Better Call GPT, Comparing Large Language Models Against Lawyers
Feb 06, 2024 - news.bensbites.co
The paper discusses a comparative study between Large Language Models (LLMs) and traditional legal contract reviewers such as Junior Lawyers and Legal Process Outsourcers. It concludes that LLMs either match or surpass human accuracy in identifying legal issues, complete reviews significantly faster, and operate at a much lower cost, with a 99.97 percent reduction compared to traditional methods.
The study suggests that LLMs are set to revolutionize the legal industry by improving the accessibility and efficiency of legal services. It posits that the era of LLM dominance in legal contract review is imminent, challenging the existing norms and necessitating a reimagined future for legal workflows.
Key takeaways:
Large Language Models (LLMs) can match or exceed human accuracy in determining legal issues during contract review.
LLMs complete reviews significantly faster than humans, taking only seconds compared to hours.
LLMs operate at a fraction of the cost of traditional methods, offering a 99.97 percent reduction in cost.
The research suggests that LLMs are poised to disrupt the legal industry and that the era of LLM dominance in legal contract review is imminent.
