Law Punx - Tara Waters - 'Why Isn't Legal AI Like the Space Race?'

In this Law Punx blast, Tara Waters discusses the adoption of legal AI compared to the rapid advancements seen during the space race, especially its high points such as the Moon landings in the 1960s, to the development of the space shuttle, and now with the new space race. She emphasizes the need for strong leadership, clear vision, and accountability in the legal industry to drive transformation and embrace technology. The discussion highlights the importance of setting concrete goals and investing in the right resources to achieve meaningful change.TakeawaysThe legal industry has been slow to adopt technology compared to other sectors.Leadership is crucial for driving transformation in law firms.Excuses for not adopting technology often stem from structural issues.A clear vision and mission are essential for progress.Investment in technology and people is necessary for change.Law firms often set vague and soft goals regarding technology.There is a need for accountability in achieving set goals.Transformation is possible with the right leadership and focus.The lack of clarity in goals contributes to stagnation.Consultants can help law firms define their strategies better.

Law Punx: 'AI Model Fine-Tuning Is Overrated' - Scott Stevenson - SpellbookIn this Law Punx blast, Scott Stevenson of Spellbook, discusses the limitations of fine-tuning legal AI models, arguing that it has become an overrated technique. He emphasizes the importance of using large language models as layers of human reasoning rather than relying on their long-term memory. The discussion also covers the advantages of real-time information retrieval over fine-tuning and the significance of preference learning in legal AI applications.TakeawaysFine-tuning legal AI models is often ineffective.Large language models should be viewed as layers of reasoning.Real-time information retrieval is superior to fine-tuning.Models can hallucinate when relying on long-term memory.Preference learning is crucial for improving AI accuracy.The acceptance rate of AI suggestions is a key metric.RAG (retrieval-augmented generation) is a promising approach.Legal tech tools should focus on application layers.Training models for everyone limits their effectiveness.AI models should fetch information rather than memorize it.

Richard Mabey, CEO of Juro, discusses the radical idea that by 2027, 80% of legal tasks could in theory be executed without lawyers.

He explores the implications of AI in automating legal tasks, the evolving role of lawyers, and the accuracy of AI-generated legal solutions. Mabey argues that as AI technology advances, the need for human oversight in many legal tasks will diminish, leading to a significant shift in the legal landscape.

(Note: of course, will that happen....? Even if possible, will the market move in that way? Many would argue against this outlook....but Law Punx welcomes all views that are wel thought out. If you'd like to disagree, please get in touch.)

- By 2027, 80% of legal tasks will be automated.

- AI is enabling non-lawyers to perform legal tasks.

- The majority of tasks done by lawyers are not legal in nature.

- AI can handle increasingly complex legal work.

- Legal teams are deploying AI agents for document review.

- Consumers are beginning to self-serve legal needs.

- The universe of legal tasks requiring human judgment is shrinking.

- Regulatory frameworks may need to adapt to AI advancements.

- Accuracy in AI legal solutions is crucial for trust.

- Lawyers will still be needed but for fewer tasks.

Chapters

00:00 The Future of Legal Work Without Lawyers

01:10 The Role of AI in Legal Automation

05:40 Consumer Law and Self-Service Legal Solutions

06:53 Regulatory Challenges in Legal Automation

08:40 Accuracy and Trust in AI Legal Solutions

Richard Tromans and Horace Wu of Syntheia discuss the financial implications of AI investments by law firms, particularly focusing on the concept of ROI.

Horace argues that many firms are miscalculating their returns and emphasizes the importance of training internal staff to leverage AI effectively. The discussion also touches on the balance between convenience and the actual value provided by legal technology platforms.

• Law firms are wasting a huge amount of money on GEN.AI.
• ROI should be mapped against actual financial metrics, not just efficiencies.
• Investing in training staff is crucial for maximizing AI benefits.
• Convenience does not equate to quality in legal services.
• Many firms are driven by fear of missing out (FOMO) in their tech investments.
• The accuracy of AI outputs does not guarantee usefulness.
• Investing in platforms may not provide a competitive edge.
• Understanding how to prompt AI is key to getting valuable results.
• Firms should evaluate if their spending aligns with their strategic goals.
• Convenience can be a valid reason for adopting technology, but it shouldn't be the only factor.

