One of the areas that has already felt the effects of ChatGPT and other large language models is contracts. Users can now use these AI-enhanced tools to help them quickly draft, analyze and review contracts. All you have to do is type in what you want, and the tech does the rest.
Of course, it isn’t that simple. The technology is still in its infancy, and there are limits to what it can do. We’ve already seen how it can produce inaccurate results—also known as hallucinations.
Nevertheless, the potential is there for lawyers to save tons of time when it comes to contract drafting, review and analysis. And as the technology continues to improve, who knows what it might be capable of?
In this episode of the Legal Rebels Podcast, Noah Waisberg, co-founder and CEO at AI-powered document processing platform Zuva and co-author of AI for Lawyers: How Artificial Intelligence Is Adding Value, Amplifying Expertise, and Transforming Careers, talks with the ABA Journal’s Victor Li about how generative AI is changing the field of contract review and what we can expect to see down the line.
Waisberg has long been interested in using technology to improve the process of contract review. His current company, Zuva, was spun off from his previous one, Kira Systems, a smart contracts and document analysis platform that was purchased by Litera in 2021.