What are some use cases of ChatGPT in the legal industry?

Use Case

Brief Description

Jobs Affected

Expected Process Improvement

Example

Total Labor Cost Savings per Year (Projected) in USD

1. Legal Research

AI analyzes legal documents, cases, and statutes to find relevant information faster.

Lawyers, Paralegals, Legal Researchers

40-60%

ChatGPT summarizes relevant cases for a specific legal issue

$3-5 billion

2. Contract Review & Analysis

AI reviews contracts to identify key clauses, potential risks, and negotiation opportunities.

Contract Lawyers, Paralegals

50-70%

ChatGPT highlights non-standard clauses and suggests alternative wording

$4-6 billion

3. Document Drafting

AI automates the drafting of legal documents, such as contracts, wills, and agreements.

Lawyers, Paralegals, Legal Secretaries

30-50%

ChatGPT generates a customized non-disclosure agreement

$2-4 billion

4. Legal Chatbots

AI provides basic legal information, answers FAQs, and directs users to appropriate legal services.

Customer Service Representatives, Receptionists

40-60%

ChatGPT chatbot helps users understand tenant-landlord dispute rights

$1-2 billion

5. E-Discovery

AI analyzes electronic data to identify relevant documents and information for legal cases.

E-Discovery Professionals, Paralegals

60-80%

ChatGPT identifies and organizes relevant emails in a corporate fraud investigation

$5-7 billion

6. Intellectual Property Analysis

AI analyzes patent databases to identify infringements, evaluate novelty, and assist in patent drafting.

IP Lawyers, Patent Agents, Patent Examiners

40-60%

ChatGPT generates a preliminary patentability analysis for a new invention

$2-3 billion

7. Legal Analytics

AI analyzes past cases to provide insights on outcomes, trends, and judicial behavior for strategizing.

Lawyers, Legal Analysts, Law Firms

20-40%

ChatGPT predicts the likelihood of success for a specific case based on historical data and factors

$1-2 billion

8. Compliance Monitoring

AI monitors and analyzes regulatory changes to help organizations stay compliant.

Compliance Officers, Regulatory Specialists

30-50%

ChatGPT alerts a company to a new data privacy regulation and provides guidance

$2-3 billion

9. Online Dispute Resolution

AI assists in resolving disputes by facilitating online negotiation, mediation, or arbitration processes.

Mediators, Arbitrators, ODR Professionals

20-40%

ChatGPT acts as an impartial mediator in an online platform for a contract dispute

$1-2 billion