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Generative Artificial Intelligence: Benefits and Risks to Law Firms
Executive Summary
Artificial intelligence (AI) in general and “generative AI” (GAI) in particular, such as Open AI’s ChatGPT and DALL-E, received extraordinary media coverage over the past few years and specifically during the last few months of 2023. GEN-AI can provide many benefits to law firms; however, it also can create risks. This white paper provides the reader with a fundamental, nontechnical, informative discussion of AI and GEN-AI concepts. It investigates the relationship between ethics and the rapidly (and sometimes unchecked) evolving world of GEN-AI. Finally, it identifies specific GEN-AI benefits and risks relevant to law firms when using GEN-AI in their activities and improve and elevate the reader’s overall AI literacy. (This content is effective as of September 2023.)
Albert J. Marcella Jr., PhD, CISA, CISM
President
Business Automation Consultants, LLC
Gary Renz, JD, PhD
Adjunct Faculty for Engineering and Science Education
Artificial intelligence (AI) in general and the now popular “generative AI” (GEN-AI) in particular, such as Open AI’s ChatGPT and DALL-E, are receiving increasing coverage in the media and escalating interest from the general public. While interest in AI continues to grow, the reality today is that many individuals do not fully understand or have familiarity with the fundamental concepts and working principles of AI or GEN-AI.
The recent advances in AI and GEN-AI will change how law is practiced. GEN-AI has the potential to provide significant benefits to lawyers and their clients. As a commentator recently wrote:
“AI is poised to fundamentally reshape the practice of law. While there is a long history of technology-driven changes in how attorneys work, the recent introduction of large language model-based systems such as GPT-3 and GPT-4 marks the first time that widely available technology can perform sophisticated writing and research tasks with a proficiency that previously required highly trained people."
Law firms that effectively leverage emerging AI technologies will be able to offer services at lower cost, higher efficiency and with higher odds of favorable outcomes in litigation. Law firms that fail to capitalize on the power of AI will be unable to remain cost-competitive, losing clients and undermining their ability to attract and retain talent.”
GEN-AI can provide many benefits to law firms; however, it also can create risks. This white paper’s objectives are to:
Provide the reader with a fundamental, nontechnical, informative discussion of AI and GEN-AI concepts.
Investigate the relationship between ethics and the rapidly (and sometimes unchecked) evolving world of GEN-AI.
Identify specific GEN-AI benefits and risks relevant to law firms when using GEN-AI in their activities.
Improve and elevate the reader’s overall AI literacy.
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