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Stay informed, stay ahead. "Law Tech Daily" delivers daily insights from yesterday's legal tech news. Discover innovations, transformative changes, and emerging trends reshaping the legal profession. Listen on to stay ahead.
Welcome to Law Tech Daily - the podcast that keeps you informed on the latest happenings in the legal tech world. Join us every Monday, Wednesday, and Friday as we explore the cutting-edge advancements and breaking news in the industry. Make sure to hit that subscribe button so you never miss an episode! In today's episode, we'll cover Estonia startup Avokaado securing €1.2M funding for AI-enabled contract management, Baker Botts forming an AI team with 60+ lawyers to meet client demand in technology, and SALI Alliance developing 12,000+ legal tags in 11 languages to boost clarity, understanding, and collaboration in the legal industry.
Let's dive in.
In recent legal tech news, Sweden-based law firm Foyen has implemented NetDocuments as its new document management system (DMS). By integrating the cloud-based system with existing Microsoft applications, Foyen aims to enhance efficiency.
Meanwhile, legal tech company Litera has formed a partnership with E-Learning platform Intellek to integrate Litera CE Manager into Intellek's learning management system. This collaboration aims to streamline training processes and promote continuing education within the legal industry.
Additionally, Estonia's legal tech startup Avokaado has secured €1.2 million in funding from Tera Ventures. This investment will be utilized to develop an AI-enabled upgrade for contract documentation and lifecycle management.
In terms of emerging trends, the Standards Advancement for the Legal Industry (SALI) Alliance is working towards standardizing over 12,000 legal tags and translating them into multiple languages. Brightflag, on the other hand, is introducing new budgeting features to provide relevant strategies for corporate legal teams. Furthermore, there is a noticeable focus on scrutinizing non-compete agreements, with legislation and court attention prompting employers to adjust their methods of safeguarding confidential data and trade secrets.
These developments highlight the growing digitalization trend within law firms, as they strive to optimize operations and increase productivity. The SALI Alliance's initiative reflects a commitment to transparency, clarity, and cross-border collaboration in the legal industry. The adoption of AI by startups like Avokaado signifies a shift towards intelligent automation and attracts investors. The use of legal document management and automation, combined with strategic partnerships, is reshaping the legal landscape and setting the stage for future growth. Legal professionals must therefore stay informed and actively engage in industry discussions to keep up with technology-driven changes and potential regulatory shifts in contract agreements.
In our first key story, Baker Botts, a prominent international law firm with expertise in technology, energy, and life sciences, has recently announced the formalization of its AI Practice Team. The team, consisting of more than 60 specialized attorneys across nine offices, has been established to meet the growing demand from clients in this rapidly evolving field.
With a wide range of services offered, including but not limited to technology, life sciences, and finance, the AI Practice Team aims to assist clients in navigating the complexities associated with AI. This involves providing guidance on data collection, machine learning, and automation while ensuring compliance with all applicable regulations.
The team's comprehensive legal services cater to diverse clients, including AI startups, established technology firms, and venture capital firms. By leveraging their expertise, the team is well-equipped to address the specific needs of these clients and support them in their AI-related endeavors.
Baker Botts recognizes the increasing importance of AI and is committed to providing its clients with the highest level of legal counsel in this domain. With the formalization of the AI Practice Team, the firm aims to further strengthen its capabilities and offer tailored solutions to clients grappling with the challenges and opportunities presented by AI.
Shifting gears to our other key story...
The SALI (Standards Advancement for the Legal Industry) Alliance has reached a significant milestone in its efforts to promote global standardization of legal data. The alliance, well-known for its creation and promotion of legal data standards, has successfully developed over 12,000 legal tags, complete with definitions and translations in 11 commonly spoken languages. This achievement not only aids legal professionals in comprehending and utilizing global standards but also fosters inclusivity within the industry by breaking language barriers.
The introduction of definitions to all tags further enhances concept understanding and disambiguation, which is expected to boost efficiency, minimize misinterpretation, and encourage global collaborations in the sector. By increasing clarity in legal communications, this breakthrough could potentially revolutionize the legal landscape, allowing more professionals to operate on a universally accessible platform.
These updated features are set to be included in the next general release of the standard, which is scheduled for early 2024. The development and implementation of these legal tags signify a significant stride towards global standardization and open up new possibilities for legal professionals worldwide. The SALI Alliance's commitment to advancing legal data standards is commendable, as it paves the way for a more streamlined and collaborative future in the legal industry.
And that's a wrap.
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