Lawyers to use ChatGPT AI rival to draft legal documents

+Lawyers-to-use-ChatGPT-AI-rival-to-draft-legal-documents-The-Telegraph+

An article from The Telegraph

An Interesting Story

Imagine being a lawyer and having to manually draft hundreds of legal documents filled with complex legal language and terms. It's a tedious and time-consuming task that can take hours, if not days, to complete. But what if there was a more efficient way to do it?

That's where AI comes in. Companies like iManage, Kira Systems, and Luminance are creating AI-powered software that can draft legal documents, analyze contracts, and even provide insights and recommendations to lawyers.

Recently, a new player has entered the game. ChatGPT AI, developed by OpenAI, uses advanced deep learning algorithms to understand legal language and context, making it an ideal tool for lawyers to draft legal documents.

Real Life Examples

According to The Telegraph, major law firms such as Allen & Overy, Clifford Chance, and Slaughter and May are already using AI-powered software to improve their work processes. For example, Luminance's software helped Slaughter and May to review over 1000 documents within a week which otherwise would have taken weeks to review manually.

Similarly, Kira Systems' software helped law firm Freshfields Bruckhaus Deringer to analyze over 100,000 documents as part of a due diligence project, resulting in significant time and cost savings for the company.

Now with the introduction of ChatGPT AI, more law firms are expected to adopt this technology to streamline their work and improve their efficiency.

Main Companies with Hyperlinks

Conclusion

  1. The use of AI in the legal industry is revolutionizing the way lawyers work and is significantly improving their efficiency.
  2. Companies like iManage, Kira Systems, Luminance, and OpenAI are leading the way in developing AI-powered software for lawyers.
  3. As more law firms adopt this technology, it's expected that the legal industry will become even more efficient and cost-effective in the years to come.

Akash Mittal Tech Article

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