A View of How Language Models Will Transform Law

• URL: http://arxiv.org/abs/2405.07826v1
• Date: Mon, 13 May 2024 15:10:00 GMT
• Title: A View of How Language Models Will Transform Law
• Authors: Frank Fagan,
• Abstract summary: Large increases in productivity and attendant cost savings could encourage law firms and corporate legal departments to develop large language models in-house. A ten percent increase in attorney productivity would encourage an average sized 'Big Law' firm to reduce its associate headcount by 300 to 400 lawyers.
• Score: 0.0
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: While most commentators have focused exclusively on how LLMs will transform day-to-day law practice, a substantial structural change could be afoot within the legal sector as a whole. Large increases in productivity and attendant cost savings could encourage law firms and corporate legal departments to develop large language models in-house. A ten percent increase in attorney productivity would encourage an average sized 'Big Law' firm to reduce its associate headcount by 300 to 400 lawyers. This represents cost savings of 60 to 120 million dollars - more than enough to pay for the development of a specialized LLM. Eventually, LLMs will push lawyers into highly specialized and nuanced roles. After fully mature LLMs arrive, the lawyer will continue to play a central role in legal practice, but only in non-routine legal tasks. These tasks will primarily involve value judgments, such as the development of precedent or its reversal, or the allocation of property and other scarce resources. This new mix of lawyer-machine labor, where machines primarily carry out routine legal tasks, and lawyers handle the non-routine, will give rise to a growing demand for lawyers who can exercise good judgment and empathize with the winners and losers of social change. Overall, the Article suggests a possible future where there are fewer lawyers and greater consolidation of the legal sector.

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