The world of Artificial Intelligence (AI) is constantly evolving, and recent developments have implications for legal professionals across the globe.
Reuters analyzed the EU’s proposed AI regulations, suggesting that these rules may affect service industry professionals and might also impact other legislative approaches to AI worldwide. The report draws on surveys from professionals operating in legal, tax & accounting, corporate, and government sectors.
Meanwhile, according to the Financial Times, AI has been labeled an “emerging threat” by the Financial Stability Oversight Council, which has noted AI’s growth as a “vulnerability,” potentially challenging the stability of the U.S. economy. Seeking to calm anxieties, Treasury Secretary Janet Yellen, chair of the council, voiced her belief that existing regulations should suffice in mitigating any threats posed by AI.
Fresh from the research labs, openAI’s “Superalignment” team proposed a way “to let an inferior AI model guide the behavior of a smarter one” without reducing intelligence levels, thereby reducing the risk of the smarter AI going rogue. This method, dubbed “supervision”, might be a pivotal safeguard in AI’s future development.
Elsewhere, Adam Selipsky, the CEO of Amazon Web Services and a pivotal figure in the company’s AI strategy, spoke to the Associated Press about his vision for generative AI. In his interview, he discussed a design utilizing “three different layers”: infrastructure, large language models, and consumer-facing applications that leverage AI to provide services.
Finally, Patricia Ellis, General Counsel for Datasite LLC, argued in The Legal Intelligencer that the M&A sector is especially ripe for AI integration. Ellis suggested that several areas of the deal-making process, particularly those involving repetitive and time-consuming tasks, could benefit from incorporating AI into their workflows.