We talk with Michael Bommarito, CEO of 273 Ventures and well-known innovator and thinker in legal technology and education. Bommarito and his colleague, Daniel Katz were behind GPT-3 and GPT-4 taking the Bar Exam. While he and Katz understand the hype in the media reaction, he states that most of the legal and technology experts who were following the advancements in generative AI, expected the results and had already moved on to the next phase in the use of AI in legal.
While we talked to Michael a couple of days before the news broke about a lawyer in New York who submitted a brief to the court relying upon ChatGPT to write the brief and not understanding that AI tools can completely make up cases, fact pattern, and citations, he does talk about the fact that we are falling behind in educating law students and other in understanding how to use Large Language Models (LLMs) properly. In fact, if we don't start teaching 1Ls and 2Ls in law school immediately, law schools will be doing a disservice for their students for many years to come.
Currently, Bommarito is following up his work at LexPredict, which was sold to Elevate Services in 2018, with 273 Ventures and Kelvin.Legal. With these companies, he aims to bring more efficiency and reduce marginal costs in the legal industry through the application of AI. He sees the industry as one that primarily deals with information and knowledge, yet continues to struggle with high costs and inefficiency. With 273 Ventures and Kelvin.Legal, he is building solutions to help firms bring order to the chaos that is their legal data.
AI and data offer promising solutions for the legal industry but foundational issues around education and adaptation must be addressed. Bommarito explains that decades of inefficiency and mismatched data need to be adjusted before the true value of the AI tools can be achieved. He also believes that while there might have been many false starts on adjustments to the billable hour through things like Alternative Fee Arrangements (AFAs) in the past, the next 12-36 months are going to be pivotal in shifting the business model of the legal industry.
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Transcript
Artificial Lawyer's Richard Tromans: Back to Work!
2024 Trends Report: Dynamics Shaping the Future of Legal w/CounselLink's Kris Satkunas
Jorn Vanysacker & Jeroen Thierens from Henchman: We Are Building the "Chief of Staff" For Each Legal Professional
Vlex Pushes Legal Tech Boundaries with New Features and Top Talent
Bloomberg Law Acquires Dashboard Legal to Enhance Legal Workflow Solutions - Joe Breda and Mat Rotenberg
Exploring the Intersection of Generative AI and Cybersecurity at ILTA EVOLVE - Ken Jones and Josh Smith
Love and Legal Tech: Karen Dunn Skinner and David Skinner of Gimbal Consulting
Love and Legal Tech - Kate Boyd and Ryan McClead of Sente Advisors
Kelly Griswold of Onna on the Fundamental Investments Needed in Data Management
Love and Legal Tech - Jillian Bommarito and Michael Bommarito of 273 Ventures
LegalWeek 2024 Special Part Five - Dan Lear from LegalTrack
Love and Legal Tech - Chris Ford and Nikki Shaver of Legal Technology Hub
Pablo Arredondo on the One-Year Anniversary of CoCounsel
Love and Legal Tech: Ab and Priti Saraswat
LegalWeek 2024 Special Part Four: Joshua Lenon from Clio
Love and Legal Tech: Sonja Ebron and Debra Slone of Courtroom5
LegalWeek 2024 Special Part Three: Bill Piwonka of Exterro
Love & Legal Tech: Cassie Vertovec and Alex Macdonald
LegalWeek 2024 Special Part Two: Mollie Nichols and Mark Noel from Redgrave Data
Legal Week 2024 Special Part One: Joey Seeber of Level Legal
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