LawGeex created an artificial intelligence that is faster and more efficient in finding issues in legal contracts than top lawyers.
Artificial intelligence has received a lot of media attention over the past several months because it is poised to take over many jobs traditionally covered by human workers. Careers that take many years of school such as law and medicine have been widely assumed to be safe. But, companies like Skychain have made AIs who are more accurate at offering medical diagnoses than expert physicians. Now, LawGeex has created an AI that is faster and more accurate in dealing with legal contracts than top lawyers.
Not only did the AI achieve 94 percent accuracy, while human lawyers only achieved 85 percent, but the AI also managed this in a comparatively tiny amount of time. While humans took, on average, 92 minutes to review the 30-page NDA contract, the AI took a mere 26 seconds.
LawGeex created an infographic detailing how the AI compared to the humans.
Image via LawGeex
Plus, the company offers a 40-page study that details the methodology and results of the study on their website.
The AI was created through both supervised and unsupervised learning techniques, and, with sentiment analysis, is able to understand new concepts and words if it comes across them when analyzing a contract.
But does this mean that all lawyers will now be out of a job?
In short, no. Especially not yet.
Erika Buell told Mashable, “Having the AI do a first review of an NDA, much like having a paralegal issue spot, would free up valuable time for lawyers to focus on client counselling and other higher-value work.”
As AI is expected to do in many industries, fast analysis could free up humans to do other meaningful work, and we can work in harmony to our strong suits–AI dealing with data and humans dealing with more interpersonal tasks.