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.
Contact Us:
Twitter: @gebauerm, or @glambert
Voicemail: 713-487-7821
Email: geekinreviewpodcast@gmail.com
Music: Jerry David DeCicca
Listen on mobile platforms: Apple Podcasts | Spotify
Transcript
Observing the Black Box: Transcend's Brandon Wiebe's Insights into Governing Emerging AI Systems
Fast, Smart, and Empathetic: How DISCO's Culture Drives Legal Tech Innovation (TGIR Ep. 217)
Deploying Cutting-Edge Legal AI: Travers Smith's Cautious, But Open-source Approach. (TGIR Ep. 216)
Laura Leopard on Law Firms' Current Succession Planning: Step One - Do Nothing
Trellis' Nicole Clark on Leveraging State Court Data for Competitive Advantage (TGIR Ep. 214)
You Still Need to Put in the Work: Hyperdraft's Ashley Carlisle and Tony Thai on the AI Hype Cycle
Thomson Reuters' Kriti Sharma on Responsible AI and the Path to Trusted Tech in Law
Cybersecurity in the Remote Work Era: AI, Employees and an Integrated Defense - With SessionGuardian's Jordan Ellington and Oren Leib, and Katten's Trisha Sircar
A Literal Generative AI Discussion: How AI Could Reshape Law
The Rise of "Post-Truth" Litigation: ALM's Isha Marathe on How Deep Fakes Threaten the Legal System
The Rising Cost of Legal Services: Insights from 10 Years of Data from CounselLink's Kristina Satkunas
Curt Meltzer on Why Legal Tech Companies Should Give Back: The Business Case for Pro Bono, A2J, and Community Outreach
Christian Lang on Governing the Rise of LLMs: How LEGA Provides a Safe Space for Law Firms to Use AI (TGIR Ep. 206)
Unleashing Potential: Laura Terrell on Transforming Legal Careers through Executive Coaching (TGIR Ep. 204)
LexisNexis Bets Big on AI Transforming the Legal Industry: Jeff Pfeifer on the Launch of Lexis+ AI (TGIR Ep. 203)
Lawyer vs. AI or Lawyers + AI: Embracing the Future of Legal Practice with BriefPoint.ai's Nathan Walter and Bridget Albiero
Richard Tromans on the Future of Legal Innovation and The Legal Innovators California Conference (TGIR Ep. 201)
Rethinking Law Firm Strategy: The Road to Growth and Success with Toby Brown and Nita Sanger (TGIR Ep. 200)
Revolutionizing Legal Practice: The Impact of CaseText's CoCounsel on Law and Technology with Pablo Arredondo, Evan Shenkman, and Darth Vaughn (TGIR Ep. 199)
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
NABOR® TALKS
U.S Property Podcast
Aligned Money Show
The Ramsey Show
Planet Money