Legal Tech Trends Newsletter: #5
Legal Tech Trends Newsletter: #5
Generative A.I. + Law, Major Deals, SALI LMSS Search Tool, and much more!
Welcome to the fifth edition of Legal Tech Trends!👋
This fortnightly newsletter is only possible because of the great work shared by others in the industry. I built a free website, LegalTechTrends.com, to help surface that content for you. Here I share what resonates most with me.
I hope you get value and take away at least one insight. 😊
🚀AI
It’s been another wild fortnight in the world of AI, and the sheer volume of important announcements shows no signs of slowing. It’s hard to keep up, let alone predict how things will unfold with any degree of certainty.
It is difficult to make predictions, especially about the future. - Yogi Bearra
We’re still in the early days. It can feel overwhelming, and nobody knows the answers, but asking the right questions can help us navigate with purpose and care.
How can we digest so many updates and ask the right questions?
When processing new information, we typically first: 1) Categorise and then 2) Compare. I made a simple sketch to help organise initial thoughts and provide a structure to make sense of current AI developments.
It combines two categorisations:
LLM: OpenAI vs not OpenAI.
Model access: Direct Access vs Via Vendor UI
⚠️ This is a simple thinking aid and not a full market map!
Given where AI is at, how should we act now? It’s early in the race, and going all-in on a specific vendor or LLM at this point is risky. Daniel Katz explores this topic in more detail in his excellent presentation below. His presentation was hugely helpful in validating some of my early thinking and deepening my knowledge in this domain.
When exploring new technology, focus on activities which:
- Optimise: Speed of learning and future optionality.
- Minimise: Cost, risk, and vendor lock-in.
💥 Generative A.I. + Law | Daniel Katz Presentation 💥
Daniel Katz certainly knows more about this domain than most. His presentation (20+ min read) explores applications and uses cases, including GPT-4 passing the bar exam (an experiment he co-authored!). LINK
The following particularly resonated:
It would be a big mistake to go all in on any vendor or specific LLM at this point. Place a small to medium bet.
Five Operational Considerations:
What is the differential impact of these models by legal organisation?
How do I think about questions of privacy and information security? Copyright?
What is the role of domain-specific training?
How could I customise these models for use within my own organisation?
Which models / LLMs do I leverage? How do I choose? Can I mix and match?
💫 DLA Piper to utilize CoCounsel
In the 3rd edition of this newsletter, I covered CoCounsel’s launch and DLA Piper poaching a team of 10 data scientists. Now DLA Piper has announced they will be using CoCounsel. LINK
⚠️ Italy order ChatGPT blocked, citing data protection concerns
Germany is considering doing the same. LINK
⚖️ In generative AI legal Wild West, the courtroom battles are just getting started
Lawsuits over copyright infringement of creative assets are starting and will set key legal precedents. LINK
🐛 ChatGPT bug exposes user content
Some users could see the titles of chats had by others. LINK
Major Deals
Thomson Reuters spins off Elite as an independent company. Elite’s products are geared towards enhancing law firms’ financial and accounting operations and include 3E, ProLaw, eBillingHub, and MatterSphere. LINK
vLex and Fastcase have merged to create a global legal research company. The combined entity will have the world’s largest subscriber base of lawyers and law firms and a legal research library of more than 1 billion documents from more than 100 countries. LINK
Round-up
🏷️ SALI LMSS Search Tool:
Automatically tag your legal data with the Legal Matter Standard Specification. LINK
🗣️ Slaughter and May pilots AI transcription tool JUST: Access LINK
💲How are US law firms stealing market share in the UK?
US-based firms are targeting clients in growing sectors and building relationships based on client focus, accessibility, and approachability to increase their market share and challenge the dominance of the Magic and Silver Circle firms. LINK
🌍 Beyond the War for Talent: ALSPs & the maturation of the remote legal team
Emerging legal talent may be increasingly looking to alternative legal services providers (ALSPs) as employers to take advantage of the flexibility and innovative work they offer. LINK
📱 Shoosmiths has become the first big UK law firm to enter the world of TikTok. LINK
Podcasts
Pioneers & Pathfinders: Two-Year Retrospective LINK
The Geek in Review: Revolutionizing Legal Technology Design with T&P Studios' Nicole Bradick (TGIR Ep. 195) LINK
LawNext: Ep 198: 15 Years, 15 Lessons: Clio Founder Jack Newton On What He’s Learned About Building a Successful Company LINK
Aaand that’s a wrap. The next one drops on Friday, 21st April. In the meantime, to satisfy your curious legal tech mind, explore LegalTechTrends.com.
Thanks for reading. All feedback and suggestions are most welcome.
Have a great Friday!
✍️ Titans Insights | Recent Articles
Love how you framed this up!!
Any reason to not include DISCO's new AI chatbot? I know it's new to the market, but would love to see it covered.