New AI stomps the shit out of contract lawyers. Yup-- you are indeed fucked
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Poast new message in this thread
Date: February 26th, 2018 9:41 AM Author: startled house-broken genital piercing
>> So does this spell the end of humanity? Not at all. On the contrary, the use of AI can actually help lawyers expedite their work, and free them up to focus on tasks that still require a human brain.
"Having the AI do a first review of an NDA, much like having a paralegal issue spot, would free up valuable time for lawyers to focus on client counseling and other higher-value work," said Erika Buell, clinical professor at Duke University School of Law, who LawGeex consulted for the study. <<
This is so wrong. All it does is further reduce easy billables. Essentially the more easy billables soaked up by technology, the more you have to fill your 2000 hour bucket with very tough ones.
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35489574) |
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Date: February 26th, 2018 10:25 AM Author: Frisky sex offender
precisely
the same thing is happening in the accounting industry, albeit not at this same pace
it's going to reduce the need for accountants and lawyers. of course lawyers and accountants will still be needed, but far fewer of them i predict.
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35489776) |
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Date: February 26th, 2018 10:39 AM Author: Frisky sex offender
won't clients demand lower fees as a result of this?
how could they not?
and i don't see how this won't shrink the # of associates firms hire in the first place.
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35489835) |
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Date: February 26th, 2018 10:57 AM Author: startled house-broken genital piercing
It might shrink the number of lawyers but not the fees.
For example, let's say i'm working on a deal with a personal rate of $700 an hour. That rate is used for all my time, regardless of whether i'm doing technical deal structuring, redrafting a merger agreement, or reviewing contracts for CoC provisions or providing non-substantive edits to disclosure schedules. Clearly some of those hours are more difficult than others, and if i were to price discriminate I'd charge maybe $1,000 for the former and $500 for the latter.
Well, if I am no longer doing the more mindless work that needs to get done because software is doing it all, then i'm only providing clients with hours that are the most technical and difficult of all my hours. Accordingly, I might very well not want to do that work unless I am compensated at a higher rate.
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35489958) |
Date: February 26th, 2018 10:37 AM Author: Floppy aqua kitchen wagecucks
1) 180 moniker op
2) is there a future in software automating lawyer shit?
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35489823) |
Date: February 26th, 2018 11:03 AM Author: vibrant cruise ship
Funny thing is most of what shitlawyers do can’t be automated. Computers won’t take depositions or argue motions. They may help read shaniquias medical records, but they won’t be able to take over the rest. Of course, the automation of the car industry will reduce accidents and, as a result, reduce car wreck cases, but ppl will find another way to hurt/kill themselves.
Computers won’t write reports to insurance adjusters evaluating the ability of the lawyer on the other side or what the jury will lean towards at trial. Too unpredictable and the entire point of those reports is to blame the lawyer if the case goes awry so the adjuster doesn’t get in trouble
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35490024) |
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Date: February 26th, 2018 11:21 AM Author: costumed half-breed old irish cottage
Hard to get beyond your “humans learn too” point because it makes me wonder if you’re familiar with recent developments in the field. This is like saying “humans can run too” when someone mentions moving at the speed of light.
I wouldn’t be tethered to what AI/ml can do today vs what’s they’ll likely do over time. Their development won’t actually be limited by human cognition
Overall I think the limits and strengths of the human mind is a horrible reference point
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35490185) |
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Date: February 26th, 2018 12:05 PM Author: Frisky sex offender
the person who wins in these things aren't always the technical talent, but the guys who can market all of this AI shit to companies across the globe
how are those PHDs who are working on this shit going to market and sell this shit to companies?
whoever can sell and market AI services is who wins, i think. not necessarily the technical talent.
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35490567) |
Date: February 26th, 2018 11:48 AM Author: Frisky sex offender
if you think this is bad, think about how i feel. i am in an industry that absolutely will get automated (accounting) in my lifetime, as almost all of an accountant's daily tasks are things that are fairly routine and repetitive.
i feel bad for a lot of my coworkers and other people in the industry who don't see what's coming. accounting is going to be even more fucked than law, because so much of what we do is routine and can be easily learned by an algorithm
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35490398) |
Date: February 26th, 2018 11:56 AM Author: vivacious elite corner messiness
“Competitors were given four hours to review five non-disclosure agreements (NDAs) and identify 30 legal issues, including arbitration, confidentiality of relationship, and indemnification. They were scored by how accurately they identified each issue. ”
What does this mean? How were they judged? Any idiot can identify these issues in a contract
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35490488) |
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Date: February 26th, 2018 1:45 PM Author: grizzly cumskin
Yeah, it's hard to even know what they're talking about.
Were they asked, "Does this agreement contain an arbitration provision?"
Were they asked to highlight the arbitration provision?
Something else?
