Everyday AI Podcast – An AI and ChatGPT Podcast EP 140: How AI Will Transform The Business of Law
Nov 8, 2023
Enam Hoque, a seasoned Consultant at LawBeta with nearly 20 years in corporate finance and legal risk, shares insights on AI's profound impact on the legal field. He discusses how AI and large language models can transform legal practices, improve efficiency, and enhance access to representation. Hoque addresses challenges like AI hallucinations and emphasizes the need for responsible integration of technology in law. Lastly, he highlights the evolving role of future lawyers in embracing AI tools to stay competitive.
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LLMs Transforming Law
- Large language models (LLMs) will significantly impact the legal field, automating mundane tasks and allowing lawyers to focus on higher-level work.
- This shift will likely take a decade, not a year or two, to fully realize.
AI for Legal Risk Assessment
- Lawyers often create lengthy documents covering countless theoretical risks, but the most effective ones focus on the key issues.
- AI can help by automating the analysis of boilerplate text and highlighting the crucial 20% for strategic focus.
ChatGPT Hallucinations in Court
- New York attorneys incorrectly used ChatGPT, leading to fabricated information in court filings.
- This incident highlighted the importance of proper AI usage and raised concerns about its reliability in legal contexts.