The report by well-known consulting firm McKinsey,The economic potential of generative AI: The next productivity frontier(June 2023), provides reliable information and analysis on the jobs potential of ChatGPT and other generative Ai. The analysis and projections are encouraging. This report is much needed because almost everyone’s initial reaction to the surprising superpowers of generative Ai, is an “on no” type of response concerning job loss. We all tend to jump to fear of replacement by super smart Ai. Good news! The McKinsey report shows that is wrong. The conclusion is based on careful study, and extensive, fact checked research by top human experts. The report should encourage lawyers to embrace the coming Ai change, not fear it.

The McKinsey Report

The well-written report by McKinsey & Company is a collaborative effort by many authors: Michael Chui, Eric Hazan, Roger Roberts, Alex Singla, Kate Smaje, Alex Sukharevsky, Lareina Yee, and Rodney Zemmel. It begins with, “Generative AI is poised to unleash the next wave of productivity. We take a first look at where business value could accrue and the potential impacts on the workforce.” The report then introduces seven key insights.

1. Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. Our latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases we analyzed. (Author’s Note – use cases...

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