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Legal Practitioners’ Approach to Regulating AI Risks

Many firms, including those that do not regard of themselves as traditional ‘tech’ firms, consider the prospect of artificial intelligence (AI) both an intriguing possibility and a potential new area of risk for their businesses. The application of existing AI technologies raises significant new issues in some of the most fundamental areas of law, including: ownership and property rights; the creation, allocation and sharing of value; misuse, errors, and responsibility for resulting harm; individual liberty and personal privacy; and economic collusion and monopolies. This chapter first examines how businesses are already managing some of these risks through contract. It then examines some of the considerations involved in public regulation of AI-related risks. It concludes by proposing a four-layer model for thinking about AI regulation in the broad sense.