While experts predict that “superintelligent” artificial intelligence is still some decades away, AI bots are already out-performing humans at certain data-centric tasks. According to a new study produced by “LawGeex”, a leading platform for AI contract review services, artificial intelligence has finally overtaken human lawyers for the first time when it comes to spotting mistakes in business contracts.
The report showed that the AI achieved a 94% accuracy on average when evaluating non-disclosure service agreements, compared to only 85% accuracy for lawyers.
The Details of the Study
The LawGeex study set the brand AI up against 20 highly-trained corporate lawyers in the UK, each with decades of experience dealing with non-disclosure agreements. The contract and legal expertise of the participants included years working with Cisco, Goldman Sachs, and various other companies.
Both the AI and the lawyers involved in the study were asked to evaluate five new contracts which contained 153 paragraphs of technical jargon under controlled conditions. For the first time, it was possible to test an AI with a task typically performed by lawyers every day.
The lawyer in the study with the best results achieved a 94% accuracy – which matched the AI average. However, the lowest-performing lawyer only achieved a 67% accuracy rate. Additionally, the test took the AI around 26 seconds to complete, compared with an average 92 minutes for lawyers – showcasing just how fast artificial intelligence can be.
Understanding the Insights of the Study
The study created and performed by LawGeex was administered and overseen by an independent lawyer called Christopher Ray. However, there were a range of additional consulting experts on-board, such as Dr. Roland Vogl, who acts as professor of law at Stanford. Additionally, Professor Yonatan Aumann was also present – offering insights as an expert in computer science.
The purpose of the study wasn’t necessarily to draw attention to the shortcomings of lawyers in the legal space – but draw focus to the number of benefits that could come from allowing artificial intelligence to take on some of the more repetitive tasks in the industry.
The research suggests that the right technology in the legal sector could actually help to solve common problems that professionals face. Not only does it make contract management faster for the experts involved, but it also means that resources can be freed up within legal departments so that human professionals can focus on what they do best.