The impact of AI on the legal sector
Colin Levy
Malbek
- Part 1Unraveling the legal tech ecosystem
- Part 2 The impact of AI on the legal sector
Show Notes
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02:45AIs impact on the legal sectorAI is reshaping the legal sector by taking over document drafting, review, and other administrative tasks traditionally handled by lawyers. This shift is prompting a rise in lawyers and legal service providers working with clients to create products and solutions using AI.
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04:50The role of AI in legal sector decision makingAI has its drawbacks in terms of limited datasets and its tendency to take things too literally. Rather than being the sole decision-maker, AI serves as a supportive tool to help lawyers make better, data-driven decisions.
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06:47Utilizing ChatGPT in contract draftingTools like ChatGPT are good at creating rough first drafts and adjusting existing contracts, but not creating perfect final drafts. In addition, caution should be exercised concerning sharing confidential information with these tools.
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08:41The impact of Microsofts Copilot on the legal industryTools like Microsofts Copilot and Casetext's CoCounsel will be highly valuable in addressing specific problems in the legal industry because theyre trained to do these things well. Point solutions are expected to play a significant role in shaping the future of legal work.
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09:39Impactful point solutions in legal techPoint solutions like Harvey AI, Clearbrief, and Proxy are valuable tools focusing on specific legal tasks, from case management to brief writing. Theres a lot of potential for these point solutions as lawyers want tools that can help them do specific tasks well.
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11:11Evaluating legal tech platformsDetermining whether tools leverage larger platforms like ChatGPT or employ proprietary solutions requires thorough questioning during the evaluation process. While many platforms are transparent about their underlying technology, there is room for improvement in disclosing foundational models.
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12:48Opportunities for AI in legal techOpportunities in legal tech include specialized AI solutions for clients and data-driven analytical solutions. This is evidenced by law firms establishing legal tech subsidiaries that are focused on working in partnership with clients and tech companies to develop solutions.
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14:37The impact of legal tech and AI on legal billing and accessibilityLegal tech and artificial intelligence are already driving a democratization of legal services, making them more accessible and affordable. This shift is reducing costs and closing the gap in access to justice, aligning with the overarching aim of many legal tech solutions.
Quotes
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"We've seen AI draft and review documents, and do administrative tasks that used to be done by lawyers and were time-consuming. And now it can be done by AI in minutes, dramatically reshaping what it means to be a lawyer." - Colin Levy
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"We're not at the point where AI is going to be the sole decision maker concerning how to proceed with a matter or contract. It's going to be a tool to help inform your strategy and help you do your job better." - Colin Levy
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"The data you're sharing with these AI tools is going into a little bit of a black box. So, be careful with sharing confidential information." - Colin Levy
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"Microsofts Copilot is useful in achieving specific goals in legal work because it's trained to do these things well. Point solutions will continue to influence the direction in the legal industry and how work is done." - Colin Levy
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"Closing of the gap in terms of access to justice has driven some, if not all, of legal tech, and that is the aim of a lot of legal tech solutions." - Colin Levy
- Part 1Unraveling the legal tech ecosystem
- Part 2 The impact of AI on the legal sector
Colin Levy
Malbek
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Part 1Unraveling the legal tech ecosystem
Colin Levy, Director of Legal and Evangelist at Malbek, explores legal tech and artificial intelligence. The role of marketers has evolved from being creative to incorporating data and technology. Now, we're closely integrating with cross-functional teams, using tools and technology to understand and mitigate risks in our ad campaigns, legal processes, and more. Today, Colin discusses unraveling the legal tech ecosystem.
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Part 2The impact of AI on the legal sector
Colin Levy, Director of Legal and Evangelist at Malbek, explores legal tech and artificial intelligence. Artificial intelligence is going to dramatically reshape what it means to be a lawyer and do legal work. It’s already taking over traditionally time-consuming tasks from lawyers and doing them in minutes while making access to legal information more democratic and affordable. Today, Colin discusses the impact of AI on the legal sector.
