Better Call GPT, Comparing Large Language Models Against Lawyers
Lauren Martin Nick Whitehouse Stephanie Yiu Lizzie Catterson Rivindu Perera
This paper presents a groundbreaking comparison between Large Language Models
and traditional legal contract reviewers, Junior Lawyers and Legal Process
Outsourcers. We dissect whether LLMs can outperform humans in accuracy, speed,
and cost efficiency during contract review. Our empirical analysis benchmarks
LLMs against a ground truth set by Senior Lawyers, uncovering that advanced
models match or exceed human accuracy in determining legal issues. In speed,
LLMs complete reviews in mere seconds, eclipsing the hours required by their
human counterparts. Cost wise, LLMs operate at a fraction of the price,
offering a staggering 99.97 percent reduction in cost over traditional methods.
These results are not just statistics, they signal a seismic shift in legal
practice. LLMs stand poised to disrupt the legal industry, enhancing
accessibility and efficiency of legal services. Our research asserts that the
era of LLM dominance in legal contract review is upon us, challenging the
status quo and calling for a reimagined future of legal workflows.