Chapters

00:00 - The Cost of AI in Law Firms

06:19 - Convenience vs. Value in Legal Technology

In this conversation, Richard Tromans and Jake Jones of Flank discuss the concept of agentic AI, emphasizing its ability to autonomously make decisions and take actions in the real world.

They explore the misconceptions surrounding agentic AI, particularly in the legal field, where many tools are misclassified as agentic despite lacking true autonomous decision-making capabilities. The discussion also touches on the importance of human oversight and the need for a new paradigm in legal technology that leverages both legal expertise and innovative approaches.

Takeaways

- Most people do not understand what an agent is.

- Agentic AI can autonomously make decisions and take actions.

- Many tools are misclassified as agentic AI.

- True agentic AI can understand user intent and adjust plans accordingly.

- Linear orchestrations do not involve autonomous decision-making.

- (Some) human oversight is still necessary in agentic AI systems.

- Deep domain awareness in legal tech is invaluable.

- Building a new paradigm requires both insiders and outsiders.

- AI tools should interface directly with non-experts.

- The future of legal tech lies in fully autonomous systems

Chapters

00:00 Understanding Agentic AI

05:53 The Role of Human Experts in AI

07:06 Shifting Paradigms in Legal Tech

In this conversation, Richard Tromans and Electra Japonas discuss the transformative changes in the legal profession driven by AI and technology. Electra emphasizes the need for lawyers to adapt their skill sets, moving from traditional drafting to understanding and articulating legal principles for AI integration.

They explore the role of law schools and firms in preparing future lawyers for these changes, highlighting the importance of systems design and client demands for efficiency and innovation in legal services.

• The legal profession is undergoing significant changes due to AI.
• Lawyers must adapt their skill sets to thrive in the future.
• Drafting will become less important as AI takes over.
• Understanding the 'why' behind legal work is crucial.
• Lawyers will need to design systems and guardrails for AI.
• The role of lawyers is shifting from executors to architects.
• Law schools need to teach legal technology and systems design.
• Client demands are changing the way law firms operate.
• Law firms must adapt to new client expectations for efficiency.
• The future of law will require a blend of legal knowledge and tech skills.

• The Future of Law: Adapting to Change
• Legal Architects: Redefining the Role of Lawyers

• "Drafting is dead."
• "Legal architects."
• "We want a prompt from you."

00:00. The Future of the Legal Profession

04:59. The Role of Law Schools and Firms

08:28. Client Demand and the Evolution of Legal Services

Law Punx - AI Can't Fix The Contract Problem.

We hear from Todd Smithline at Bonterms about how no matter how far we get with legal AI, the core problem with contracting remains - and the answer to that is standards.

Summary

In this episode of Law Punx, Richard Tromans interviews Todd Smithline, a pioneer in standardization within the legal industry. They discuss the punk spirit of innovation in contracting, the evolution of technology in legal processes, and the fundamental problem of achieving consensus in contracts. Todd emphasizes the importance of community-created standards and collaborative tools to facilitate easier contracting for both parties, contrasting this with the traditional adversarial approach enhanced by AI.

Takeaways:

• The punk spirit in standardization is about challenging the status quo.
• AI is currently the focus of investment in the legal industry.
• The real problem in contracts is achieving consensus, not drafting.
• Technology has changed the way contracts are negotiated but not necessarily improved outcomes.

• DocuSign's success is attributed to making contracting easier for both sides.
• Standards can help create a collaborative environment for negotiation.
• Community-created standards are free and accessible to all.
• The future of contracting lies in shifting fundamental behaviors.
• Collaborative tools can expedite the agreement process.
• The podcast serves as a platform for diverse legal opinions.

Sound bites

"We are the anarchy, we are the new energy."

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Chapters

00:00 Introduction to Law Punks Podcast

00:57 Todd Smithline's Punk Credentials

01:56 The Role of Standards in Contracting

03:46 The Evolution of Contracting Technology

06:00 Understanding the Fundamental Problem of Contracts

07:18 Collaborative Tools for Contracting

08:33 Is Contracting Broken?

Law Punx - Is Coming Soon! - brought to you by the founder of Artificial Lawyer.