- Better, faster, cheaper. Atrium LTS (Legal Technology Services) is a San Francisco-based startup law firm. Founder Justin Kim says: “We want to build the legal technology of the future to automate repetitive, low-value work and allow firms to deliver speed, transparency and cost certainty to their clients.” They raised $10 million in their initial round of funding. All work will be done on monthly subscription rates or on flat rates for work outside the scope of the subscription. Several articles from the Washington Post to the ABA Journal have covered Atrium in the last few days. Robert Ambrogi’s recent post offers the best coverage I have seen. Among his observations:
Atrium attorneys receive stock or options in Atrium LTS and some receive salaries from Atrium LTS for serving as advisors.
The firm will initially focus its practice on representing venture-backed startups. Operating since June in the law firm equivalent of a private beta, it has already done deals that have closed or are about to close totalling $100 million to $300 million. Within a year or two, the firm will expand into other areas of corporate practice, following the same subscription model.
- Better, faster, cheaper. UK- and Singapore-based start-up ThoughtRiver has launched ‘Review’ an Artificial Intelligence (AI) contract review solution that can assess legal contracts an average of “60 times faster and 30 percent cheaper than the typical paralegal.” “Review” has been tested by law firms including Eversheds Sutherland, and in-house legal departments including BT.
- Allstate Insurance has given a persona to its legal robot (a.k.a., “software application”). She’s Lia, and she “will let Allstate employees find quick automated answers to straightforward questions they now regularly pose to the legal professionals in her law department.” Tasks with high frequencies, low risk, and requiring no emotional intelligence.
- Accenture (NYSE: ACN) has appointed Jodie Wallis as managing director for artificial intelligence in Canada. In this role, Wallis will be responsible for expanding Accenture’s business presence in the AI space, attracting top talent, and bringing innovation and global AI expertise to Canadian clients across all industries. It might not be a bad idea for your law firm to do the same.
- This post posits that there are three sorts of AI companies. This should be of interest to those in the business of AI.
- Here’s another good post about governments’ interest in AI. “A Sputnik moment.” And here’s more about China’s AI ambitions.