Generative AI is arguably the technological innovation that has impacted the knowledge industry the most in recent years. As proof, ChatGPT, developed by OpenAI, has become the fastest-growing consumer application in history, reaching 100 million monthly users in just two months. For comparison, it took TikTok nine months to reach 100 million users and Instagram two and a half years.
The application area of the GenAI (generative artificial intelligence) exploded thanks to general purpose applications and specific applications built on the basis of GPT-4 and other major language models (LLMs). Indeed, the latter have become excellent, especially in textual tasks such as summarizing and reasoning, as well as in natural language processing (NLP). In other words, they are very good at understanding — and imitating — the way humans speak and write. In addition, ChatGPT has established itself by making the capabilities offered by AI accessible to almost anyone, thanks to its familiar and easy-to-use chatbot interface.
But generative AI prowess isn't limited to writing: it extends to creating computer code, images, audio/video files, and most other types of data that a computer can generate.
Numerous professionals, including corporate legal teams, are experimenting with generative AI on a daily basis - and already with great success. General-purpose chatbots, writing and presentation applications, and AI-powered legal technology solutions like CLMs can all be used to automate tasks, save time, and foster collaboration and creativity within legal teams and across businesses.
How does generative AI help corporate legal teams?
Here are a few examples of how generative AI is supporting corporate legal teams today:
- Summarize legal documents : generative AI excels at summarizing text and can process long documents in seconds;
- Extracting business information : GenAI can comb through all your old contract data and extract information and trends about how your business operates;
- Reviewing and redefining contracts : CLMs use AI to instantly redefine contracts based on pre-approved clause wording.
But that's just the tip of the iceberg, both in terms of the current possibilities of generative AI and those on the horizon.
What can we expect in future years?
We are now moving towards a real “explosion of intelligence”, materialized by the new major intelligent language models. Beyond his mastery of language, GPT-4 can solve new and complex tasks in the fields of mathematics, coding, vision, vision, medicine, medicine, law, psychology, and many more, without the need for special help. Furthermore, in all of these tasks, GPT-4's performance is surprisingly similar to that of a human being and often vastly exceeds that of previous models such as ChatGPT.
Finally, the future of AI at the service of legal teams could well be embodied by “AI agents”. An AI agent is a program that can act on its own, learning from past experiences, and using tools throughout its journey. This agent will break down into subtasks, perform these subtasks - for example, by independently writing and executing computer code - and then evaluate its own results in order to inform its next set of tasks. The agent will continue until their goals are met or they run out of resources.
With a well-adjusted fleet of artificial intelligence agents at their disposal,Legal services could multiply their actions :
- Charge an agent withpeering And of Compose all incoming contract proposals;
- Upload another agent toelaborate And ofevaluate negotiation strategies;
- Charge a third agent withparse all active contracts and search for opportunities based on milestones, incentives, and other key data;
- Charge a fourth agent withperform analyses and global business forecasts based on everything the first three agents do;
- Upload a final agent from produce persuasive presentations and messages to help stakeholders understand the analysis and forecasts developed.
About StoryShaper:
StoryShaper is an innovative start-up that supports its customers in defining their digital strategy and the development of automation solutions tailor-made.
Sources: StoryShaper, Ironclad.
