Watch For New Laws That Secretly Contain Fresh Business Opportunities For Startups To Leverage Generative AI, Such As A New Angle On The Use Of Generative AI For LawyersIn today’s column, I continue my ongoing identification and exploration of ways for budding startups to leverage generative AI as a potential product or service based on freshly uncovered business opportunities arising from new laws and regulations, see my akin coverage atI will present you with an exemplary brand-new use case...
The idea is that a given law or regulation might impose some form of statutory requirement that makes available the need for a new product or service to aid in fulfilling that requirement. When working with startups, I use a variation of blue-sky thinking that customarily involves thinking anew and outside the box, whereby we seek to identify and rule in or rule out prospective new opportunities due to recent changes in the laws.
The good news is that generative AI with its fluency and pattern matching can nowadays serve as a crucial core element that satisfies the crux of a new requirement. And, since the new requirement is legally imposed by the law or regulation, you have a customer base potentially eagerly and anxiously hoping to find a solution to their out-of-the-blue problem.
All in all, this brief recap on the topic is my way of urging you to be mindful of business opportunities that can arise due to laws and regulations. It might be your cup of tea, or it might seem misaligned with your passions and interests. You need to decide that. For your purposes, they are aiming to find business opportunities embedded within the laws and regulations. This might have nothing to do with legally problematic issues. A requirement for example that businesses must begin reporting on certain types of efforts doesn’t need to have a legal problem afoot. The requirement alone is your business opportunity.
Here’s the nitty-gritty. I have set up generative AI to automatically examine a select few databases of new laws and regulations that I have access to. The prompts that I’ve given to generative AI are regarding the ins and outs of finding business opportunities. This took a bit of back-and-forth for me to refine. You don’t want to be deluged by false positives and false negatives.
Speaking of generative AI, I want to shift now and give you a handy example of the various ways in which new laws and regulations can be leveraged for business opportunities, especially opportunities where generative AI is a reasonable and befitting solution. “This opinion identifies some ethical issues involving the use of GAI tools and offers general guidance for lawyers attempting to navigate this emerging landscape.” .
The main reason is that the off-the-shelf generative AI apps such as ChatGPT, GPT-4, Gemini, Claude, and others will usually contain in their licensing agreements something that says the AI maker and their developers can access the prompts that have been entered by users. Furthermore, they often indicate they can reuse the entered info for ongoing data training of their generative AI app.
“There are also situations where Model Rule 1.4 requires lawyers to discuss their use of GAI tools unprompted by the client.” . “Supervisory obligations also include ensuring that subordinate lawyers and nonlawyers are trained, including in the ethical and practical use of the GAI tools relevant to their work as well as on risks associated with relevant GAI use.” .
That completes the background on this example, and I am ready now to share you with a mind-bending reveal.The stipulations require lawyers and law firms to undertake various efforts. If they ignore those stipulations, they do so at the peril of being dinged as to their legal privileges and could find themselves in the doghouse as to being able to practice law. Practicing law is of course their said-to-be reason to exist. This needs to be protected dearly, nearly at all costs.
If you find them, consider what you can do to leverage or exploit them, and especially whether generative AI can be a notable element for a business solution.We could put generative AI up to the task of data learning about the Formal Opinion 512, and then use that data-trained generative AI as an advisor for law firms and lawyers when they opt to use generative AI.
This same approach is what should happen at a law firm, namely the code of conduct needs to be married up with the specifics of the particular law firm. You can’t leave out the specifics. Those are the rules of the road for what a law firm has presumably mindfully decided is the best way they believe that generative AI is to be used by their lawyers and nonlawyers .Consider the numerous ways that generative AI can be used to adopt the ABA Formal Opinion 512.
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