Key points are not available for this paper at this time.
Abstract: Chat Generative Pre-trained Transformer (ChatGPT) and other Large Language Models (LLMs) present a significant disruption to the legal profession. Their ability to generate text in a way that closely resembles human writing and the nature of their training which equips them with large amounts of data present significant competi-tion to individual lawyers and an opportunity for large increase in their productivity. They also mean changes on firm level. Technology firms have already entered the market, offering legal LLMs and other solutions to augment the work of lawyers and other legal experts. However, due to the nature of the legal profession, proprietary solutions are probably preferred over the long term. Those require significant capital expenditures by law firms, which are currently restricted by legal obstacles to outside capital being invested in law firms. Bar association rules will probably have to be re-laxed to maintain competitiveness with firms from countries with looser regulation. Keywords: large language models, LLMs, law, lawyers, bar association, investment, finance
Rok Kocjančič (Fri,) studied this question.