AI beats humans again!
https://mashable.com/2018/02/26/ai-beats-humans-at-contracts/#Sg3c4D_8TkqS
These victories are to be celebrated as great feats of technology and advancement, until one day… :/
In this competition, lawyers we’re given 5 NDAs to review and identify 30 legal issues.
Humans averaged 85% accuracy rate; AI achieved 95 percent accuracy.
AI also achieved 100% accuracy in one contract, whereas which highest-scoring human lawyer score was 97%.
So, the tech works, but what is the business case?
Human lawyers took an avg of 92 minutes; AI completed the task in 26 seconds!!!
That is at least several hundred dollars of savings.
I’m not a lawyer, but if I was, this isn’t something that I’d be concerned with at all. I’d welcome this with open arms and run to this now, as a potential competitive advantage to provide a better service at a lower cost to my clients. In theory, I’ll be able to serve more clients as well and/or be able to devote more attention to higher valued services.
As a consumer, I’d look for lawyers that have adopted this kind of technology because I will feel more confident in the quality of the service. And presumably, the service might be a little cheaper (relative to others’ that don’t leverage technology).