What areas do you see the most potential for generative AI in the legal industry, if at all?
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Chief Data & Innovation Strategist in Software7 months ago
Generative AI holds immense potential in the legal industry, particularly in contract management, legal research, and the discovery process. It streamlines contract creation, accelerates legal research by extracting relevant information, and expedites e-discovery through data analysis. Predictive modeling aids in verdict prediction, while AI assists in jury selection by identifying potential biases. Additionally, it automates legal document generation, ensuring accuracy and consistency. Overall, generative AI enhances efficiency and decision-making across various legal processes.Director of Legal7 months ago
AI in the legal industry has a great impact on the contract review process. AI not only improves efficiency and accuracy to streamline processes, but also increases the potential for proactive risk management, cost reduction, and effectively planning for growth. More importantly, attorneys can redirect their focus on priority issues such as negotiation and strategy.Global Counsel in Travel and Hospitality7 months ago
I believe CLM can significantly improve with the advent of Gen AI tools, especially around language learning models, automation on red lining and spotting differences and similarities substantively not just procedurally (eg on legal issues and evaluation of risk vs rewards in certain clauses such as mutual indemnification), and reviewing the same for errors, typos, version up or down, analogies to a company’s negotiated contracts historically, and capitalization of critical terms as well as smart comparisons with industry agreements or prior negotiated terms. For instance, GenAI applied in CLM management software could educated a legal team or business team internally about how that same company previously negotiated a certain clause and / or what its stance is or was, who this was done with, how long it took to finalize a specific provision, etc ultimately indicating cultural norms and increasing efficiency and / or ease of transactional processing.Director of Legal7 months ago
Repetitive low level tasks, or tasks that are based in data, organisational tasks, and so much more no doubt.
A) Use of data to drive strategy whether it be litigation strategy, negotiation strategy or both.
B) Use of such tools to drive the automated drafting and revising of documents with lawyer oversight.
C) The ability to access and create information on a scale not before seen in professional life.