Better Call GPT, Comparing Large Language Models Against Lawyers — from arxiv.org by Lauren Martin, Nick Whitehouse, Stephanie Yiu, Lizzie Catterson, & Rivindu Perera; via Azeem Azhar and Chantal Smith
This paper presents a groundbreaking comparison between Large Language Models (LLMs) and traditional legal contract reviewers—Junior Lawyers and Legal Process Outsourcers (LPOs). We dissect whether LLMs can outperform humans in accuracy, speed, and cost-efficiency during contract review. Our empirical analysis benchmarks LLMs against a ground truth set by Senior Lawyers, uncovering that advanced models match or exceed human accuracy in determining legal issues. In speed, LLMs complete reviews in mere seconds, eclipsing the hours required by their human counterparts. Cost-wise, LLMs operate at a fraction of the price, offering a staggering 99.97 percent reduction in cost over traditional methods. These results are not just statistics—they signal a seismic shift in legal practice. LLMs stand poised to disrupt the legal industry, enhancing accessibility and efficiency of legal services. Our research asserts that the era of LLM dominance in legal contract review is upon us, challenging the status quo and calling for a reimagined future of legal workflows.
Unraveling the Legal Tech Ecosystem: How People, Processes, and Tech Work Together — from legaltalknetwork.com by Colin Levy, JoAnn Hathaway, and Molly Ranns
Technology can help you solve problems in your law firm, connect with clients, save time and money, and so much more. But, how do you know what tech will work best for your practice? Molly Ranns and JoAnn Hathaway talk with Colin Levy about understanding and utilizing technology, common mistakes in choosing new tools, and ways to overcome tech-related fear and anxiety.
Legalweek Roundup: Top Takeaways for Litigation Teams — from jdsupra.com
Every time we attend Legalweek, we have a unique opportunity to tap into the collective knowledge of hundreds of legal professionals. This year at Legalweek 2024 we talked with peers in a wide variety of roles, from litigation support professionals and lawyers to partners and heads of innovation. Throughout the sessions and discussions, we started to notice a few common themes, interesting trends, and helpful insights.
Here’s the best of what we learned.