On October 9, 2024, the Institute for Law and Technology (ILT) hosted an engaging and timely webinar titled “Practical Considerations and Implications of Generative AI.” The session, led by Mallory Tosch Hoggatt (A&O Shearman, Houston, TX) and David Wakeling (A&O Shearman, London, United Kingdom), attracted registrants from seven countries, six U.S. states, and the District of Columbia, demonstrating significant interest in the rapidly evolving AI landscape.
Hoggatt began by discussing her firm’s proprietary AI platform, which serves both internal purposes and client services. She highlighted its unique value, stating, “It gives us a unique insight into not only the value and opportunity we can create for our clients, but also the risks everyone faces as they evaluate how best to use AI.” Wakeling expanded on this by comparing AI models to raw products that need further refinement to be practically useful, raising concerns about transparency in assessing fairness and bias in AI systems. “If I can’t unpick it to explain it, that’s going to be a problem,” he noted, emphasizing the complexity of AI algorithms.
Hoggatt also addressed the legal landscape surrounding AI, pointing out the absence of historical disclosure requirements. This gap, she explained, creates fertile ground for litigation, particularly in the U.S. and other jurisdictions. She emphasized the importance of aligning AI tool restrictions with company policies to ensure innovation without exposing organizations to unnecessary legal risks.
The discussion concluded with both speakers highlighting how AI is already impacting deal terms and valuations in live transactions. As businesses continue to adopt AI technologies, it is critical that they remain agile and prepared to navigate the evolving risks and opportunities in this rapidly changing environment.
ILT extends its sincere thanks to the speakers and participants for their valuable contributions to this important discussion. The session reflects ILT’s commitment to providing thought leadership at the intersection of law and technology. Click here to learn more about ILT and its upcoming programs.