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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 LexisNexis launching Lexis+ AI and LEAP integrating WealthCounsel's drafting solution, as well as the growing trends of AI and automation in the legal industry.
Let's dive in!
Here is what happened in legal tech recently... LexisNexis introduced its advanced AI tool, Lexis+ AI. This tool is specifically designed to enhance productivity in the U.S. legal sector by leveraging large language models like Anthropic’s Claude 2 and OpenAI’s GPT-4 and ChatGPT. With features such as citation validation, document drafting, case summarization, and document upload capabilities, Lexis+ AI offers a comprehensive solution for legal professionals.
Another noteworthy development is the integration of WealthCounsel's drafting solution into LEAP Legal Software. This integration aims to boost the productivity and drafting capabilities of estate planning lawyers, streamlining the document drafting process.
These advancements reflect a growing trend of AI and automation in the legal industry. Law firms are increasingly integrating these technologies into their everyday practices to address capacity challenges and improve process efficiencies. Moreover, there is a shift towards offering clearer guidance, professional development, and creating a culture that facilitates learning in order to bridge generational gaps in work ethic.
Customers are also showing keen interest in AI-powered research tools, as demonstrated by the 2023 Start/Stop survey.
Overall, these developments indicate that the legal tech space is rapidly evolving. Companies like LexisNexis and LEAP are making significant strides, consolidating AI and automation to optimize the legal process. However, alongside embracing technology, it is crucial for law firms to adapt to the evolving attitudes and expectations of the next generation of partners. By adopting a more empathetic and progressive work culture, the industry can truly embrace the transformation fueled by technology.
Let's take a deeper dive into our key stories...
LexisNexis, has announced the general availability of its latest innovation, Lexis+ AI. This cutting-edge legal generative AI tool is now accessible to customers in the United States. Prior to its launch, the product underwent extensive testing and refinement within a variety of legal sectors such as Am Law firms, corporate legal departments, small law firms, and US courts.
Lexis+ AI combines the power of generative AI with LexisNexis' proprietary search technology, Shepard's Citations, and other meticulously researched content. This integration allows the tool to offer a range of capabilities, including generating legal document drafts, answering research questions, and summarizing complex legal issues. Legal professionals can expect to benefit from improved speed and productivity, as well as an enhancement in the overall quality of their work output.
Ensuring the security and confidentiality of user-uploaded documents is of paramount importance to LexisNexis. They emphasize that any documents uploaded during a session are automatically purged from the system once the session concludes or if there is a period of inactivity. Additionally, LexisNexis has plans to expand the functionality of Lexis+ AI in the future, with ongoing efforts to enhance its accuracy.
One noteworthy aspect is that media outlets were not given access to test the product before its launch. As for pricing, the affordability of Lexis+ AI is contingent upon the individual needs and content access preferences of each customer. With the introduction of Lexis+ AI, LexisNexis aims to provide legal professionals with a comprehensive and state-of-the-art tool that delivers reliable and efficient legal research assistance.
The annual survey conducted among legal tech organizations at the 2023 Legal Information + Knowledge Services Conference has brought forth some noteworthy insights. The survey, which had the participation of 33 firms (93% of which were law firms), revealed a growing interest in generative AI. Firms highlighted generative AI as a rising trend, largely influenced by the emergence of large language models (LLMs). However, despite this interest, firms continue to face challenges when it comes to establishing AI policies and selecting the right AI products amidst a crowded vendor landscape.
One significant finding from the survey was the impact of Thomson Reuters' acquisition of Casetext, which was termed a "shape-shifting" event. This move is believed to be a strategic move aimed at surpassing competitors in the legal tech market. Additionally, some changes were observed in the analytics realm during the study.
Furthermore, the survey revealed that CoCounsel emerged as the top-rated AI-enabled research and knowledge product. The gap between CoCounsel and its competitors was quite significant. Lexis's AI products were also noted as being poised for implementation or evaluation. Legal publishers are increasingly incorporating AI into their products, indicating a strong potential for AI in the field of legal tech.
Overall, the survey provides valuable insights into the current state of AI adoption and trends within the legal tech industry.
And that's a wrap.
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