Check out this report by Jonathan Marciano describing a fascinating experiment in which a group of corporate lawyers with decades of experience in business law competed against an artificial intelligence (AI) program called LawGeex. Their task was to spot issues in five Non-Disclosure Agreements (NDAs), a type of contract that is commonly used in many business deals. Here is a summary of the outcome of the experiment (emphasis added by us): “LawGeex AI achieve[d] an average 94% accuracy rate, higher than the lawyers who achieved an average rate of 85%. It took the lawyers an average of 92 minutes to complete the NDA issue spotting, compared to 26 seconds for the LawGeex AI. The longest time taken by a lawyer to complete the test was 156 minutes, and the shortest time was 51 minutes.” (See infographic below the fold. Full disclosure: It appears that the creators of “LawGeex AI” were the same ones who ran the experiment.) 

Hat tip: Tyler Cowen