Noah Waisberg, an AI expert and author, talks about selling AI systems to lawyers, the value of AI in the legal industry, generative AI in contract review, and identifying material contracts and risks. He also discusses the benefits of structured data and the challenges in handling volume.
AI in the legal industry improves efficiency, decision-making, and reduces time spent on tedious tasks.
AI can capture and apply human expertise, allowing for its replication in various situations and enabling legal professionals to handle complex tasks.
Generative AI has made advancements in legal use cases, lowering entry barriers and requiring industrialization to optimize its use in workflows.
Deep dives
AI adding value in the legal industry
AI in the legal industry saves time and increases accuracy. By automating repetitive tasks, AI enables lawyers to focus on more valuable work. It also enhances decision-making by providing insights and analyzing large volumes of data. AI can help identify patterns, extract structured information from contracts, and assist in contract review processes. Overall, AI adds value by improving efficiency, enabling better decision-making, and reducing the time spent on tedious tasks.
Amplifying legal expertise with AI
AI has the ability to capture human knowledge and procedures, allowing it to replicate and apply expertise in various situations. By training AI models, legal professionals can leverage their expertise at scale, even when they are not physically present. AI can assist with contract review, provide insights, and make accurate predictions based on previous learnings. This amplification of expertise enables legal professionals to handle more complex tasks and make informed decisions more efficiently.
The role of generative AI in the legal industry
Generative AI has improved over time, making it easier to develop and apply in various legal use cases. It has lowered the entry barriers, allowing faster model development and deployment. Generative AI solves problems that were previously challenging, such as extracting structured information from contracts. While commercial models like OpenAI's GPT are widely used, there is still room for differentiation and innovation at the application and integration level. Industrializing generative AI remains a crucial aspect to optimize its use in legal workflows.
Transforming legal careers with AI
AI has created new career opportunities in the legal field, with roles dedicated to training and managing AI systems. Professionals specializing in prompt engineering, data analysis, and AI integration play a vital role in utilizing AI technology effectively. The accessibility of AI has transformed legal careers by offering new tools and capabilities that were previously unavailable. While some jobs may evolve or become redundant, AI adoption opens up avenues for individuals to work on cutting-edge technologies and contribute to the advancement of the field.
Differentiating in the age of AI
While AI technology like large language models (LLMs) is accessible to many, differentiation can still be achieved at various levels. Companies can differentiate through their integration methods, training data, and additional technologies used alongside the base models. Successful differentiation can arise from solving specific industry challenges and industrializing AI applications effectively. Business models, pricing strategies, and the ability to deliver accurate and valuable results to customers are all factors that contribute to differentiation in the AI-driven legal industry.
Noah Waisberg is the co-founder and CEO of Zuva.ai and the former co-founder and CEO of Kira Systems. He has worked for more than a decade on artificial intelligence and its application in the legal industry, beginning his work long before anyone had heard of Transformers and GPT.
He is also the author of two books on artificial intelligence: "AI for Lawyers" which, as the title suggests, is focused on AI and its use by lawyers; and "Robbie the Robot Learns to Read", likely the first children's book aiming to teach younger readers about machine learning concepts.
Naturally, with Noah we discussed many issues related to artificial intelligence, including:
* What it was like selling AI systems to lawyers in the early 2010s
* How AI adds value in the legal industry
* The ability of AI to capture, distribute and amplify legal expertise
* Jevons paradox and how it relates to AI in the legal industry
* The role of generative AI in contract review and other legal use cases
* The extent to which generative AI levels the legal tech playing field
