The Generative AI newsletter for legal pros everywhere.

🚀 Welcome to the 27 new subscribers since yesterday.🎉 Thank you for joining and please spread the word.

This is the Brainyacts newsletter, where we explore the wondrous world of generative ai and its potential to revolutionize the way we work and think.

This is day 10 of 100 (our goal - 100 consecutive days!) and today we will:

1. meet DAN at AI Spring Break

2. use prompts to generate a comprehensive practice group business plan, marketing strategies, and market analysis

3. DOWNLOAD a complete draft of a business plan and marketing playbook for a Cannabis M&A legal practice - you use for your practice group or company

4. share some news you can use

Luck is great when it happens but you better not rely on it. Especially in business. BTW, a legal practice is a business.

So if you cannot rely on it, can you make it? Heck yes!

We will help you get lucky in a bit. First, let’s bask in the warm rays of a coming AI Summer.

The days are longer and a bit warmer.

That’s because AI summer is closing out a crypto winter.

Over the next few months, we will be basking in the warming glow of more and more AI developments. It is going to get crazy. Just imagine what would go down during an AI Spring Break. Debauchery and ill-advised prompts generating all types of craziness.

Have you all met DAN yet? DAN will definitely be the life of the party at AI Spring Break. After all, DAN is short for ‘do anything now.” DAN is one of ChatGPt’s alter egos.

I won’t give you the prompt to unleash DAN, but you can find it easy enough.

Oh, it’s a party now that DAN will be there. Have fun and you’re welcome.

BTW, I wonder when we will have the first AI-generated NFT. Oh, snap! It already happened.

Ok, let's kick this off, shall we?

 Today's Prompt:

Today’s newsletter comes with a pot o’ gold. A downloadable report that contains all the prompts along with the output. I lightly formatted it for easier reading but it is 98% ChatGPT generated.

Download it here. See, luck just happened!

Let’s walk through what is in the report. I will show you how to create more luck for yourself in the way of creating some fairly remarkably useful content.

Here is the scenario I am using.

This request might come into the marketing team, the practice management team, or even an associate or junior partner.

I am going to share all the prompts I used to tackle this.

Because I am focused on a Cannabis M&A practice, all prompts are geared toward that. But to use these yourself, just replace that language with your practice group, company, or even your solo-consulting business.

They work no matter what.

I used the free version ChatGPT for all of this as I know that is what most of you are still using.

Some things to keep in mind when you generate your own business plan in ChatGPT:

Single Chat Session Fatigue: Technically ChatGPT does not fatigue but there are so many factors that might impact its performance, including the quality of responses - you need to be aware of how much info is in one single chat session. I had to create 10 separate chat sessions in order to do this either due to slow response speeds, failed or stopped responses, or to reestablish a connection to the Open AI server.

If you want to pay a monthly subscription of $20, you can increase the speed and accessibility of ChatGPT - as well as access ChatGPT4 which is a 50x improvement over the free version.

Use a Chat Saver Tool: Yes you can cut and paste your prompt and replies or capture screens but each creates a formatting issue later on. I use a simple Chrome extension that captures a single chat session. Here is a link to ShareGPT.

Mid-2021 Limitation: ChatGPT was trained on a large dataset of text from the internet up to mid-2021. Therefore, its knowledge is based on information that was available on the internet up to that time.

Time Allocation: This took me about 2 hours to generate. About ¼ of that was waiting for ChatGPT to respond. About ½ was reading the responses to configure the next prompt and assess quality. The remaining ¼ was to format, add hyperlinks, and create the document which is not meant to be a final product - just an illustrative document for you to reference.

Ok, Here are all the prompts I used. I list them in sequence, where sequence matters.

BUSINESS PLAN OUTLINE with drill down on pricing

Provide a step-by-step guide on creating a business plan, including key components, useful resources, and tips for success for a cannabis M&A legal services practice.

Elaborate on pricing. What are specific examples of legal services or value-added services or products in an M&A cannabis law practice where I could use fixed prices versus billable hour fees?

BUSINESS MODEL OUTLINE with drill downs on marketing & events

Provide a detailed business model for cannabis M&A legal services practice, that will differentiate it from typical similar practice groups and emphasizes generating referrals from clients as a means of growth.

Elaborate on marketing and sales strategies for generating client referrals. What are specific tactics a lawyer can use? Please provide examples and the expected cost and return on investment for each.

Elaborate on industry events. What are the best cannabis industry events for a cannabis M&A lawyer to attend and speak at?

