The Impact of AI on the Legal Industry

The introduction of AI, specifically large language models, is transforming the legal industry by automating low-level tasks that consume significant time and resources. Companies like Luminance are developing AI tools that streamline contract review and negotiation processes, allowing legal professionals to handle contract analysis more efficiently. For instance, AI can reduce the time taken to answer business queries from several days to just minutes, freeing up lawyers to focus on more complex aspects of their work. This shift not only improves productivity but also opens new opportunities for legal professionals to engage in higher value activities.