Extract from Nate Cemenska’s article “AI, Cybersecurity, and the Economy: Three Predictions for the Last Few Months of 2023”
Every year has its fair share of twists and turns, and 2023 has been no exception for corporate legal departments (CLDs). In the first half of the year, we witnessed everything from handwringing and uncertainty to unbridled optimism.
Where do things stand now? To find the answer, let’s revisit three predictions I and others made at the beginning of the year regarding artificial intelligence (AI), cybersecurity, and the economy, and see where things are headed as 2023 winds down.
Initial prediction: Demand for AI products will ramp up in 2023.
Where we are: Demand is surging, but CLDs are beginning to refine how they use AI.
While AI has indeed been the talk of the town, thanks largely to buzz around ChatGPT, supply has grown more dramatically than demand. AI-enabled solutions are proliferating in the legal industry, but the tough reality is that the vast majority will fail. As a result, CLDs must be savvy and selective regarding AI products going forward.
Regarding products powered by ChatGPT and ChatGPT-like large language models, keep in mind that precisely zero legal technology companies currently have access to that kind of processing power in-house.