In a recently concluded study conducted by AI developer LawGeex, it has been proven that AI software is more accurate in spotting potential risks in legal contracts compared to humans. Average accuracy rate for the AI is at 94% while human lawyers registered 85%, despite having more time to complete the task.
The top performing lawyer in the study matched the AI at 94% but Gillian Hadfield, professor at the University of Southern California had this to say:
The lawyers who reviewed these documents were fully focused on the task: it didn’t sink to the bottom of a to-do list, it didn’t get rushed through while waiting for a plane or with one eye on the clock to get out the door to pick up the kids. The margin of efficiency is likely to be even greater than the results shown here.
Why It Matters
This is the first time that an AI has been tested using a task that is being done by lawyers at a daily basis. Could this mark the beginning of the end for human lawyers?
[Note: In the following link, you will be able to view an infographic summary of the study. For the detailed results, you may download from the LawGeex website.]