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35491200) |
Date: February 26th, 2018 12:12 PM Author: Heady main people
Call me when they develop a litigatorbot.
No seriously call me, because I would love if one of these metal fuckers took my job
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35490622) |
Date: February 26th, 2018 1:37 PM Author: grizzly cumskin
"identify 30 legal issues"
What does that even mean?
What was the precise task?
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35491148) |
Date: February 27th, 2018 2:18 AM Author: Razzle blue indirect expression
If you want a sense of what percentage of the capabilities of AI people will tap 10 years from now, take a look at what people are doing on their phones and computers today.
1. Important guy needs a doc - does he use the search function in his email or the advanced document management system? Nope - fire off an email to a few highly-paid professionals: "plz send me the doc".
2. Time to draft a merger agreement - pull up the standard template with fixed organization and then select key provisions from the comprehensive database based on client needs and strategic considerations? Nope - open last agreement for same client and two random precedents, start copying and pasting until you have an incomprehensible mish-mash that will show enough redlining to look like a solid amount of work, but not so much redlining that it looks like you ignored the client's precedent. Send this to senior lawyer, who handwrites miscellaneous thoughts in the margin: ("don't we have another precedent for this provision - think maybe it was the XYZ deal - or something else for client ABC - ask Steve") ("did you send this IP rep to the IP team?") ("doesn't work") (*illegible scrawl*). After a few rounds of this process, send draft and an email with a list of questions for the client. Have a conference call on which the client hasn't read anything and alternates vague instructions, yelling at people, and taking other calls.
3. Raising a private fund, we need investors to answer 50 technical questions with yes/no or brief answers. Do we have an agreed template for this process (which is basically the same for all funds and investors)? Nope. Do we have a website form to solicit answers? Nope. Do we use a database to compile answers? Nope. Do we save answers that an investor submits to Fund A in a way where the investor can easily use the same answers for Fund B? Nope. We send the investor a lightly customized PDF for the fund in question, which he will likely print and fill out haphazardly with a pen, occasionally skipping a page, and then scan on the world's worst scanner and email back (the file will be 50 MB but still illegible in places). A team of highly-paid professionals will review the draft and send comments. In response, the investor will revise with a different color pen. After a few rounds of this process, one of the highly-paid professionals will enter the final information into a spreadsheet by hand.
Until we replace all the humans with AI, the remaining humans in the system will create plenty of work for one another. And once we complete the replacement, we will probably have better things to worry about than legal employment (or not, maybe our AI overlords will be great bosses - in any case, they'll probably be better than boomers).
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35496749) |
Date: February 27th, 2018 2:29 AM Author: Bespoke Office
The case for AI replacing lawyers is way overblown.
1) Unlike say medicine or accounting, people are going to keep paying lawyers to read and understand boring agreements no one else wants to read.
2) What does the AI even do? Like the people who think its going to replace contract attorneys seem to think lawyers just write contracts from scratch or some shit. But really both sides are just tweaking forms anyway. So even if the AI conjures up its own form, someone still needs to go through and say "oh there is going to be X reserved" "oh Y assignment has to be permitted" - there just isn't a lot of benefit to outsourcing it to computers because you'd just have to tell the computers all this shit anyway - and then sophisticated clients would still want to tweak it for shits and giggles.
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35496778) |
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Date: February 27th, 2018 12:41 PM Author: costumed half-breed old irish cottage
So basically all I read here is “contrary to all of human history, inertia and regulatory capture will keep legal fees grossly inflated in the face of groundbreaking and exponentially improving technology. Also I don’t understand the full scope of machine learning’s potential capabilities and their implications for the profession but lemme opine nevertheless.”
This conversation would’ve been so, so much better had everyone taken the time to read the wiki on deep learning and appreciated the fact legal services are universally viewed as a grossly expensive cost center. A profession based on the logical application of formal rules and precedents is UNIQUELY tailored for ass rape by artificial intelligence. And I assure you corporate managers will gleefully shred legal spending once technology affords them the chance to do so
Other people are leaning hard as fuck on the idea that legal rules requiring standards of diligence and knowledge will protect the grossly inefficient system of unnecessary paper pushing in the face of objectively superior technology for doing pretty much all of the work currently done by transactional lawyers. This is adorably nieve - I think it’s seems far, far more likely that NOT utilizing clearly superior technology to the extent possible becomes a greater source of legal risk than preserving an increasingly obsolete system of human paper pushing.
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35498613)
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Date: February 27th, 2018 3:16 AM Author: glassy karate
Has anyone read the study?
The AI used the equivalent of the microsoft word synonym function to categorize each term in the document.
Cluster of synonyms related to confidentiality = "this is the confidentiality term" That is the extent of the 'issue spotting'
(http://www.autoadmit.com/thread.php?thread_id=3904283&forum_id=2#35496849) |
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