I’ve been greatly intrigued by the potential for AI and also the law in the last year and, consequently, happen to be following and covering AI trends and developments. So the possibilities of a 2-day conference dedicated to the outcome of AI on the concept of law was too enticing to pass through up. So off and away to Atlanta I went.
This type of thought is especially relevant to AI. While rudimentary types of AI happen to be used mainly within the the eDiscovery space for a long time now, true AI is just at the moment transitional phase. As described within the Second Machine Age, this really is mainly because “many from the critical foundations of computing — microchip density, processing speed, storage capacity, energy-efficiency, data transfer speed, and so forth — happen to be improving at exponential rates for any lengthy time,” while the price of stated technologies have been declining in a dramatic rate.
Among the panelists, Neota Logic’s Michael Mills, discussed this concept as he described that AI coupled with cloud-computing provides formerly unknown amounts of computing power. It had been then recommended by using the technological foundations for AI in position, the legal space was ripe for that creative utilization of AI software. In the end, AI and it is logical output is dependant on inference, which mirrors the entire process of legal thinking. Quite simply, AI software programs are poised to exchange the greater fundamental and rudimentary legal tasks, allowing lawyers to pay attention to more complicated, analytical thoughts.
Certainly one of my personal favorite sessions was the initial one: “Hype versus. Reality: Is Everything AI now?” The session guaranteed to split up the hype from reality around the heels of the “breakout year for AI… with law practice after law practice outright adopting AI or tinkering with it, particularly… bigger firms.”
An alternative from the fixed fee discussion that’s been happening for a long time adopted, with lots of wondering when nearly all lawyers would jump in using the concept. Some mused that AI could just be the tipping point which will push more lawyers into adopting fixed charges. A fascinating theory, but can be.
“We always overestimate the modification which will exist in the next 24 months, but underestimate the modification which will exist in 10.”
These funds quote from that encapsulated this idea was shared near the start of the panel’s discussion: