P2P

winter23

Peer to Peer: ILTA's Quarterly Magazine

Issue link: https://epubs.iltanet.org/i/1515316

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87 I L T A N E T . O R G Integration with Blockchain Blockchain, one of the most disruptive innovations of this decade, when integrated with Gen AI, can further enhance the functioning of a legal firm. Blockchain is an advanced database mechanism that enables end-to-end encryption to thwart fraud and unauthorized access. This can be instrumental in ensuring the security and confidentiality of sensitive data shared across the AI network. Improved Explainability One of the prominent challenges posed by current AI tools is the need for more transparency. Lawyers often struggle to discern the underlying processes through which AI reaches specific conclusions, such as identifying the original clauses, laws, sections, or judgments used to generate a particular legal document. However, as Explainable AI (XAI) advances, law firms will attain greater clarity and interpretability. This will make it easier for lawyers to understand and trust the results generated by AI. Increased Collaboration with Human Lawyers A burgeoning trend on the horizon involves a growing synergy between lawyers and cutting-edge Gen AI tools. Through inventive methods such as the "human-in-the- loop" (HITL) approach, Gen AI can take on increasingly intricate legal tasks, offering enhanced precision, efficiency, and cost-effectiveness. As machine learning models rapidly glean insights from human expertise, these AI tools are poised to evolve into invaluable assistants, empowering data-driven decision-making processes. Conclusion The emergence of Gen AI in law firms heralds a transformative era for the legal industry. Its potential to reshape legal practice is undeniable. Adopting Gen AI within the legal sector promises many advantages, including enhanced efficiency, precision, and cost- effectiveness. Lawyers can redirect their focus toward more intricate and nuanced legal matters by automating routine tasks like contract review, legal research, and intellectual property management. In essence, Gen AI holds the potential to revolutionize legal practices and workflows, ultimately delivering substantial benefits to lawyers, clients, and society at large. However, the key lies in balancing AI innovation with human expertise. While Gen AI offers unprecedented efficiency and precision, it cannot replace the ethical judgment, nuanced understanding, and legal expertise that legal professionals bring to the table. The future of law firms lies in the synergy of generative AI and human intellect. Gen AI can boost legal capabilities, but it cannot fill the shoes of an expert attorney. By embracing this partnership, law firms can optimize their operations and better serve their clients, ultimately paving the way for a more efficient and client- centric legal practice. ILTA Mitul Makadia is the visionary CEO of Maruti Techlabs, an award-winning product strategy, design, and development partner at the intersection of AI, Machine Learning and verticals like legal, insurance, & healthcare. With an unwavering passion for innovation, Mitul has led his team in developing cutting-edge AI solutions. His deep expertise in AI, combined with a commitment to delivering transformative technology, has earned him recognition as a thought leader in the space of AI solutions. Mitul's relentless pursuit of excellence continues to shape the future of AI in the legal landscape.

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