Legal Tech: A Guide to AI
Changing the Game on Legal Recruiting!
March 6, 2024Wellness in BigLaw: Are you at risk?
March 29, 2024The legal industry is on the brink of a technological revolution, specifically due to Artificial Intelligence (AI).
The economists at Goldman Sachs predict that 44 percent of legal work could be automated by AI, highlighting a potential shift in legal services and the roles of legal industry professionals.
As legal tech grows and law firms begin leveraging Artificial Intelligence (AI), it can be challenging to decipher what software is best and for what purposes. Continue reading to learn more and make an informed decision about legal tech.
ARTIFICIAL INTELLIGENCE (AI)
What is AI? In simple terms, AI “allows computers to learn from experience, adapt to new inputs and perform human-like tasks” (Dilmegani, 2024). Today, AI is being applied across an increasing number of industries.
The Oxford Dictionary defines AI as:
The theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
GENERATIVE AI
What Is GenAI? “GenAI is a branch of artificial intelligence (AI) that focuses on creating new content, such as text, images, or audio, by learning patterns and structures from existing data” (Black, 2023).
Potential GenAI Legal Use:
- Compliance and regulatory monitoring
- Contract analysis and negotiation
- Document drafting and review
- Due diligence
- Intellectual property management
- Legal research
- Legal chatbots
Common GenAI Legal Software: ChatGPT (powered by OpenAI)
“Law firms have started to use AI softwares that incorporate LLMs like ChatGPT, which are customized for the legal system” (Dilmegani, 2024).
- Co-Counsel
- Harvey
1) Co-Counsel
Powered by GPT-4, Co-Counsel can automate many of the manual legal work, such as:
- Reviewing documents
- Preparing for a deposition
- Summarizing legal documents
2) Harvey
Harvey is a gen AI platform that uses OpenAI’s latest LLMs that are fine-tuned for legal issues. Harvey operates similarly to Co-Counsel, however, it diligently addresses clients’ compliance requirements by anonymizing user information and removing data after a specified duration.
External Links:
