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Following news earlier today of the merger of Fastcase and vLex , now comes news from Thomson Reuters that it is selling off a majority stake in Elite, its suite of law practicemanagement and financial products for larger law firms, to TPG, a global asset management firm, making Elite a standalone legal technology business.
The Elite business provides financial and practicemanagement solutions to the world’s leading law firms, helping customers automate and streamline critical finance and accounting workflows. TPG has a history of investing in software companies that address the unique needs of vertical markets.
Following news earlier today of the merger of Fastcase and vLex , now comes news from Thomson Reuters that it is selling off a majority stake in Elite, its suite of law practicemanagement and financial products for larger law firms, to TPG, a global asset management firm, making Elite a standalone legal technology business.
2 AI-EnabledTechnology: Promise Amid Uncertainty Fewer than 15% of small firm lawyers view rapidly developing AI as an imminent threat to traditional legal roles. What Is the Most Used Legal Technology? With the right foundation, forward-looking adoption also future-proofs smaller firms to capitalize on coming AI advances.
As with all AI enabledtechnology, the data behind the tech will determine how useful the tech becomes. DB: I can imagine ChatGPT features being licensed to companies like LegalZoom, practicemanagement software providers and legal drafting software providers.
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