- Think “Legal” when you read this article about “A human touch.” “Despite the rise of automated financial advisers, Naureen Hassan, chief digital officer for wealth management at Morgan Stanley, said clients still want human interaction.”
The same principles presented here apply to the provision of legal services. I doubt that there’s anything lawyers do that won’t eventually be replaced by AI, but for the foreseeable future, Law will be a relationship business; the basic engagement process will be between people.
- Still feeling threatened by AI? Then check out this piece‘s realistic projection of where we are headed in the short term as AI “augments” attorneys’ abilities rather than replaces the lawyer, much as using technology to see a patient’s bone structure enables the physician rather than replacing her.
- Meanwhile, in the financial community, we have LinkedIn’s Financial Services/Fintech survey of more than 1,000 professionals from the broader FI/Fintech space. This summary reports that finance professionals may underestimate AI’s impact on the client’s current relationship with their financial institutions, but also underestimate AI’s potential to create new sorts of relationships/services. The analogy to legal services is clear. The article also presents interesting statistics regarding the financial services industry’s investments in AI and the number of jobs potentially impacted.
- 5 Ways Marketers Can Use Artificial Intelligence To Save Time And Money. Each of these applies (or will soon) to Big Law marketing but, as the article cautions, a “slow and steady approach is best, as you need to experiment with different types of artificial intelligence….”
1. More Personalized Marketing
2. To Collect Data
3. The Creation Of Business Content
4. Can You Help, Siri?
5. To Improve The Performance Of Their Team
- This article from the Harvard Business Review doesn’t have much new to say, but it is an excellent primer on AI and explanation of the current state of things. I did enjoy their rebuttal of those who quibble that AI still makes mistakes:
“While all these risks are very real, the appropriate benchmark is not perfection but the best available alternative.”
And I expect I’ll be using this quote in some of my presentations: “Over the next decade, AI won’t replace managers, but managers who use AI will replace those who don’t.”
- My lead story Monday was the very wide coverage received by Elon Musk’s remarks made at a Governors Conference over the weekend. The reverberations continue as several governors have expressed intention to do something about it, and several AI experts have, to varying degrees, disagreed with Musk. For instance:
“While there needs to be an open discussion about the societal impacts of AI technology, much of Mr. Musk’s oft-repeated concerns seem to focus on the rather far-fetched super-intelligence take-over scenarios,” Arizona State University computer scientist Subbarao Kambhampati told Inverse. “Mr. Musk’s megaphone seems to be rather unnecessarily distorting the public debate, and that is quite unfortunate.”
- I have argued here several times that the greatest threat of AI over the next few decades will be the exacerbation of our wealth inequality crisis. This article reinforces that position with data from several solid sources.
“All of these insights indicate that we must seriously begin to consider the structure of our future economy, and begin to develop approaches to address the challenges that will arise from the deepening of the divide between the rich and the poor.”
More interesting discussion of the impact of AI on human rights here.
- Finally, and on a higher plane, the Vatican just held a conference about AI and Ethics as part of its Courtyard of the Gentiles series, which brings Catholic and non-Catholic leaders together to discuss issues affecting both the Church and the modern world. This summary is very much worth a read. It even reinforces the recurrent theme that at least for now, law is a relationship business: “Several said that AI is pushing us to see that, essentially, humans are unique in their desire for relationships with other persons and the capacity to sustain them.”