The Basics of AI & Its Applications

Greg starts our conversation with a review of what AI is (and isn’t) along with the role of algorithms using the example of familiar commercial uses of AI like Siri and Alexa. He describes some other uses of basic AI capabilities in other tools that we often use before moving on to Generative AI, or AI that can generate things, like texts, images and more. Greg then moves on to an example of what generative AI can do, illustrating it with AI’s ability to create entirely new content, like a song, that is based on the style of a real-world artist that we all know.

ChatGPT Enters the Scene

The introduction of ChatGPT marked a new chapter in the mainstreaming of AI-powered platforms but you may not know that some of the biggest names in the digital world are investing in their own versions of this tool, which may prove to be even more of a game changer. Greg lists who those players are and gives us an idea of the kind of competition that is coming to this space in the near future.

The Impact of AI on the Legal Profession

Of the many sectors that are looking for ways to leverage the power of AI tools, the legal profession arguably stands to gain the most. From drafting documents to translations to editing to simple research and more, Greg takes us through the many ways that AI can help save time while maintaining a high standard of work – but with a warning about a cautionary tale that he will return to later.

A $650 Million Vote of Confidence in AI

Returning to the topic of AI and the role it can play in law and legal work, the conversation covers the recent acquisition of CoCounsel by Westlaw and what a statement it makes about the potential that large firms see in AI. Greg details the many ways that his own organization applies AI to streamline what he calls “practice management” and gain new efficiencies in procedures and processes.

The Dangers of Reliance on AI

When we get results from AI, we typically have 100% confidence that the facts and details it returns are correct and accurate. This is a mistake, as Greg illustrates with the story of a lawyer who was looking for case law to support a lawsuit and was persuaded by an AI tool’s results, which turned out to be completely fictional. 

How does this happen? Greg goes on to tell us how AI can “hallucinate” and how the “temperature” that we use for AI can influence how creative it can be, to the point of making things up.

Joorney’s Stance on Using AI for Business Plans

Joorney currently does not use AI to prepare business plans because our services require meticulous human expertise, customized business plans, and due to ethical considerations. However, we may use AI for research and improving efficiency in the future when the technology advances and becomes more reliable.

We thank both Greg and Adam for sharing their valuable insights and taking the time to discuss where AI is headed and how it might be used.  

The end of the webinar includes some interesting questions asked by attendees. You can watch those and the entire webinar on our YouTube channel or right here below.

Disclaimer: Joorney Business Plans is not an immigration consultant, lawyer, or advisor and cannot be held responsible for damages incurred from the use of this information. If you require more information about an immigration program, please contact a registered immigration professional.