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Brief news summary
NoneThe FT's Accelerating Business series has explored the increasing role of legal services providers in meeting evolving business needs. Emphasis has shifted towards generative artificial intelligence (AI) and its potential to revolutionize legal work. Prior articles have covered AI's impact on contract review, data privacy concerns, and competition among tech providers offering the latest tools. The release of ChatGPT chatbot in November spurred experimentation on using generative AI for legal tasks. Start-ups like Harvey and Thomson Reuters-acquired Casetext quickly developed AI services for the legal sector. Harvey secured high-profile deals with law firm Allen & Overy and accountancy firm PwC. In May, LexisNexis and Thomson Reuters unveiled extensive generative AI features that are currently being trialed with limited clients. In contrast, legal tech company iManage began testing generative AI features, akin to a "conversational search" function, in August. It emphasized that earlier forms of AI are still effective and cost-effective for automating routine tasks. Cloud software company Intapp integrated generative AI into its marketing and business development offerings for legal and professional services firms. It took a measured approach, rolling out small uses of the technology as they became ready. As the initial excitement surrounding generative AI in the legal sector subsides, a more nuanced understanding of its applications is emerging. The following case studies showcase how Big Four professional services firms, legal tech companies, and others are leveraging generative AI to accelerate legal work. These examples demonstrate the power of generative AI when used appropriately. RSGI, a legal think-tank, has provided examples of how the legal ecosystem is implementing new technologies to meet rapidly changing business needs.
ContractPodAi commercially launched its generative AI-powered "legal co-pilot, " Leah, in August. Deloitte Legal established a legal generative AI center of excellence to develop tools for internal and client use. EY Law has invested heavily in its EY. ai platform and is working with an academic and industry taskforce to develop principles for responsible use of generative AI in law. Harvey, an OpenAI-backed start-up, has partnered with law firms and PwC to provide AI tools for common tasks and creative use in developing litigation strategies. Icertis's generative AI tools make it easier for clients to assess contracts against company standards. Ironclad's generative AI tool helped US gym company Orangetheory consolidate contract templates and make revisions more efficiently. Persuit's generative AI "proposal analyser" aids in-house legal teams in awarding work to law firms. PwC is building a proprietary legal model with OpenAI, utilizing Harvey's platform to offer a legal knowledge subscription service. Robin AI's AI "co-pilot" combines predictive and generative AI to manage contracts. SirionLabs uses its own large language models to enable secure contract searches, collaborating with IBM Watson on its new WatsonX. Data offering. Spellbook integrates generative AI into contract drafting and review in real-time. Thomson Reuters has rapidly integrated generative AI into its products through acquisition, partnership, and development with Microsoft. 273 Ventures led a test using GPT-4 to take the US bar exam and advises law firms while investing in legal tech companies. These advancements demonstrate the broad use cases and potential of generative AI in the legal sector.
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