The “Construction in Space in the Third and Fourth Dimension” statue by Antoine Pevsner sits in the Law School's reflecting pool with the sun behind it.
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In 1978, the United States adopted the Bankruptcy Code and its Chapter 11, which allows companies to restructure their obligations. Chapter 11’s hallmark is that it’s company driven; the company’s management decides if, when, and how it will use Chapter 11 to address its financial distress. To be sure, other stakeholders, such as secured lenders and private equity sponsors, heavily influence those corporate decisions by working in tandem with, and at times taking over, the company’s management.

The law is harsh, but it is the law: so says the AI judge in a recent study from the University of Chicago Law School. The study analysed the differences between AI and human legal decision-making, and found that human judges were significantly influenced by non-legal and emotional factors, unlike OpenAI’s GPT-40.