Bloomberg [free link]: “Also direct listing lawsuits, SPAC lawsuits, unemployed Harvard MBAs and the CEO of Goldman Sachs is also a DJ. AI is also expensive, both to develop and to run. Estimates show the costs of using large language models to answer a question can be as much as $14 per query, compared with $6 via a human lawyer, according to Lewis Z. Liu, founder and CEO at Eigen. That’s because of the extensive cloud Umm! My understanding is that a fairly junior lawyer at a big law firm can bill $1,000 per hour. Six dollars would buy about 22 seconds of her time. You could probably get a lawyer to answer a question like “is it raining outside your office right now?” for less than you’d pay a large language model (and get a more accurate answer!), but if your question is more like “if the target of my merger agreement won’t give me all the information I have requested about bots, what provisions of the merger agreement might allow me to walk away from the deal, and what are my odds of success,” ChatGPT is definitely going to be cheaper. Will it be better? Probably not! But surely no one in the history of the world has ever before said “the nice thing about lawyers is that they will happily answer questions for $6 a pop.”  That statistic is from a Bloomberg story about how financial firms are using artificial intelligence tools to do, well, a little of everything..

See also Bloomberg [freelink]: Hedge Funds Are Deploying ChatGPT to Handle All the Grunt Work. “Generative AI is writing and editing code and parsing research. Man Group, Citadel are among firms experimenting with tech.”