Building + Investing in AI @ gAI.Ventures || ex-Founder, MEDICI FinTech (EXIT - Prove) || #Invest 77Capital || 💙 -1 to 1
Why did the AI lawyer get disbarred? Because it couldn’t pass the Turing Testimony! 😅 ok jokes apart. AI won’t just speed up the legal system — it will revolutionise it 𝑫𝒂𝒚 7 𝒐𝒇 𝑨𝑰 (skipped one day. I was travelling) I will cover 3 companies today as exhibits: 1) Thomson Reuters acquired 𝐂𝐚𝐬𝐞𝐭𝐞𝐱𝐭, 𝐚 𝐥𝐞𝐠𝐚𝐥 𝐭𝐞𝐜𝐡 𝐀𝐈 𝐜𝐨𝐦𝐩𝐚𝐧𝐲, 𝐢𝐧 𝐀𝐮𝐠𝐮𝐬𝐭 2023 𝐟𝐨𝐫 $650 𝐦𝐢𝐥𝐥𝐢𝐨𝐧. Must watch Casetext founder YC podcast interview. but basically Casetext is renowned for its advanced AI/ML solutions tailored for legal professionals, notably its AI legal assistant, CoCounsel, powered by GPT-4. CoCounsel streamlines tasks such as document review, legal research memos, deposition preparation, and contract analysis, significantly enhancing efficiency and the quality of legal representation. 2) LexisNexis ♨️ LexisNexis has introduced Lexis+ AI, a generative AI solution designed to assist with tasks like drafting legal documents and summarizing case law, featuring linked, verifiable legal citations to ensure accuracy. 💡 The platform enhances legal research by providing conversational search capabilities, allowing practitioners to obtain precise information efficiently Sean Fitzpatrick, CEO of LexisNexis North America, UK, and Ireland. “We are working closely with customers to integrate our leading generative AI tools into their workflows to drive unprecedented efficiencies and quality for both law firms and corporate legal departments.” 3) 𝐇𝐚𝐫𝐯𝐞𝐲 𝐀𝐈 is a generative AI platform tailored specifically for the legal profession. It assists legal professionals with tasks such as contract analysis, due diligence, litigation support, and regulatory compliance. By leveraging advanced AI capabilities, Harvey AI helps generate insights, recommendations, and predictions based on data, enabling lawyers to deliver faster and more cost-effective solutions for their clients. They have raised a total of $206 million over four funding rounds Challenges: well, there are many. but one that I would like to point out based on my research - 80% of Fortune 1000 execs expect law firms to reduce bills due to AI efficiency gains. But only 9% have actually told their law firms this. Classic case of everyone thinking it but nobody saying it. Kushal Prakash Vineet Mohan Vijay R. Harvey Casetext, Part of Thomson Reuters Caveat: AI generated image. these are not logos
There are lawyer jokes and then there are AI lawyer jokes. Next level, Amit!
I was speaking to my partner about this. I already see how much people are being squeezed in the workforce and now "AI tools are here so you should be faster and more efficient" is feeling like another exploitive tactic to squeeze even more. My guy is experiencing this at his job and it's very concerning. The expectation on him to increase speed is not matching his realistic capacity even with AI. Thanks Amit for your post, AI is promising and can do so much good, just my very raw thoughts. 😆
Absolutely “Classic case of everyone thinking it but nobody saying it.” There are a lot of those around AI these days!
Love this
Building + Investing in AI @ gAI.Ventures || ex-Founder, MEDICI FinTech (EXIT - Prove) || #Invest 77Capital || 💙 -1 to 1
1dIf you like this post do read my blog - 2024 State of AI & What to Expect in 2025 https://amitgoel.substack.com/p/2024-state-of-ai-and-what-to-expect