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84 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 2 3 particularly free tools like ChatGPT, to enhance the speed and precision of legal document drafting and research. Woolven-Brown, a senior associate at Sternberg Reed, quoted, "I've been using it more for letters, statements, and all sorts of things. I'm using it more than Google." With the immense potential of Gen AI to accomplish voluminous work, it can dramatically cut down the time spent on repetitive tasks and assist skilled resources in handling complex matters. Thus, legal professionals would no longer need to slog through a mountain of papers to file a case or find evidence. This would mean increased efficiency and productivity at reduced costs per hour. Visionaries within the legal industry envision Gen AI as a transformative resource that can serve as a staffing solution, erasing traditional barriers between small, mid-sized, and large law firms. In this evolving landscape, the emphasis is shifting from the size of the firm to the excellence and capabilities of its legal professionals. Thus, as Gen AI evolves to overcome ethical concerns, its adoption in legal firms would define a new normal! Real-World Use Cases of Generative AI in Legal Though Gen AI is a relatively new technology, many legal firms foresee its potential to bolster legal research and documentation. Here are a few real-world use cases of Gen AI that's steering the legal sector towards a new dimension: Contract Review and Enhancement Reviewing legal contracts is a time-intensive and demanding task that requires unwavering attention. Even the slightest oversight can lead to substantial losses. In such scenarios, Gen AI stands out as a game- changing solution. Gen AI possesses the remarkable ability to review complex contracts with the utmost precision in seconds. This innovative tool can swiftly review and analyze contracts, identify key clauses, extract vital information, and flag potential risks. It can also offer contract enhancements by highlighting relevant regulatory changes, thereby boosting the quality of contract management. Crafting Diligence Reports Gen AI has become crucial for the creation of comprehensive diligence reports. It harnesses its analytical prowess to sift through extensive datasets, extract relevant details from legal and financial documents, and pinpoint potential risks and liabilities. This technology plays a crucial role in flagging concerns like violations of legal or regulatory regulations, potential litigation risks, and financial irregularities within documents. By streamlining the due diligence process, Gen AI significantly economizes time and resources while simultaneously enhancing the precision and overall effectiveness of diligence reports. F E A T U R E S "Gen AI possesses the remarkable ability to review complex contracts with the utmost precision in seconds."

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