A recent study has assessed how the current capabilities of generative artificial intelligence (genAI) systems, such as retrieval and reasoning, compare to those of senior and junior lawyers, legal process outsourcers, and specialist AI tools when seeking and interpreting relevant information.
Litera, a company specializing in legal technology software, has released a new report tailored for legal professionals who want to stay ahead of the curve and make informed decisions about the future of their practice.
Litera has labeled genAI as a potential game-changer in the rapidly evolving legal technological landscape. However, the company has cautioned that lawyers may overlook the practical aspects of integrating AI tools into their practice amid the excitement surrounding this new technology.
The report offers a data-driven analysis and practical recommendations to assist lawyers in evaluating and leveraging genAI to enhance the efficiency, accuracy, and profitability of their work. The report also provides insights into potentially improving AI’s retrieval and reasoning capabilities, including through the use of hybrid search methods and advanced prompt engineering techniques.
The report also addresses the costs of using AI solutions compared to human labor and the resulting implications for the future of legal outsourcing. It also discusses the strengths and weaknesses of genAI-powered legal tools, such as Lexis+ AI and Westlaw, in commercial applications.
Sam Fletcher, a senior machine learning engineer at Litera, mentioned that Australia does not have the strongest tech sector or the largest legal market in the world.
However, the development of large language models (LLMs) has significantly lowered the barriers to entry for AI, Fletcher noted. He also stated that jurisdictional differences can require tailored support in legal software, adding that he obtained his PhD from Charles Sturt University in Australia.
source: Australasian Lawyer
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