The author argues that AI will not replace lawyers but will instead free them from tedious tasks, allowing them to focus on higher-value work. The success of AI in negotiations depends on understanding where humans deliver the most value. The author also suggests that AI could help consumers understand and negotiate legal terms in everyday agreements.
Key takeaways:
- Artificial Intelligence (AI) has reached a level of sophistication where it can act as a co-pilot for lawyers during contract negotiations, flagging areas of risk and compliance. The next step is to make this process completely autonomous, with AI negotiating against another AI.
- AI-led contract negotiations could bring unprecedented speed and efficiency to legal work, completing contract negotiations within minutes rather than hours. However, concerns exist about the accuracy of AI outputs, particularly in complex knowledge-based tasks.
- The success of AI versus AI negotiations will depend on understanding where humans deliver the most value. Lawyers' unique abilities to exercise critical and creative thinking are best applied to higher-value work such as identifying new business opportunities or advising the C-suite.
- AI-powered automation in the legal profession could free lawyers to tackle business-critical issues and could also help consumers quickly understand and negotiate legal terms in everyday agreements and contracts.