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Legal Contract Reviews: LLMs vs Lawyers

Feb 19, 2024

Using AI and incredibly advanced tools like GPT in legal isn’t just some far-off dream. It’s happening right now, and it’s a big deal. A recent study by Onit Inc.’s AI Center shows how these AI tools could shake things up in how lawyers review contracts.

Boosting Accuracy in Legal Work

This study shows that AI can spot contract legal issues better and sometimes faster than traditional methods. It’s a big win for accuracy, ensuring contracts get a thorough check and reducing the chance of missing something important.

Speed is Where AI Shines

One of the standout points from the study is how quickly AI can review contracts. AI can do tasks that would take us hours in just seconds. This speed doesn’t mean cutting corners on quality; we can tackle more tasks faster, changing how legal teams and firms get things done.

Making Legal Services More Affordable

AI’s ability to do these reviews much cheaper is a game-changer. It means more people can access legal services without breaking the bank, which could shake up how the legal industry prices its services.

Thinking About the Big Picture

Sure, AI brings a lot of perks, but it’s not without its challenges. We must consider how much we rely on AI versus human judgment, especially when dealing with complex legal matters. The legal field needs to find the right balance to ensure AI helps rather than hinders.

Looking Ahead

This study is just the beginning. AI could change contract reviews and other legal tasks like research and litigation support. As AI keeps improving, it will become an even more essential tool for lawyers.

Wrapping Up

The move towards AI in legal work marks a significant shift in how services are provided. With its unmatched speed, accuracy, and cost-effectiveness, AI offers a bright future for making legal help more accessible. At this crossroads, embracing AI could mean a more efficient, inclusive future for legal services in our fast-changing world.

References

1. Better Call GPT, Comparing Large Language Models Against Lawyers

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