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Note: This article is just one of 60+ sections from our full report titled: The 2024 Legal AI Retrospective - Key Lessons from the Past Year. Please download the full report to check any citations.

Trend 3: Contract Law and Democratizing of Market Standards

The EU AI Act heavily emphasizes transparency obligations for specific AI systems, particularly those classified as "high-risk". The Act aims to ensure that users and affected parties have access to information about how these systems function and make decisions. This principle of transparency could be seen as a step towards democratizing knowledge, as it empowers individuals with a better understanding of AI's role in decisions that impact them.

Challenge: Balancing transparency with the protection of intellectual property rights in the context of the EU AI Act. This tension could pose challenges to the democratization of knowledge, as some argue that excessive protection of proprietary AI models might hinder open access and sharing of crucial information about these technologies.

The integration of AI in contract law is revolutionizing the way legal professionals and businesses approach contract creation, analysis, and management. AI-driven tools are making sophisticated legal expertise more accessible, streamlining processes, and promoting standardization across industries. This section explores the impact of AI on democratizing market standards and the future directions of this transformative technology.

Increased transparency in AI systems used for drafting or analyzing contracts could make legal processes more understandable and accessible to individuals and businesses. This aligns with the broader goal of democratizing legal knowledge, empowering individuals to better understand and navigate legal complexities.