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Without question, generative AI is the biggest technology trend of 2023. Given its potential impact on nearly every industry, attention is warranted. Because of gen AI’s prospects for supplementing—and in some cases, replacing—the work of lawyers, the impact of AI has been a central conversation across the legal industry. In the contract automation space in particular, certain aspects of contract drafting, review and contract lifecycle management will undoubtedly benefit from leveraging tools like ChatGPT and other gen AI.
When evaluating the potential of generative AI for contracts, lawyers need to understand how it fits into the broader field of artificial intelligence (AI). LLMs, or large language models, are a type of AI that are trained on massive amounts of text data. They can then be used to generate new text, translate languages, and answer questions in an informative way. LLMs and generative AI are still under development, but they have the potential to revolutionize the way lawyers work. For example, they could be used to automate the drafting of contracts, translate legal documents, and identify potential risks in contracts. The diagram below shows how generative AI and LLMs fit into the broader field of AI.
Image Source: Nimdzi
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