Artificial Intelligence

An early example of where things are headed.

In Post 228, Paula Doyle, Chief Legal Innovation Officer at the World Commerce and Contracting Association (WorldCC), made the claim that inefficiencies in the current commercial contracting process likely cost the global economy more than $1 trillion annually. We reach this figure by adding up the massive second-order effects caused by excessive contract complexity and poor process:

  • Too many steps involving too many people (>50% transaction costs),
  • Excessive wait times (9.7-day difference in cycle time between average and top performers),
  • Buyers to give up and go elsewhere (abandonment rates of up to 57%),
  • Post-execution losses (average of 9% contract leakage due to poor contract management).

Continue Reading Case study: impact of AI and Big Data on low-risk contract negotiations (236)

Lawyers are trained to be good at what machines can’t do.

Will the world still need lawyers once AI gets really good?

The short answer is yes—and I believe it will still be yes no matter how good AI gets.  My view is not universally accepted, so I will need to lay it out, and that will involve some claims about what humans are and whether a machine can ever be like that.  This will shed considerable light on what lawyers essentially do, and help us to see how machines can help us to be better lawyers.
Continue Reading Legal’s AI rocket ship will be manned (book review) (232)