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E-discovery solutions , a significant part of legaltech, were estimated to be a multi-billion-dollar industry. This transformation is encapsulated by the burgeoning field known as “legaltech,” a fusion of legal expertise and cutting-edge technology.
One is by providing automated legal research and document generation, which can save time and improve accuracy. Another is by using natural language processing to analyze legal documents and extract relevant information, which can be useful for contract review and duediligence.
Additionally, the legaltech landscape is dynamic, and new tools may emerge over time. Consequently, legal professionals should carefully review the terms of use and features of each tool to determine their suitability for specific needs. Q: Is there any way to get free AI legaladvice?
She made an interesting comparison of legal sector with the entertainment industry by saying - ‘ while a wrong movie recommendation by Netflix might only cause annoyance to users, a wrong piece of legaladvice might result in changing the course of a person’s life.’
Understanding new legal concepts, 31%. Conducting duediligence, 12%. Across the board, legal professionals express concern with the ethical implications of generative AI on the practice of law. Of those who had used them, nearly half, 48%, say they had used them for legaladvice or assistance.
the core value is legaladvice, which means that’s the most high value activity you should provide to your clients and continue to do that. We had other duediligence factors as part of this portability of the work, it was far more an m&a approach. You’re going to have to think about things differently.
The business of law differs from practicing law and to succeed as a legal professional you should know how to do both. Practicing law is drafting contracts, providing legaladvice, litigating a case, or negotiating. How legaltech can help you be a better lawyer. Legaltech is not a fad that is going away.
With an ever-growing pile of cases and long hours, who would have the time to peruse the latest court decisions or comb through documents for duediligence purposes? Now if this tool is used by people for understanding complex legal theories by using text summarisation, there is no guarantee for it producing accurate results.
While the AI tool may have generated the content, lawyers must exercise duediligence to ensure that the advice or document is accurate and appropriate. It’s crucial to double-check AI-generated advice and ensure that it aligns with legal standards and the specific nuances of each case. Who’s responsible?
Shawn Curren 3:18 I think for you know, I’ve been in the legaltech industry now for about 20 years. And I sort of talked about this a lot, which Yeah, I was around, you know, before the digitization of legal services, but everything was paper based. And I think, clearly, lots of legaltech vendors are seeing the same thing.
the core value is legaladvice, which means that’s the most high value activity you should provide to your clients and continue to do that. We had other duediligence factors as part of this portability of the work, it was far more an m&a approach. You’re going to have to think about things differently.
Shawn Curren 3:18 I think for you know, I’ve been in the legaltech industry now for about 20 years. And I sort of talked about this a lot, which Yeah, I was around, you know, before the digitization of legal services, but everything was paper based. And I think, clearly, lots of legaltech vendors are seeing the same thing.
For more insights from Jan Scholtes, visit his blog, LegalTech Bridge. Marlene Gebauer 12:06 So Jan, you’ve written about how AI can be used to improve the duediligence process for m&a deals. So, you know, there’s a lot of AI tools out there for m&a duediligence right now. God made me famous.
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