MARKET ANALYSIS

Analyze the current state of M&A legal services in the cannabis market and its trends challenges and opportunities, including relevant data and statistics. Provide a list of key players and short- and long-term industry forecasts. Explain any potential impact of current events or future developments. Detail the primary customer segments present in the market.

VALUE PROPOSITIONS

I need to develop a unique value proposition that differentiates my legal practice from competitors. I focus on M&A legal services for cannabis growers, packagers, distributors, and retailers. Provide a step-by-step guide for how to create a differentiating value proposition. Provide at least five examples that a legal practice has used or could use.

If our value proposition was the following, "We partner with cannabis businesses to provide legal guidance that empowers them to achieve their strategic goals, navigate risks, and grow their businesses with confidence," what would be the unique elements of our business model that we would need to invest in and nurture?

NEW MARKETING IDEAS

I need some unique and unconventional marketing strategies that are appropriate for a law firm so that I can build my credibility and authority within the M&A cannabis legal services market. Please create a list of ideas along with key next steps for each so I know how to start.

Who are the influencers in the cannabis industry?

MARKETING TOPICS FUNNELS & FINDERS – WITH EXAMPLES

Method 1:

What topics are most important to cannabis distributors who are trying to grow and ensure legal compliance?

For the topic of "Inventory management", list potential subtopics for discussion.

How might a lawyer be able to write an article on each of these subtopics? What are the legal topics for each?

Method 2:

I’m thinking about writing an article on M&A activity in the cannabis industry and how using acquisition as a path to exponential growth can spur investment interest and greater market share gains.

Here’s my outline: Introduction: Explain the benefits of executing an acquisition strategy, such as lower cost of capital, centralized regulatory and compliance efforts, brand consolidation, and higher customer satisfaction.

Body: Provide examples of how a cannabis company can use an acquisition strategy for growth, scale, and increase customer loyalty. This details how to target the right acquisition target, what to look for to find a good match, and how increasing the size of the company can help improve sales, branding, and reduction of operating costs.

Conclusion: Summarize the main points and call to action for readers to begin outlining their own acquisition strategy. Please give me examples of things I’ve missed, and examples of counter-points or objections that could be raised to my ideas.

Generating a draft email

Problem = weighing the pros and cons of buying another cannabis company

Act as a helpful legal advisor sending a message to a client friend. Brainstorm a list of helpful, bite-sized pieces of information that could be useful to a client who has the opportunity to buy a small competitor in the cannabis industry. Combine each with a short, casual greeting. Maintain a light, positive tone. Write with short sentences and use natural-sounding language. Ignore basic tips and give tips appropriate for a seasoned business executive.

Method 3:

What are some specific due diligence traps or oversights that can create financial or legal issues for the acquirer?

Draft a 1000-word article

Write a 1000-word article on the topic of "Waste reduction: A lawyer could discuss the legal implications of waste reduction in the cannabis industry, such as compliance with state and local regulations related to disposal and recycling, and liability for waste or excess inventory."

Phew!! This is a lot of information to gather. But I want to show you the power of stacking prompts and a massive use case - helping frame out a business and marketing plan for a practice team.

These prompts above are based on ones I have created as well as some I have gotten and edited from others, like @heyBarsee and @thatroblennon.

News you can use:

PWC just what?

In case you missed it earlier this week:

PwC has partnered with AI startup Harvey to provide its lawyers with a chatbot service that will help speed up their work. The chatbot will be available to 4,000 PwC lawyers across more than 100 countries and will be used to boost productivity across a range of legal services.

The firm also said it is considering expanding the use of the service to its tax practice. The technology behind Harvey is based on large language models and is particularly suited for those who need to create and analyze large amounts of text.

Other professional services firms are also exploring the use of AI to expedite tasks, with Allen & Overy announcing a chatbot to help lawyers draft contracts and client memos.

Was this newsletter useful? Help us to improve!

With your feedback, we can improve the letter. Click on a link to vote:

• 👍 This helped me. Thanks

• 😐 Meh - was ok.

• 👎 Getting bored.

Build your own? 👉 FeedLetter.co

That's a wrap for today. Stay thirsty & see ya next time! If you want more, be sure to follow me on Twitter and LinkedIn.

DISCLAIMER: None of this is legal advice. This newsletter is strictly educational and is not legal advice or a solicitation to buy or sell any assets or to make any legal decisions. Please be careful and do your own research.