A new Inc report affirms the existence of software which works at 200 times the pace of human lawyers.
An Overview of the LawGeex Software
The LawGeex company was founded in 2014. LawGeex’s claim to fame comes in the form of the creation of software which employs the use of artificial intelligence to review contracts.The purpose of the foregoing reviews is to pinpoint concealed and undesirable terms and conditions. For decades, lawyers have reviewed legal documents, although the success of the LawGeex software could soon be changing this.
The results and accuracy of the LawGeex software shocked many individuals. On average, attorneys required 92 minutes to examine contracts, while the automated software performed the task within 26 seconds. Moreover, the lawyers’ average accuracy rates amounted to 85% while LawGeex’s accuracy rate reached 94%.
Noory Bechor, a LawGeex co-founder and CEO, shared the motivation behind his decision to create the aforementioned software:
“I had a growing frustration with how inefficient the legal world is. It’s very repetitive and mundane, and there was no real technology that helps lawyers do their jobs better and more efficiently. Once you’ve seen hundreds of examples of a specific contract type, the concepts keep repeating themselves. I said, if this is so repetitive, it can be automated.”
When asked about the development of LawGeex’s software, Bechor explained that his company hired lawyers to train the software. In light of the advances of artificial intelligence, Inc questioned whether the aforesaid lawyers contributed to the demise of their own careers. However, Bechor affirms that (for now), attorneys are in the clear:
“We’re not claiming to be more accurate than lawyers all the time and in any type of work. What we are showing is that on the mundane, repetitive, simple stuff, technology can actually do a better job than humans.”
The Rise of Automation
Countless studies and experts have affirmed the speedy advancements of artificial intelligence. Many workers will face succession from automation within the next decade or so. This is likely a contributing factor behind the rise of individuals pursuing careers in freelance work and the gig economy.
(View related updates regarding the rise of artificial intelligence by clicking here.)