Those Large Language Models Can Manage Contract Disputes - Partner Work, Including Eventual Litigation, at Risk

 This isn't sci-fi. Two law professors have published a 60-page paper "Generative Interpretation" in Penn Carey Law describing how large language models can become the new workhorse in deciding contract disputes. The professors are David Hoffman of the University of Pennsylvania law and Yonathan Arbel of the University of Alabama law. 

The primary audience for the research are judges who should become aware of this tool. It could take over the process, end-to-end. Out of the loop would be the expensive law partners. Also, litigation about contract interpretation could become atypical. Contract law, as many know, is the core of the US legal system. 

Therefore not only low-value tasks could be taken over by large language models. So could high value ones. Since the large language models are capable of learning, this kind of application could be developed for other moving parts in law. Generative AI could disrupt the practice of business law the way the online upstart LegalZoom did for private legal matters. 

Currently, as the financial performance of large law firms shows, it pays big time to be a partner. Here are the top five firms in terms of Profit Per Equity Partner:

1 Wachtell $8,507,000

2 Kirkland $7,955,000

3 Quinn Emanuel $7,270,000

4 Susman Godfrey $6,989,000

5 Paul Weiss $6,574,000

However, down the road the law firm as we know it could become a shell of its present form. Rather than practicing law more of those still in it will be overseeing the technology of generative AI and writing up reports. 

Those I speak with predict the system as we have known it has about 10 more years before myriad functions will be overtaken by generative AI. Part of the transition could be the result of clients mandating the use of the technology for their situation. That's much like how they mandated that routine tasks be outsourced. 

Meanwhile, venture capitalist Peter Thiel projects that math jobs will get hit hard by generative AI. He envisions much of the big math problems able to be solved within three to five years by large language systems.

In communications, both much of text and graphics can be performed by generative AI. Recently IBM did layoffs in communications as well as marketing. It conducts reviews for each job opening to determine if the tasks can be done by large language models or a human. 

Limiting beliefs? Self-defeating? Stuck? Complimentary consultation with Coach Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com)