“ChatGPT, write me an article on AI in the legal industry.”
By Benjamin Wilson, Senior Associate.
It would not be too surprising if most professionals in the UK were still under the impression that Artificial Intelligence (AI) was something seen in the movies and only talked about by the younger generation or tech enthusiasts. Whilst not necessarily incorrect, the world of AI is certainly growing, with the UK ranked third in the world for its research and innovation in AI, and UK based law firms and practices either investing in the area or even already utilising AI software.
Since the launch of ChatGPT, an AI Chatbot developed by OpenAI at the tail end of 2022, you may have already seen viral social media posts about the software that can almost instantly prepare detailed responses and answers to an incredibly vast array of sectors. For example, the chatbot can write computer programmes, draft essays on a specific topic and even write song lyrics or compose music. Whilst the AI is not perfect and will certainly need refining, this is only the free service and OpenAI has already launched a professional service, which will again increase its capabilities and functionality. It is entirely reasonable to remain sceptical about the ability of AI, however, OpenAI‘s valuation has increased to an estimated $29 billion following the release of ChatGPT, showing this is not just seen as a flash in the pan.
Specifically on the legal front, Allen & Overy have recently introduced an AI chatbot, much like ChatGPT, to assist lawyers with drafting merger and acquisition documents and memos to clients. The tool utilised by Allen & Overy was developed using similar technology created by OpenAI and is available to all lawyers within the firm.
Law firms investing in legal technology is nothing new and automation has always been seen as a way of freeing up time to be spent on recoverable billable tasks. Tasks deemed to be administrative are frequently challenged on costs assessments, so irradicating work of this nature, so as to open the door for billable tasks seems like an obvious way of increasing profitability and recovery levels on any assessment.
Whilst there will be a lengthy transition period and, of course, AI is certainly not going to save money straight away or produce documents superior, or even akin, to a highly skilled and experienced lawyer. However, this is just one example of the legal sector already starting to dip its toe into the AI world. Law firms have always looked for ways to increase efficiency and profitability and the introduction of word processing software, with spell checking and the ability to edit without tipex, was seen as an incredible tool for achieving this and the next leap into AI should be viewed no differently.
It is not just magic circle firms investing in AI, as Search Acumen, a property data provider for conveyancers, has also recently begun trials of ChatGPT into their existing AI portal to assist and improve the efficiency of the conveyancing industry. The introduction of AI into their existing database aims to automate parts of the conveyancing process by answering questions and queries instantly. Again, whilst this is only in the beta stages, these are simply two examples of AI entering the legal market in two distinctly different ways.
From a costs perspective, who knows how and when AI will encroach into the domain of a Costs Lawyer, but similarly to the transition from four coloured pens, paper files and typewriters to electronic files, case management systems and the electronic Bill of Costs, there will be significant developments in the foreseeable future. Who even knows how, or if, the use of AI will be chargeable, but this is simply something to ponder at this moment in time and, maybe what is most exciting (or concerning, depending on how you view it), is that this is inevitably just the start.
