Back in February 2023, the international law firm Allen & Overy gave its lawyers access to an AI chatbot to help them draft contracts. Almost immediately, this AI system began saving the company’s 3500 lawyers in the region of 2 hours per week. Later in the year, the company announced an AI system capable of contract negotiations, saving up to seven hours per negotiation.
But what is less clear is just how significant these savings really are. In particular, how does the work of a Large Language Model stack up against the work of a junior lawyer in standard tasks such as drafting or reviewing a contract.
