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Welcome to this week's edition of The Legal Wire!

We’re dedicated to keeping you informed on the latest in AI regulations, legal tech developments, and expert insights to help you navigate the evolving landscape of artificial intelligence in the legal profession.

• Article spotlight | AI’s Potential: Hype, Reality, and the Trust Factor

• Headlines | From Around the Web You Shouldn't Miss

• Next Big Thing | Do hours worth of reading in minutes

• AI Tools | Supercharge your producivity

• ChatGPT | Legal prompt of the week

Technology | July 22, 2024

AI’s Potential: Hype, Reality, and the Trust Factor

Advertisements label AI as the revolutionary force destined to transform workplaces. Predictions regarding the shift towards achieving artificial general intelligence (AGI), where machines surpass human capabilities have been made for years, and tech giants including Alphabet, Amazon, Apple, Meta, and Microsoft continue to heavily invest in the development and marketing of AI. But is AI and, in particular, generative AI, being used to achieve its so-called revolutionary potential?

Investment and Growth of the AI Industry

While walking into a conversation in Silicon Valley may have you convinced that AI will reshape the global economy, and investors – who have substantially increased the market value of the big five tech firms over the past year, seem to agree with this sentiment, the growth that the big five would need to achieve to justify this market value is not insignificant, nor will it be realized overnight. According to the Stanford AI Index, global corporate investment in AI has increased from USD 14.57 billion in 2013 to USD 189 billion in 2023 – a whopping increase of thirteen times the investment in just ten years.  For perspective, Meta Platforms derived approximately USD 134 billion in revenue in 2023.  That’s USD 55 billion less than what was invested in AI in 2023.
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Top AI Tools for Legal Professionals

This prompt will guide you in developing innovative and impactful arguments to strengthen your legal disputes:

Prompt: Act as a seasoned lawyer with over 35 years of legal experience. Analyze the details of [legal case] and provide a thorough list of potential legal arguments for court use. Draw from your extensive knowledge of laws, precedents, legal theories, and possible loopholes. For each argument, evaluate its strengths and weaknesses and explain how it could strategically benefit the case. Ensure your suggestions are legally robust, insightful, and aimed at securing the best possible outcome.

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