ChatGPT and Legal Teams: What's It All About?

ChatGPT is the latest AI tool to take the internet by storm. It's an intelligent chatbot from OpenAI, created using the company's existing technology, GPT-3. The bot is also the best language-processing AI model available online today.

What is ChatGPT?

Well, when we asked ChatGPT about itself, this was its response:

"ChatGPT is a conversational AI language model developed by OpenAI. It was trained on a large corpus of text data to generate human-like text based on the input provided. It can be used for various NLP tasks such as question-answering, text completion, and conversation generation."

In simpler terms, ChatGPT is a chatbot designed to understand human language, generate human-like responses, and engage in conversations. It's a tool that anyone can utilise.

Users can input hundreds of questions or requests, from a basic query to asking the bot to write a social media post. ChatGPT can even act as a recruitment consultant to help with interview preparation or plan your holiday itinerary.

ChatGPT is still in its beta phase but is already a compelling tool. OpenAI  plans to launch GPT-4 in the near future, which will be even more powerful.

Why is it gaining traction?

ChatGPT has taken the world by storm as users can apply the technology for several use cases that weren't previously available. Using natural language processing and machine learning, ChatGPT can understand hundreds of user requests and provide useful  responses. It has also been designed to provide more structured and reliable answers rather than just one-word responses. This ability is in part due to the dramatic improvement of AI.

Users can  use the bot to help write content. The output should not be directly copied and published without review, but it does provide a starting point by summarising complex information or highlighting new ideas.

ChatGPT is  gaining popularity due to its potential and scalability. For example, a user could ask for a shopping list, prompting the bot with cuisine requirements and a budget.

With its advanced language capabilities, ChatGPT can handle a large volume of requests, which positions it as an efficient and cost-effective solution. It also has massive potential for businesses looking to roll it out within their products.

How can legal teams benefit?

Corporate legal departments have historically been slower to adopt automation and technology, but the changes to how we work (fuelled by the pandemic) have transformed the modern workplace.

Often known as Robotic Process Automation (RPA), Artificial Intelligence (AI) and ML-driven technology, automation allows teams to execute weeks' worth of work in a matter of minutes. For years, people thought this technology would replace humans in the workplace, but instead, it's helping redefine workplace processes

The legal team's work is often manual-heavy and is heavily focused on language and long-winded written documents. So, with these latest advancements in AI and the pressing need to do more with less, ChatGPT has the potential to reduce the pressure on legal teams by accelerating tasks.

With the correct utilisation, legal teams can benefit from ChatGPT in several ways:

• Research: The chatbot can collate information on laws, regulations and precedents.

• Document reviews: If it's incorporated into a product like Summize, ChatGPT can help review and analyse contracts or legal documents.

• Predictive analysis: The technology can help analyse legal data, providing predictive insights that allow legal teams to make better-informed decisions.

Summize and ChatGPT

The ChatGPT language model can significantly enhance the potential of existing tools. It's an intelligent way to incorporate a disruptive and innovative assistant within pre-existing technology like Summize.

Summize is the first to market in the Contract Lifecycle Management space to integrate the power of the ChatGPT language model into its game-changing legal technology. Summize's unique combination of expert software and ChatGPT ensures that its instant summaries are accurate and provide immediate value with just one click.

Conclusion

ChatGPT isn't a tool that will replace lawyers in the workplace. It is not designed to work against them, instead, it's been created to work with its users. However, it could dramatically enhance and develop how they work, especially in a tool like Summize.

If you haven't already, take a look at our ChatGPT page to learn more about how it works within Summize and book a demo to see it in action.