In a landmark study, 20 top US corporate lawyers with decades of experience in corporate law and contract review were pitted against an AI system. Their task was to spot issues in five Non-Disclosure Agreements (NDAs), which are a contractual basis for most business deals.
In this study AI achieved an average 94% accuracy rate, higher than the lawyers who achieved an average rate of 85%.
However, surprisingly, for these defeated lawyers, there was almost no talk of the “rise of the machines” nor fear of AI taking their jobs. Most of the lawyers agreed that high-volume and low-risk contracts took up too much of their time, and felt it was incumbent to automate work.MORE