Artificial Intelligence in New York Corporate Law: Ethical Accountability, Governance Gaps, and the Future of Professional Responsibility
Abstract
The growth in usage of artificial intelligence (AI) in the area of corporate law raises significant ethical issues for lawyers to consider while conducting business. While AI has improved the speed with which research can be conducted, how quickly a contract can be reviewed, and the manner in which litigation support is provided to clients, reliance on AI will create renewed doubt amongst the public regarding the credibility and ethical judgements made by lawyers. As an example , in New York corporate law (where lawyers work primarily with contracts, negotiations, due diligence, and issues of governance), AI’s ability to replace human judgement, moral reasoning, and contextual interpretation of data will negatively impact trust that exists between clients and attorneys. The recent advancements in AI technology have made these tools increasingly effective and accessible to legal professionals through the continued adoption of these technologies by law firms and corporate legal departments. Accordingly, while AI can perform large volumes of document analysis in record time, AI’s ability to interpret case law precedent; identify the nuances in legal contexts; reach original conclusions from the information analyzed; or apply appropriate ethical judgement to different scenarios is questionable.