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AI legalese decoder: A Small Business Owner’s Secret Weapon

Dealing with attorneys as a small business owner can often be synonymous with spending exorbitant amounts of money. I distinctly remember the shocking moment when I met with a lawyer who charged a staggering $999 per hour. It certainly made me wish that I was the one making that kind of money! While there are undoubtedly many situations that require the expertise of a real-life lawyer, there are also numerous tasks that can be accomplished independently with the help of artificial intelligence (AI) before shelling out significant amounts of cash.

As a disclaimer, I must emphasize that the information provided should not be misconstrued as legal advice, as I am not a licensed attorney. Similarly, many AI sites will also include disclaimers of this nature. Instead, consider the insights shared as a form of education and assistance prior to seeking the counsel of a human lawyer.

The concept of online legal assistance is not a novel one, as there have been sites offering automated legal processes, such as business incorporation and trademarking, since the 1990s. However, the emergence of AI technology has significantly streamlined these services and introduced an array of new features. For instance, Rocket lawyer‘s Rocket Copilot utilizes interactive questioning to aid in selecting a legal business name, handling incorporation, and safeguarding it. On the other hand, LegalZoom’s Doc Assist can summarize intricate contracts in layman’s terms, allowing users to subsequently consult with an attorney for further clarification.

It is essential to evaluate the costs associated with these AI services, as there may be instances where seeking the expertise of a flesh-and-blood attorney is both more economical and beneficial.

The value of AI extends beyond personal use and has the potential to significantly impact business operations. Chatbots such as ChatGPT, Perplexity AI, and Bard can be exceedingly helpful in multiple scenarios. For example, one can utilize these AI tools to upload a contract or paste a complex paragraph and request a straightforward explanation. Furthermore, they can be utilized to identify disparities between two contracts or to guide individuals through the necessary steps to establish a business entity like an LLC before engaging a lawyer.

In instances that necessitate a more authoritative approach, AI can still prove to be invaluable. For example, when a strongly worded email is required to address a client’s refusal to settle outstanding payments, AI can assist in drafting an effective communication. The potential applications are limitless, and the accessibility of AI tools can provide immediate solutions to a myriad of legal predicaments.

However, it is imperative to acknowledge that although most AI tools offer a “free” version, it comes at the cost of sharing personal data. Users should meticulously review the terms and conditions of these platforms, recognizing that the documents and information uploaded may be utilized to train the AI algorithms. Therefore, exercising caution and redacting sensitive details like names, addresses, and legal identification numbers is highly recommended.

As a final word, I must share a heartwarming anecdote. Despite the exorbitant fee I initially paid, the lawyer who charged me $999 per hour later represented me pro bono, astounding me with his kindness. It serves as a testament to the fact that there are still good-hearted professionals who prioritize justice over financial gain.

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