Gaurav Oberoi is CEO and Jessica Nguyen is Chief Legal Officer of Lexion, an AI-powered contract management system. Views are those of the author.
OpenAI’s GPT-4 is a multimodal large-scale language model (LLM) that has changed the tide of generative AI.
This is a very magical new technology that is already having wide-ranging implications, from generating attractive images to writing entire segments of complex code.
We have already seen generative AI rise to prominence by automating time-consuming manual processes for consumers and businesses. But what impact will that have on the legal team?
“auxiliary tool”
Attorneys spend a lot of time drafting, reviewing, editing, and negotiating document clauses, often getting caught up in the same clauses every time.
please think about it. Do all the vendors you check agree on payment terms? What limits of liability do they accept? Did you sneakily include a non-solicitation clause?
Jessica Nguyen
Courtesy of Lexion
And that’s just the beginning. Generative AI will not only save time in situations like this, it will revolutionize entire industries.
We have already seen some real-world applications of generative AI in other areas of law.
For example, train on existing contracts and legal playbooks to generate draft clause wording, insert clauses from previous contracts, generate proposed redlines during contract negotiations, and There are models that can summarize the
Lexion has its own AI Contract Assist It’s already a useful tool for many of these tasks.
Models can also be used to provide a natural language interface to an entire corpus of text.
Gauraf Oberoi
Courtesy of Lexion
Imagine asking a CLM, “What contract cannot be assigned without written consent?” And have the report delivered.
This kind of AI application dramatically accelerates tasks that previously took weeks to complete, and then enables legal teams to provide better guidance and support to the business.
As with all new technologies, generative AI is not without flaws and buyers should be aware of some limitations and security concerns.
Things to consider
Legal professionals considering using generative AI should be familiar with the technology and evaluate how their company can implement it in a meaningful way.
There are a few things to consider before getting started.
● Prioritize data security. As always, make sure your vendor protects your data appropriately. In particular, check to see if your vendor has mixed information into your training model in a way that could lead to data leakage. (Think about what happened Samsung and ChaptGPT. )
● Consider IP issues. Contract clauses are usually not a copyright issue, but the output of a generative AI model can be verbatim text you’ve seen, which can infringe intellectual property. That’s why many software companies don’t let their engineers use certain generative AI tools, even though they can greatly improve their productivity.
● Moderate your expectations: Help everyone understand that generative AI isn’t perfect. As with Tesla’s self-driving cars, you’re still responsible for the final deliverable, whether it’s a contract or a brief description.
● System investment: If you’ve invested in a contract lifecycle management (CLM) or similar system that centralizes and streamlines the contract process, you can get even more out of technology. By layering generative AI on top of these systems, we can take advantage of even more context.
Built-in control
Software vendors embedding their own AI infrastructure into their solutions are already considering the above issues with a focus on data security.
For example, Lexion has introduced controls to protect customer data and not mix it with public data sets for model training purposes.
Lexion also provides unique output based on each customer’s information (according to the customer’s comfort level and preferences), including unique contractual and legal terms. In the future, we may support the drafting wishes of individual lawyers.
What generative AI cannot do (at least for now) is to replace human aspects of legal roles, such as the exercise of judgment.
Technology will continue to evolve, so don’t be afraid.
By replacing the parts that slow down your work with AI, you can focus on the things that fuel your day, like problem-solving and strategic planning.
