111 | 🚫 🎁 Their Ban = Your Gift

In today’s Brainyacts:

1. Newsletter delayed as I was listening to MSFT earnings call

2. 3 questions to take advantage of firms banning AI

3. Try Meta’s new chatbot running Llama-2

4. Comprehensive coverage of leading AI model updates

5. News you can use (links to click if the headline grabs you)

👋 to new subscribers!

To read previous editions, click here.

The Lead Story

Firms that are banning the use of AI are giving other firms a gift. Here are 3 questions to take advantage now.

As more firms ban the use of Generative AI, this is creating a significant competitive advantage for firms asking the right questions instead.

The disruptive wave of generative AI has swept across various sectors, and the global legal services market is no exception. Yet, within this domain, an air of perplexity and apprehension often accompanies the topic. Many legal practitioners and firms wrestle with understanding and integrating this novel technology, viewing it as merely an innovative piece of tech that might threaten their practice. This perspective is an unfortunate understatement of the potential that generative AI holds.

Understanding generative AI solely as a technology is an underestimation of its pragmatic power to improve the business model of a law practice. Instead, consider it as a strategic business device capable of redefining law practices in both corporate and Main Street markets.

The real challenge lies not in the implementation but in asking the right questions. The following are three critical queries, explored within the contexts of both markets:

1. If I don’t do anything, can competitors with generative AI make me obsolete?

Corporate Market (B2B): In the corporate world, AI technology offers a competitive edge in handling voluminous data-driven tasks, such as due diligence, compliance, and contract review. For example, a competitor leveraging AI could analyze thousands of contracts in a fraction of the time, providing fast, accurate, and cost-effective service. Generative AI can also support sophisticated client engagement strategies, tailoring communication and services based on collected data or on natural language prompting from lawyers themselves – think DIY high-performance business development!

Main Street Market (B2C): AI can revolutionize areas like family law, estate planning, or personal injury, where document preparation and review can be time-consuming and hard to charge for. Many of these practices already use templates but personalization of these presents key challenges. An AI-enabled firm could provide these personalized documents and services swiftly and at a lower overall cost, making it more attractive to individuals and small businesses OR allowing for greater profit!

2. If I don’t do anything, will I miss out on opportunities to boost or protect revenue?

Corporate Market (B2B): AI can automate routine tasks, freeing up time for lawyers to focus on higher-value, strategic advice and thinking. For example, AI can handle drafting initial documents, automating knowledge management, or synthesizing information from legal databases. Not utilizing AI could mean missed opportunities for increased higher realized billable hours, or for regaining time to better serve existing clients with attentiveness and proactivity – like sending a short email with an update of the case and the fee!

Main Street Market (B2C): Implementing AI can make legal services more affordable and accessible, opening up untapped markets. For instance, automated contracts or will drafting can attract clients who previously considered these services unaffordable and off-putting. Further, using AI to help in your marketing and lead generation content is a simple way of 10x’ing your reach and growth. The free tools now can be used to create a 6-month content strategy complete with your own editorial calendar, topics, and even 1^st draft blogs or articles wherein all you need to do is press send or post at the appropriate time!

3. If there are opportunities, what advantages do I have to capture them?

Corporate Market (B2B): Corporate law firms often have a vast repository of proprietary data, providing a unique advantage. This data can be leveraged to train AI models for tasks like predictive analytics. A firm's specific expertise in an industry or jurisdiction can also shape the way they implement and use AI.

Main Street Market (B2C): The existing client base of a firm can offer a unique advantage. By understanding the specific needs and preferences of their existing clients by segmenting them using generative AI, firms can tailor their services and content to offer more compelling and efficient marketing and services. Additionally, these firms typically can experiment more quickly than large firms and feel the impact more immediately. Using their lack of size to their advantage creates agility and speed.

Spotlight Update

🦙 ⌨️ Try Meta’s Llama-2 Chatbot for Free

This thread walks you through it in an easy manner.

Some things to note:

• Meta's AI chatbot uses the new Llama-2 model

• It's open-sourced, unlike ChatGPT

• You can access it 3 ways:

  • Free version hosted by @perplexity_ai

  • Microsoft Azure access

  • Direct download at https://ai.meta.com/llama/

• Its performance was found to be on par with GPT 3.5, but results vary wildly in my experience

• It is super fast!

• I’m keeping my OpenAI Plus subscription for now.

Notables

Just hopped off the Microsoft earning call to publish this edition. I was hoping for something juicy, instead, Microsoft is expecting growth from AI sales to be "gradual." The market is reacting in a bad way with $MSFT down 2.10% after hours.

OpenAI has made the decision to retire its AI Classifier tool due to concerns about its accuracy. While the tool was well-intentioned and aimed at helping educators, it did not meet the desired standards for reliability and effectiveness.

Bing Chat is coming to the Chrome and Safari browsers. But there are some serious catches with this like still forcing their Edge browser down your throat!

OpenAI is expanding access to its ChatGPT mobile app by making it available to Android users. it’s available first in the US, India, Bangladesh, and Brazil, with other countries set to follow later

Meta, Google, and OpenAI reveal their safety plans following White House summit

Sam Altman's (CEO of OpenAI) new company, Worldcoin, has introduced a new technology called the "Orb" that uses eye scans to verify human identity. This launch marks the official debut of Worldcoin outside of the United States. By using the Orb, individuals can receive a unique identifier called a "World ID," which is intended to confirm their humanity rather than their artificial intelligence.

Claude2 is getting slammed with use and we are seeing a spike in errors or capacity messages like this:

News You Can Use:

• What does a Prompt Engineer actually do?

• Michigan Law School bans ChatGPT in application process

• Two new US bills seek to protect workers from AI surveillance

• Four US states lead the AI jobs boom; creating issues for others

• Employee breaks NDA to reveal company replacing jobs with AI

• What AI roles pay in non-tech firms, featuring Husch Blackwell

• Think of ChatGPT as a glider, not a search engine