AI Is Changing the Legal Industry
“It has the capacity to reshape the practice of law,” Mr. Villasenor said. Previous waves of automation mostly affected blue-collar jobs in industries like manufacturing, or back-office roles that required many calculations, such as accounting or mortgage processing.Rapid developments in AI could pose threats to the type of work performed in white-collar professions, like the practice of law..." - WSJ
Greg's Words
See, I told you so. One of the most paper-intense business models in the history of print is going to someday soon, be inhabited by Chat Agents.
Imagine ChatGPT attached to the Nexus/Lexus databases. Every judgment, law, regulation, and legal action is at the disposal of savvy prompt-generating Legal Eagles.
- Roll-playing with AI before a trial.
- Digging up every relevant precedence, ever.
- Determining which jury members are the best to accept and reject.
- And mathematically predict outcomes.
This changes everything.
A quick summary of a WSJ article. Enjoy.
Key highlights:
- Law firms and in-house legal departments are employing AI tools using GPT-4 technology to handle writing and research tasks, traditionally assigned to entry-level lawyers.
- The AI tools are set to revolutionize white-collar jobs, potentially affecting 44% of legal work, as per a Goldman Sachs report.
- Despite AI's promise, there are concerns about uploading sensitive data to cloud-based products and the opacity of AI software.
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