to much more businesses that wouldn’t have otherwise been able to afford them. Clients will engage with lawyers leveraging AI technology more because the cost of legal services will decrease. Instead of replacing lawyers, lawyers who use AI will dominate the legal services industry and position themselves for an increase – not a decrease – in work.
View Video Below
Everyone is interested in AI and whether AI will obsolete humans in the workforce. This is especially true with professionals such as lawyers who see chatGPT draft contacts in seconds, which might take a lawyer hours. The term ‘robot lawyers’ are starting to appear in news articles and blog posts. The idea an avatar or robot lawyer will start providing legal services directly to clients is a myth. Just like the internet did not obsolete lawyers because legal answers might be found online, AI won’t replace lawyers just because it can provide similar answers.
There are, however, two relevant questions we should consider. One, is AI going to affect the practice of law? And two, if the answer is yes, how will AI affect the practice of law?
Large language models are deep learning algorithms that can recognize and summarize, translate, predict, and generate text and other content based on knowledge gained from a massive data set. An algorithm can recognize patterns. AI can analyze written words and paragraphs and recognize what’s being asked. Large language models look for patterns and context at lightning speed. Optimization comes from drafting legal documents that AI and machine learning can deliver.
AI is going to affect and touch every different aspect of people who provide services as well as people who provide products. You’re seeing a lot of news articles about how Chat GPT, the OpenAI project, and other new AI tools are affecting lawyers and law practice.
Lawyers bring expertise, advice, insight, and experience to the table in a way that AI can not. A reasonable attorney will ask the right questions. AI can not provide legal advice per se. But AI can optimize the contract drafting process and provide educational information so that clients can speak more intelligently to their attorneys.
Think about how much time is wasted by lawyers formatting a templated contract. AI can do the formatting for your lawyer. But that is just the start. AI can optimize that process by identifying key clauses that your attorney should consider including in your templated contracts. AI will affect law practice because it will create efficiency for law firms who want to deliver more per hour for their clients.
The nuts and bolts of contract drafting can be tedious and time-consuming work. An attorney has to remove clauses and insert better alternatives. Simple actions like doing a document search, finding and replacing text, copying and pasting, ensuring consistent terminology, and dealing with layout issues can represent 50% of drafting time. AI can find drafting, terminology, and formatting issues in the document for you and make all of those changes, or at least get you 90% of the way there without having to do any work.
IntelligenAI will make attorneys more efficient and drive more volume for legal serces for reviewing and finalizing AI-generated documents. t lawyers and law firms will build libraries of templated clauses that can be inserted by AI and reviewed by the attorney. Lawyers will become more efficient as a result.
There is a lot of concern about using AI and the unauthorized practice of law. While offering AI to replace, a lawyer AI providing legal advice raises legitimate ethical concerns, the use of technology by lawyers to provide cost-effective and efficient legal services does not. So some people are concerned that we can’t have AI drafting contracts.