How are legal teams leveraging AI to increase overall productivity and improve contract compliance?
Legal Operations Counsel & Innovation Strategist in Services (non-Government), 10,001+ employees
Most of the AI-enabled legal tools on the market involve CLM (contract lifecycle management). The AI functionality is some version of searching templates or language/terms to allow for building workflows. There are also tools that redline and, to some extent, can replace manual contract review. The technology is the same as chatGPT, but it is not the same as using chatGPT to create a contract from scratch. There are many companies using AI-powered CLM tools, although they may not be using all the functionality.General Counsel, Self-employed
We are not yet there, honestly. We use AI as we believe we must stay ahead of the curve and have considered the risk of competitiveness by not using it. We have a corporate ChatGPT that we can safely monitor, so we are promoting the use of AI, but not quite yet in the realm of compliance, contract management, or other legal work, although we are considering some available options.Content you might like
Open AI (Game Changer: adoption w/ChatGPT)40%
Google (Game Changer: inventor of Transformers, Bard)20%
Microsoft (Game Changer: real time BingGPT+Search plus enterprise enablement)18%
Meta (Game Changer: LLM that can run on single GPU)7%
Amazon (Game Changer: TBD)4%
X.AI / Elon Musk (Game Changer: TBD)3%
Baidu (Chinese tech giant, with GPT version released in March)3%
Someone completely new5%
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Digital literacy and data analysis skills41%
Emotional intelligence and empathy skills47%
Creativity and innovation skills43%
Critical thinking and problem-solving skills44%
Adaptability and flexibility skills20%
507 PARTICIPANTS
CTO in Software, 201 - 500 employees
Without a doubt - Technical Debt! It's a ball and chain that creates an ever increasing drag on any organization, stifles innovation, and prevents transformation.
It has value for me in helping me get a jump start on a project. For instance, I used it to prepare a draft script for our upcoming shareholder meeting. I went to ChatGPT and requested opening comments for our general counsel when he speaks at our shareholder meeting. I hit enter, and in about 45 or 60 seconds, it had written a two-page introduction with comments – well written - with perfect grammar, perfect punctuation, and good paragraph separation. It's obviously not the final product, and accuracy must be confirmed, but it's a great way to start something if you're pressed for time. In all fairness, it's not perfect in terms of quality and can be wildly generic. As attorneys, we need to be wary about copyright issues, intellectual property issues, privacy concerns, and trade secrets. You don't really know the source of the information that comes back, so you have to do a quality check. I’ve heard of scenarios where ChatGPT provides completely wrong answers, but it will get smarter and faster with time.
Other than that, I’m unsure how we, as lawyers, will leverage it right now. We’re trying some AI products specific to the legal community, but I’m not terribly impressed so far. I can see it having a role in the contracts world and anything simple, repeatable, and handled at the administrative level. Different industries, different businesses, and different size companies will use it in different ways. AI could be a good tool for small law departments challenged by bandwidth constraints. I think it can help them scale up where they would otherwise need to go to outside counsel or even hire an in-house attorney. I think AI can mitigate that to a certain degree. I'd be very interested in how other in-house departments, typically smaller ones, use different AI technologies and ChatGPT. How are they using it, and are they drafting policies around this? Should we have a policy about AI, and what exactly should the policy say?