ChatGPT: Potential Technology in Law Done Wrong

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A new law firm in Brooklyn, named Rains, is looking to integrate artificial intelligence (AI) tools into its business while being cautious about its limitations. The firm believes that AI can retain associates, as technology enables the team to systematize legal services, saving associates around 80 hours per week of data-entry work. This allows lawyers to gain the experience they need while doing more meaningful work and going home at night. As Rains has set up a subscription pricing model instead of charging retained plus hourly fees, the firm can offer its services at a lower cost to clients, particularly start-ups, that do not want to allocate large sums to legal work. The subscription model has so far helped the firm sign up 60 clients, including non-tech firms. In addition, Rains wants to use AI to help lawyers become better advisors. Generative AI models, such as ChatGPT, can free lawyers up to do the human work of understanding a business. Rains can hire people for their judgment and those that are willing to be great advisors, rather than do 80 hours of review per week. Leaders at Rains believe that training language models with its own selected information will ensure that the documents produced blend in with the company’s expectations of its work. The data could include research, contracts, term sheets, or complex case reviews. While Rains is looking for new ways to leverage AI in its business, the company is aware of privacy concerns that need to be addressed, particularly with large language models. The trend among firms is to experiment with AI technology while being wary of inadvertently feeding their client’s secret into a public model. Rains already has developed a tool to preserve client privacy and is looking to pioneer privacy in large language models. Law firms are increasingly relying on AI technology as their workload grows across various industries and forces them to scale their operations.

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Frequently Asked Questions (FAQs) Related to the Above News

What is Rains and what is its approach to integrating AI into its law firm business?

Rains is a law firm based in Brooklyn that embraces the integration of AI into its business, particularly in the realm of automating legal services to save its associates time and enable them to focus on more meaningful work. The firm believes that AI can help lawyers to become better advisors by freeing up their time and allowing them to concentrate on understanding their clients' businesses better.

How has Rains' use of AI allowed the firm to offer its legal services at lower costs?

By using AI to systematize its legal services, Rains can save associates around 80 hours per week that would otherwise be spent on data-entry work. The firm has opted for a subscription pricing model over charging retained plus hourly fees, allowing it to offer its services at a lower cost to clients, especially start-ups who do not wish to allocate significant sums of money to cover legal work.

How has Rains' approach to AI benefited its acquisition of clients?

Rains has gained 60 clients, including non-tech companies, through its use of AI to systematize legal services and improve the quality of the advice offered by lawyers. By freeing up associates from administrative work, lawyers can gain more experience while also doing more meaningful work, leading to enhanced client satisfaction.

What is the ChatGPT, and how is Rains planning to leverage it for its business?

Generative AI models like ChatGPT can enable lawyers to become better advisors by automating the administrative work and allowing attorneys to gain more experience. Rains intends to train ChatGPT with its own selected information to ensure that the documents or advice produced blend in with the company's expectations of its work, including research, contracts, term sheets, or complex case reviews.

What particular concerns is Rains aware of regarding using language models in its operations?

Rains is aware of the potential privacy concerns that could arise from using language models in their legal operations, particularly the inadvertent feeding of their client's confidential information into a public model. Nonetheless, the firm has already developed a tool to preserve client privacy and is continually exploring ways to pioneer privacy in large language models.

How are law firms increasingly relying on AI technology?

Law firms are relying on AI technology as their workload grows across diverse sectors, forcing them to expand their operations. AI technology eliminates time-consuming tasks and improves the quality of the legal service by freeing up lawyers from administrative work. This allows attorneys to focus on more meaningful work, leading to improved client satisfaction.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Aniket Patel
Aniket Patel
Aniket is a skilled writer at ChatGPT Global News, contributing to the ChatGPT News category. With a passion for exploring the diverse applications of ChatGPT, Aniket brings informative and engaging content to our readers. His articles cover a wide range of topics, showcasing the versatility and impact of ChatGPT in various domains.

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