Some industries appear to be natural fits for AI disruption it’s a matter of:
- the amount of a task that can be accomplished by AI, and
- the value of the task it can accomplish.
Now that we have LLMs that are exceptional at reading, writing, and analyzing, the business areas where they apply most are fields like law, customer service, software development, marketing, and sales.
The legal profession is built upon language data. LLMs crack open language-based data the way that other forms of AI have been predicting patterns from numerical data. LLMs identify patterns in that language data and can offer nearly complete products to lawyers and their clients.
AI will dramatically reduce the cost, time, and brainpower required for all legal functions: drafting, understanding, litigating, and enforcing. As a result, we’re going to see the Legal Tech space, which already generates about $30B in revenue worldwide – explode.
With less friction, there will simply be more contracts between more people. Further, the contacts will get more intricate and more dynamic because the costs will be reduced. Just as we saw media production explode with digital cameras and broadband, we saw e-commerce explode with Shopify and Amazon Marketplace, we will see the legal world expand and change with AI.
Source: nfx.com
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