The Washington Post recently explored how artificial intelligence (AI) has been influencing the legal sector, pointing out that according to industry predictions, the AI legal software market could swell from $1.3 billion in 2022 to potentially as high as $8.7 billion come 2030. Legal professionals are increasingly realizing the value that AI can bring, and the market’s growth projections underscore this sentiment.
Furthermore, AI advancements have been venturing to areas previously exclusive to humans. OpenAI’s GPT-4 and Anthropic’s Claude 2 LLMs have both passed a simulation of the Multistate Professional Responsibility Examination (MPRE), according to Lawsites. The AI performed best on questions related to conflicts of interest and client relationships. Legaltech News, however, offers some additional analysis on the bots’ performance.
Legal tech isn’t without its issues, though. Google has initiated a lawsuit against several “online scammers” that have used the tech giant’s logos to capitalize on public interest in artificial intelligence. The details of this action, which Axios reported may be the first of such a thing from a company on Google’s scale, indicate a new trend in the combat against AI-related online scams.
Despite the rapid advancements, not all clients are onboard with the adoption of AI in the legal profession. Lawyers have had to strike a balance between harnessing the power of AI and managing the different comfort levels of their clients with new technology. Legaltech News delves into this topic further.
Experts, such as Ed Sohn of Factor and Jae Um of Six Parsecs, predict that the confluence of humans and AI-powered legal technology could have significant impacts on the key operational aspects of legal work and influence the dynamic between in-house attorneys and outside counsel as reported by Bloomberg Law.
As the legal landscape continues to evolve with AI, professionals across the legal value chain need to stay abreast of these developments and more importantly adapt, to leverage the potential of AI for legal services.