Subscribe
Share
Share
Embed
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 AI announcements from iManage, BigHand, and Relativity, the launch of Kelvin Legal DataPack by 273 Ventures, the varying perceptions of AI's impact on law across countries, and Thomson Royters' predictions about the significant impact of AI on professional work within 5 years.
Here's a recent update on the developments in legal tech. Several industry giants, including iManage, BigHand, and Relativity, made significant announcements in the field of artificial intelligence (AI) at ILTACON this week.
iManage introduced iManage AI, which utilizes Microsoft Azure OpenAI Service to analyze, extract data, and categorize emails with remarkable precision. This AI engine provides a ChatGPT-style interface, enabling natural language queries.
BigHand incorporated the AI functionalities of its recent acquisition, BigHand Impact Analytics, into its matter pricing solution for the law industry. By leveraging timecard data, this AI tool guides pricing decisions, thereby enhancing profitability and transparency for clients.
Relativity launched Relativity Contracts, a tool designed for contract analysis and due diligence within its RelativityOne platform. This AI tool claims to reduce review time by 40% and cut project costs in half.
The legal technology industry is witnessing a surge in the use of artificial intelligence. Early adopters like BigHand and iManage are harnessing AI's capabilities to boost automation, productivity, and data security. There is also an increasing trend toward Generative AI, as demonstrated by HaystackID appointing a Chief Artificial Intelligence Officer to oversee AI integration into legal technology services. The demand for AI is highlighted by Everlaw's "2023 Ediscovery Innovation Report," which reveals that 40% of legal professionals are already utilizing AI technology or planning to do so. Another notable trend is the integration of AI into law firms' pricing strategies.
While the legal sector recognizes the transformative potential of AI, it grapples with concerns related to accuracy, security, and ethical deployment. Data security remains a major concern, emphasizing the need for robust data governance tools. Moreover, the survey findings indicate a correlation between cloud adoption and AI usage. As the industry advances with AI and cloud-based e-discovery becoming commonplace, investments in AI and cloud technologies may determine a firm's competitive edge. AI is also impacting job roles and skill requirements within the legal industry, with professionals optimistic about its potential to create new services, skills, and career paths. However, resistance to change, particularly among government professionals, may hinder AI adoption. In conclusion, artificial intelligence continues to reshape the legal technology landscape, with both industry leaders and startups making significant investments in this domain. While challenges lie ahead in fully accepting and integrating AI into legal practices, the potential benefits appear to outweigh the associated concerns.
273 Ventures has recently launched a groundbreaking solution for organizations looking to build compliant AI models. The Kelvin Legal DataPack, a comprehensive dataset, encompasses more than 150 billion tokens of crucial legal, regulatory, and financial content. This innovative offering aims to address several challenges associated with data model creation and customization, including issues related to clear provenance and commercial use rights.
With the Kelvin Legal DataPack, organizations can effectively tackle tasks ranging from model training to tune-ups. It emerges amidst growing concerns surrounding tech companies' alleged infringement of intellectual property laws for training purposes. To cater to diverse use cases, the dataset also includes annotated and supplemented content, providing valuable flexibility to customers. For users with specific requirements, specialized collections like the Kelvin Contract DataPack are available.
One key aspect of this dataset is its assurance of avoiding intellectual property or contract breaches through the reuse of data. This aspect is of utmost importance in light of recent lawsuits faced by AI companies concerning data usage. By leveraging the Kelvin Legal DataPack, organizations can navigate potential legal challenges confidently and ensure compliance throughout their AI model development processes.
In summary, with the introduction of the Kelvin Legal DataPack, 273 Ventures has provided organizations with a game-changing resource that empowers them to build compliant AI models efficiently and effectively.
A recent survey conducted by LexisNexis has shed light on the perception gap surrounding the impact of AI in the legal field. The survey involved 7,950 participants including lawyers, law students, and consumers from the U.S., U.K., Canada, and France. The results revealed that there is a disparity in beliefs across countries regarding the significance of AI in law.
Interestingly, nearly 50% of respondents from the U.K., Canada, and France acknowledged that AI will have a significant or transformative impact on the legal industry. However, only 39% of U.S. respondents shared this belief. This discrepancy could potentially be attributed to the different media sentiments prevalent in each country.
Among the two countries expressing the highest optimism towards AI's potential impact, France and Canada, there were contrasting attitudes. France reported the highest number of respondents who were unsure about the potential impact of AI. On the other hand, the majority of participants from all countries showed interest in AI's ability to draft legal documents and facilitate research tasks.
Despite the controversies surrounding AI's role in the legal field, it seems clear that its influence on the future of law is inevitable. As technology continues to advance, it is crucial for attorneys and legal professionals to carefully consider the implications of AI and adapt accordingly.
Thomson Royters has recently published its Future of Professionals Report, providing insights into the anticipated impact of artificial intelligence (AI) on professional work. The report, based on a survey conducted among more than 1,200 professionals worldwide, reveals that a majority of respondents (67%) believe AI will bring about a transformational or high impact on their respective professions within the next five years.
Notably, a significant portion of those surveyed (66%) predict that AI will help create new career opportunities, especially in areas that do not necessarily require traditional legal or tax qualifications. In terms of specific expectations, the survey results indicate that the greatest potential for AI lies in improving productivity, efficiency, and client services, with 45% of respondents expressing this viewpoint.
Despite the optimism surrounding AI, concerns persist. Issues such as data security, result accuracy, job displacement, and ethical considerations continue to raise apprehension. Hence, it becomes crucial to develop AI solutions that are trustworthy and transparent and prioritize addressing the main concerns of users in order to facilitate widespread adoption.
The Future of Professionals Report underscores the importance of AI in shaping the future of various professions. By recognizing and addressing potential challenges, professionals, and organizations can harness AI's potential to optimize productivity, improve client services, and create new career opportunities.
And that's a wrap.
Subscribe, follow, and join us next time to learn “what happened in legal tech this week?”
... Stay informed, get ahead.