Welcome to the sixth edition of Legal Tech Trends, and a special hello to the 102 new subscribers since the last edition!👋
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. If you do, feel free to share with a colleague that may also benefit.😊
Fall in love with the problem, not the solution.
As headlines continue to announce the rapid release of various AI models, now is an excellent time to remember that solving real problems and achieving desired outcomes is more critical than simply adopting the latest tech.
🎙️ The Law of Tech: S3E1 | How to fall in love with the problem and not with the solution? w/ Nikki Shaver LINK
🌟Pair with Jack Shepherd’s ‘The Key Steps that will determine success or failure with the latest AI tools’ article. LINK
➕ Bonus: I touched on this and my preferred approach to deliver value faster in ‘Avoiding Shiny Tech Syndrome’ LINK
AI
💡 High awareness but low adoption Thomson Reuters surveyed 440 lawyers about ChatGPT and generative AI usage in law firms. 82% of respondents believe the tech can be applied to legal work, but only 3% are using generative AI now. LINK
💰 $20,000 AI bounty Australian law firm Gilbert & Tobin has put up a $20,000 cash incentive to encourage staff to submit ideas on how generative AI can be applied to their work. LINK
💼 Reed Smith experiments with GPT and searches for Director of Applied AI LINK
💬 Josef Q beta free to trial Josef has released a product to improve corporate compliance by making policies accessible through an FAQ interface. The product is now freely available to trial and can be set up in minutes. Kudos to the team for making this so easy to access! LINK
⚙️ Law firm open-source project to replace ChatGPT interface The Travers Smith Artificial Intelligence team and 273 Ventures have created an open-source project that enables firms to replace the ChatGPT interface with a chatbot that plugs into Enterprise API's of Microsoft and OpenAI. LINK
Fundraising
📜 CLM platform Lexion raises $20M. Law firm Wilson Sonsini is an investor. LINK
🏢 Entity management and governance platform Kuberno raise £3.5M. LINK
Round-up
🌍 Linklaters launch 100% remote ALSP Linklaters has launched Limitless, a location-agnostic ALSP that gives the firm access to the widest possible pool of talent across the UK. LINK
😔 150-year-old law firm Ince Group goes bust The listed law firm was forced to raise emergency funds after it suffered a cyber attack in March last year, which it said had cost as much as £5 million to resolve. LINK
⚠️ Attention legal tech startups ⚠️ Law firm infosec teams may have frustratingly exacting requirements, but when the potential impact of cyber attacks is so severe, there is a reason for the robust diligence!
Books
In a recent LinkedIn post, Laura Collins Scott raised a crucial point about techies within law firms and legal tech vendors often being too distant from the client experience.
When solving problems, nothing substitutes talking to the end users. Between those conversations, I enjoy reading content targeting those audiences to understand their needs and priorities better. I recommend these short books:
📚 Corporate Counsel: Expert Advice on Becoming a Successful In-House Lawyer This business fable covers the first 100 days in the life of a private practice lawyer as they transition to a career as an in-house counsel.
There’s no mention of AI(!), but they cover priorities such as: Creating a digital contract store, establishing a legal intake process, reviewing existing law firm relationships and work allocation. LINK
📚 Contract Redlining Etiquette: How to leverage the power of redlines for faster and smarter contract negotiations. LINK
Adjacent Interests
📃 A16Z release their 2023 State of Crypto report. LINK
Thanks for the great weekly updates!