- Predictive analytics are going to be huge in the business (and practice) of law. This is my favorite example so far. “DLA Piper brought in Axiom Consulting Partners to assist in building a predictive-learning model that predicted with 75-80 percent accuracy those clients that will shrink or go dormant in the next year.” Check out the reported ROI.
- Global law firm alliance, Meritas has made AI for its members a priority. “…Jill Wiley, the newest chairwoman of the board …, is looking to get independent law firms thinking about technology innovation and artificial intelligence. Wiley, also a managing partner at southern Arizona firm Waterfall, Economids, Caldwell, Hanshaw & Villamana, has set forth a priority to establish a Meritas international task force on the use of AI.” Details here.
- Here’s an interesting roundtable discussion of the use of tech by in-house folks and their expectations of law firms. Several are already using AI and blockchain themselves, so they expect law firms to embrace such tech to achieve better, faster, cheaper. It’s a good read.
- I am often asked whether and then how smaller firms can get involved with AI. My answer usually involves vendors who offer AI by the document or byte or user. Here’s an example (DATAVLT) of a firm “providing a cost-efficient data analytics service for these underserved SMEs.” (Or, join Meritas — see above.)
- “Facebook is buying London-based artificial intelligence start-up Bloomsbury (AI) … a data analytics company that automates customer care and advice. It has proprietary algorithms that answer questions after trawling documents, which will prove a useful tool for Facebook’s battle against fake news. The Silicon Valley tech giant will pay between $20m and $30m (£15m-£22m)….” More here.
Also, Artificial lawyer reports that Bloomsbury AI is “one of the startups in Allen & Overy’s second cohort at its Fuse incubator.”
- Also from Artificial Lawyer, this interview “with Steven Lofchie, a New York partner in the Financial Services Department at top US law firm, Cadwalader, Wickersham & Taft, to hear about the firm’s custom-built legal research and knowledge management platform that leverages machine learning, known as the Cabinet.”
- I keep saying I’m going to stop covering legal AI investments, but I can’t seem to help myself. To wit: $200M In Two Months Says Investors No Longer Snubbing Legal Tech.
- Nothing new here. Move along, move along. From Taylor Wessing: AI is disrupting the delivery of legal services – but to what extent and how? “The continued development of AI in all areas of the delivery of legal services can only be good news for clients. AI offers the potential to free up lawyers from the more mundane and often time consuming aspects of their jobs, allowing them to focus on the areas in which they can bring the most value to the client relationship, all for a lower overall spend.”
- And don’t miss this! “In a landmark study, 20 experienced US-trained lawyers were pitted against the LawGeex Artificial Intelligence algorithm. The 40-page study details how AI has overtaken top lawyers for the first time in accurately spotting risks in everyday business contracts.” And don’t miss the link to the full story.