TL;DR:
- Law firm Gilbert + Tobin has launched an ‘AI bounty’ initiative to encourage staff to submit AI ideas.
- The initiative offers a $20,000 prize for sharing AI use cases or suggesting AI applications.
- The firm aims to stimulate staff to think about AI’s potential uses and values their ideas.
- The prize distribution will depend on the value and number of ideas received.
- The best AI ideas are expected to come from individual users through trial and error.
- Gilbert + Tobin has instructed staff not to use AI platforms with confidential or client data.
- Ideas so far have focused on automating tasks, such as extracting information from text.
- ChatGPT has been used to write Excel formulas and gain insights into business issues.
- The Chief Operating Officer believes AI has transformative potential in the legal industry.
- Gilbert + Tobin offers courses on ChatGPT and promotes sharing best practices.
- Embracing AI is seen as necessary to remain competitive in the legal market.
- The initiative demonstrates the firm’s commitment to innovation and leveraging AI technologies.
Main AI News:
Law firm Gilbert + Tobin has launched an exciting initiative, termed the ‘AI bounty,’ with the aim of fostering innovation and exploring the potential of artificial intelligence (AI) in the workplace. This initiative, set to conclude on May 31, 2023, presents an opportunity for the firm’s employees to win a substantial prize of $20,000 by sharing their experiences of leveraging AI to enhance their work or by suggesting novel ways to utilize AI within the organization.
Sam Nickless, the Chief Operating Officer at Gilbert + Tobin, revealed that the primary objective of this initiative is to encourage the firm’s 900 staff members to contemplate the transformative capabilities of AI. In an interview with LSJ, Nickless emphasized that while monetary rewards are not the sole focus, they serve as a tangible demonstration of the firm’s appreciation for their employees’ ideas.
Determining how the prize money will be allocated is yet to be finalized and will depend on the value and number of ideas received. Nickless proposed that the winnings could either be divided amongst five exceptional ideas or awarded to a single individual who presents an exceptionally groundbreaking concept.
Nickless explained that the most promising applications of AI are expected to emerge from individual users who engage in the process of trial and error. Leveraging generative AI, these users can uncover innovative uses that would not have been apparent through a conventional top-down approach to innovation. Nickless characterized this process as highly iterative and organic, harnessing the innate creativity and exploration of individual employees.
While adopting AI presents challenges for law firms, particularly in terms of maintaining client confidentiality, Nickless reassured LSJ that Gilbert + Tobin had provided clear instructions to its staff regarding the protection of confidential and client data. Instead, the focus lies on using more generic prompts to explore the capabilities of AI, minimizing the risk of compromising sensitive information.
Thus far, the ideas put forth through this initiative have primarily centered around automating time-consuming and low-value tasks. Employees have devised methods to swiftly extract company names and their ASX codes from extensive texts, a process that previously took 20 minutes but can now be accomplished in mere seconds.
Additionally, staff members have employed ChatGPT to generate Excel formulas for more efficient data management while also utilizing the AI platform to gain valuable insights into prevailing business challenges and key trends impacting various industries.
Witnessing the enthusiastic engagement of his staff with ChatGPT, Nickless expressed his belief that AI has the potential to revolutionize the legal industry. Recognizing the profound impact and rapid pace of technological advancements, he anticipates that AI could truly be a game-changer.
While acknowledging the possibility of certain negative disruptions within the legal profession, Nickless advocates embracing AI rather than resisting it. He asserts that in order to remain competitive and responsive to evolving customer demands, it is crucial for legal professionals to adopt AI technology, despite the potential reduction in billable hours.
In addition to the AI bounty initiative, Gilbert + Tobin has taken proactive steps to equip its staff with the necessary skills and knowledge. The firm has facilitated courses on ChatGPT, encouraging a culture of sharing best practices and fostering an environment of continuous learning.
Nickless emphasized the importance of this new frontier of education, asserting that it has become imperative for their lawyers to complete a course on prompt engineering for ChatGPT, constituting an entirely novel domain of continuous professional development.
Gilbert + Tobin’s ‘AI bounty’ initiative not only underscores the firm’s commitment to innovation but also exemplifies its proactive approach to leveraging AI technologies for the benefit of its clients and the legal industry as a whole. By valuing and incentivizing the creative ideas of its staff, the firm seeks to spearhead AI-driven transformations that will enhance efficiency, drive productivity, and shape the future of legal services.
Conlcusion:
Gilbert + Tobin’s ‘AI bounty’ initiative represents a significant step forward in harnessing the power of artificial intelligence (AI) within the legal industry. By encouraging staff to explore and share innovative AI ideas, the firm is fostering a culture of creativity and continuous improvement. This initiative not only demonstrates Gilbert + Tobin’s commitment to embracing technological advancements but also highlights the growing recognition of AI’s transformative potential in the market.
As more law firms and businesses adopt AI-driven solutions, the legal market is poised to witness enhanced efficiency, streamlined processes, and improved client experiences. Embracing AI is no longer an option but a necessity for organizations to remain competitive and responsive to evolving customer demands in an increasingly digitized landscape.
