Topics: ChatGPT, profession, lawyers, impact.
Reading time: 1 minutes.
The authors Ed Felten (Princeton), Manav Raj (University of Pennsylvania) and Robert Seamans (New York University) have in a paper from 18.03.2023 explored, among other things, the impact of AI technology on the legal industry, asking how language models like ChatGPT will influence different sectors, professions, and wage groups. The insightful study shows that the legal sector is one of the most affected, as it primarily works with natural language. But what does this mean for lawyers?
There are many areas and tasks where ChatGPT can support or even take over in the legal industry. These include, not just since yesterday, particularly contract analysis, document classification and summarization, due diligence, review and summarization of legal documents, legal language translations, and legal research.
As these rapid developments unfold, it remains to be seen how extensively ChatGPT and other AI technologies will impact the legal industry, but one thing is certain: Lawyers should anticipate continued changes in their working methods. An active ongoing education, which confronts the opportunities and risks of AI technology, can make it easier for you to keep an overview and stay current.
In January 2023, Weblaw AG launched the initial event of the new, free BrownBag topic series "ChatGPT and the Legal World."
In this context, we discuss current topics and events, explain, guide, and as objectively as possible, categorize what these entail for the legal industry. From a technical, legal, and economic perspective. If you missed the first live events, you can find them in the free ChatGPT archive.