LawGeex has recently made a huge step in its technology as its legal AI just beat a team of top lawyers in a contract evaluation study. LawGeex is currently based in Tel Aviv and is working to provide an accurate AI that will hopefully be faster and better at analyzing legal documents when compared to human counterparts. The team behind this software worked closely with law professors from Stanford University, Duke University School of Law and the University of Southern California.
The study between the legal AI and human lawyers involved five NDAs with 30 legal issues. Both the AI and humans were given four hours to identify legal issues, including arbitration, confidentiality of relationship and indemnification, and were then scored on how accurately they identified each issue. While the humans were capable of identifying issues with an 85% accuracy rate, the legal AI achieved a 95% accuracy in just 26 seconds. While this tech may not replace lawyers anytime soon, it does show a distinct ability in AI to handle a task better than humans.
AI-Powered Lawyers
LawGeex Legal AI Has Proven Itself to Be an Incredible Piece of Legal Tech
Trend Themes
1. Legal AI - The rise of legal AI presents disruptive innovation opportunities in the legal industry, enabling faster and more accurate analysis of legal documents.
2. Contract Evaluation - The advancement of contract evaluation technology through AI has the potential to revolutionize the process, resulting in more efficient and precise identification of legal issues.
3. Automation in Legal Practice - The use of AI-powered lawyers has the potential to automate routine legal tasks, freeing up time for lawyers to focus on complex and strategic legal matters.
Industry Implications
1. Legal Services - The legal services industry can leverage legal AI to improve efficiency, accuracy, and speed in analyzing legal documents and identifying legal issues.
2. Technology - The technology industry can capitalize on the development of AI-powered lawyers by creating and enhancing the infrastructure required to support and deploy these innovative legal solutions.
3. Education - The education industry, particularly law schools, can benefit from collaborating with legal AI developers to incorporate AI technology into the curriculum and prepare future lawyers for the changing landscape of the legal profession.