AI in Finance and Banking, October 15, 2024
This semi-monthly column by
This semi-monthly column by
Referencing decades of experience as a presenter and an attendee at presentations, Jerry Lawson cautions us not to begin a presentation with an apology, which can be compelled by a tech glitch or some other reason not within our control. Lawson states that the habit of beginning with an apology is so old that it has a name in Medieval rhetoric, the captatio benevolentiae, meaning an attempt to capture the audience’s goodwill. Most importantly, It doesn’t work. Lawson highlights a range of scenarios for which an apology or no apology, are appropriate. His lesson applies to far more than presentations, as these reactions are common in a work environment where they may indeed not serve your objectives.
This spring the Michigan State University College of Law and the MSU Center for Law, Technology & Innovation introduced the “LegalRnD AI Studio,” a groundbreaking mini-course series designed to elevate law students’ AI literacy, focusing on practical skills in generative AI. Dennis Kennedy shares how you can replicate this successful model and provide your students with the essential AI literacy they need at your school.
Sarah Gotschall describes this deep dive into how AI is used to write law review articles, with illustrations that detail the complexity and limitations of the effort. Claude (aka the illustrious author Claudia Trey) penned a 77-page extensively footnoted law review article on SSRN entitled “Bloodlines Over Merits: Exposing the Discriminatory Impact of Legacy Preferences in College Admissions.” Though not setting the world on fire in the sense that the article is interesting or that anyone wants to read it, it showcases Claude’s abilities. Now, we all know that AI text generators can churn out an endless stream of words on just about any topic if you keep typing in the prompts. However, Claude can not only generate well-written text, but it can also provide footnotes to primary legal materials with minimal hallucination, setting it apart from other AI text generators such as ChatGPT-4. And, although Claude’s citations to other sources are generally not completely accurate, it is usually not too difficult to find the intended source or a similar one based on the information supplied.
Amelia Landenberger explains that as a general principle, citations in scholarly works have two purposes: to prove that the point is supported by evidence, and to allow the reader to find the evidence that the author is citing to. The pain of citations comes from the requirement that these citations be made as brief as possible by painstakingly utilizing a series of standardized abbreviations. The requirement to abbreviate arises mainly from a historical limitation: the scarcity of paper and ink.
Jordan Furlong advocates the position that three essential roles – to advocate, to advise, and to accompany – will be of critical importance in the post-AI era and lawyers need to start preparing legal education, lawyer licensing, and law practices to adapt and modify their client engagement.
Jennifer (Greig) Wondracek identified that her AI results are much better when she stops and thinks them through, providing a high level of detail and a good explanation of what she want the AI system to produce. So, good law librarian that she is, she created a new form of plan for those who are learning to draft a prompt. And the result is the AI prompt worksheets she shares in this article.
The Internet changed the way lawyers communicate, but it otherwise made only modest changes in the nature of legal work. Generative AI will be a tsunami. Can or should the American Bar Association and other bar associations attempt to influence the development and regulation of AI, to steer it in particular directions? Since the past can be prologue, it’s worth considering a previous attempt by the organized bar to grapple with another revolutionary technology. Jerry Lawson benchmarks this discussion using his participation in the American Bar Association’s eLawyering project that attempted to help lawyers use the Internet to achieve social benefits. The project tried to influence various governmental entities as well as the actions of lawyers. How well did these efforts work? How can the organized bar better steer the use of AI to benefit society?
Whether speaking with lawyers and law students who haven’t gotten around to trying ChatGPT or collaborating with post-doc explainable and legal AI experts with 20+ years of machine learning and Natural Language Processing experience, Colin Lachance, legal tech innovator and leader, is no closer to understanding in what way and precisely when permanent change will come, but is unshakeably convinced that change will be enormous, uneven, disruptive and, in many cases, invisible.
The pace of generative AI development (and hype) over the past year has been intense, and difficult even for us experienced librarians, masters of information that we are, to follow. Not only is there a constant stream of new products, but also new academic papers, blog posts, newsletters, and more, from people evaluating, experimenting with, and critiquing those products. With that in mind, Rebecca Fordon shares her favorites, as well as recommendations from her co-bloggers.