The recent release of ChatGPT is another example of artificial intelligence’s use in daily business life. The legal industry is no exception, and will likely experience great impact from use of AI tools like ChatGPT.
High labor costs and need for efficiencies drive this demand. AI tools have the ability to remove a level of drudgery and wasted time for lawyers.
ChatGPT is an online tool released by OpenAI that answers questions posed in plain English—by searching information in a database and creating plain-English, commonsense answers. It’s a kind of search engine that reconciles online results it finds into a coherent (usually) mini-essay.
Some future iteration of a tool like ChatGPT will no doubt be able to create drafts of legal documents. These trends will profoundly affect the practice of law and legal employment, mostly for the good.
For example, a lawyer receives a term sheet for a real estate joint venture in the form of a limited liability company. They immediately recognize the structure is similar to an LLC agreement they had done in the past, but they can’t recall when or for which client.
They sift through numerous documents on the document management system, then finally remembers the deal. They find the...
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