Lawyers warn that AI will not be able to take into account all the context and existing laws. Licensed attorneys surveyed by Axios claim that such technologies can create a misleading impression of capabilities among clients. One specialist noted, "This discrepancy breeds distrust in our words."
The recent release of a new legal product from Anthropic, a company focused on AI development, has caused a sharp decline in the stocks of companies like LegalZoom and Thomson Reuters. According to Elliot Rush, a law professor and economist at ETH Zurich, the market reaction may have been excessive.
As Anthropic claims, their product is designed for document analysis; however, it does not replace databases like Westlaw or LexisNexis, as it lacks access to case law and legislation. "At this time, there is no solution that would replace the many existing legal programs," the company added.
The situation is exacerbated by the fact that AI significantly increases productivity, which calls into question the hourly billing of lawyers. If technologies allow tasks to be completed faster, this could lead to reduced working hours, preventing lawyers from billing for time that exceeds the actual.
Despite the current changes, analysts do not expect instant transformations in the legal field. They believe that the implementation of new technologies will take time. J.H. "Rip" Verkerke, a law professor at the University of Virginia, noted, "There will likely be loud claims about capabilities, but many of them will turn out to be empty promises."
