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The Rise of Artificial Intelligence in Law: Risk and Reward

AI technologies have the potential to transform the practice of law by enhancing the efficiency and quality of legal work. On one level, AI systems are simply tools- no different from email services or word processes. On another, they present unique risks. While they are simply ‘tools’, there are some unique characteristics that need careful consideration: including whether confidential data is used to ‘train’ an AI model, and whether lawyers are able to continue to exercise professional judgment.

As AI becomes more prevalent, lawyers will need to develop competence with these advanced technologies to deliver the best possible service to their clients, and we believe to satisfy their duty to clients under professional conduct rules. They must understand how AI tools work, evaluate their strengths and limitations, and properly supervise the results.

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Beyond the Hype: Unveiling the True Potential of AI in Legal and Compliance

The debate surrounding GPT-4’s capabilities and constraints has generated significant attention, often resulting in polarizing opinions that either downplay or overhype its potential. Drawing on their extensive experience of over 15 years as legal practitioners, Jacqui Jubb and Connor have spent considerable time integrating GPT-3 and now GPT-4 into a work flow and processes for summarising cases, answering regulatory questions, developing project plans, and reviewing the drafting legal documents. Join them as they delve into the authentic and transformative influence of AI on the future of legal and compliance professionals, transcending the noise and hyperbole.

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Generate a Generative AI Access and Use Policy

With the ever-increasing reliance on AI systems like ChatGPT in business operations, it’s important to set the boundaries for how your team interacts with and leverages these powerful tools. A clear and well-crafted policy can serve as a vital guide, ensuring safe and responsible use while maximizing the benefits these AI systems can offer. Use our free ChatGPT Access and Use Policy generator to create a customized, comprehensive policy tailored to your business needs.

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Hallucinations Explained

Hallucinations – factually incorrect or context-ignoring outputs from Large Language Models (LLMs) such as GPT-3 and GPT-4 – pose potential risks when professionals rely on them without verification. This issue has been recently highlighted by incidents involving a US lawyer and an Australian Mayor who erroneously utilized such outputs. While these hallucinations showcase the limitations of LLMs, they do not render them unusable or irrelevant.

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How we use Titan in Compliance Quarter

From simplifying intricate regulatory frameworks to streamlining processes for improved accuracy, Titan has been instrumental in our journey. Its ability to anticipate a wide array of potential outcomes during contract or law formulation has offered us crucial insights, allowing us to make necessary adjustments and address unexpected scenarios.