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Friday, June 21, 2024

Powell’s Recent Commencement Address Hints at Changes in Law

Key Takeaways:

  • Jerome Powell said, “The pace of change will likely continue to be very fast. Be alert to the ways your working life may change”.
  • Powell encouraged the graduating class to be prepared for the changes their working lives may experience and to harness these changes for their own advantage and the benefit of society.
  • Some clients in law are now expecting law firms to use AI tools for enhanced efficiency and decision-making.

Powell’s Remarks and The Advancement of AI

In Powell’s commencement address at Georgetown University Law Center on May 19, 2024, Jerome Powell said, “The pace of change will likely continue to be very fast. Be alert to the ways your working life may change“. This remark comes as AI continues to grow and reach out to more industries.

He encouraged the graduating class to be prepared for the changes their working lives may experience and to harness these changes for their own advantage and the benefit of society.

Some clients in law are now expecting law firms to use AI tools for enhanced efficiency and decision-making. AI, in its simplest form, refers to technologies that use computers and software to create intelligent, human-like behavior. From virtual assistants like Siri and Alexa to personalized product recommendations based on browsing history, AI has become a part of our daily lives.

Using AI in Law

Supervised machine learning, where computers recognize patterns within predefined data sets created by human experts, has proven particularly valuable for lawyers. By analyzing huge amounts of data and uncovering details that may be undetectable to the human eye, AI can help lawyers conduct faster and more accurate research, giving them a competitive edge.

AI’s role in legal research is becoming more important. Tools like Bloomberg Law’s Brief Analyzer and Points of Law feature machine learning to simplify brief analysis, extract relevant legal principles from court opinions, and minimize errors in the research process. This allows attorneys to focus on reviewing and acting upon relevant documents, engaging in more strategic work, and ultimately providing greater value to their clients.

While AI can definitely help attorneys in law, attorneys need to be aware of the ethical risks associated with its use. The American Bar Association’s Model Rules of Professional Conduct, particularly rules 1.1 (Competence) and 1.6 (Confidentiality of Information), provide guidance on the responsible use of technology in legal practice. Lawyers must understand the input and output of AI services, have reasonable expectations regarding accuracy, and take steps to protect client information from unintended recipients.

As Powell emphasized in his commencement address, the pace of change in the legal profession is likely to continue.

Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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