Things I've learned about AI & Law

AI companies are making legal services more efficient and more accessible. AI in law is completing deals quicker and in an efficient manner. AI companies that have gained funding are changing the accessibility of the practice of law. Don’t worry, it doesn’t replace lawyers. It's actually allowing you to remain competitive and ahead of the tech curve.

Author

Amanjot Saral
October 29, 2024

Harvey

Harvey is a generative AI company backed by Sequoia and OpenAi’s startup fund. After a Series C funding it reached Unicorn status. So what exactly does it do? Harvey can draft documents, answer questions about litigation scenarios and identify material discrepancies between hundreds of contracts.

Its main advantage helps corporate attorneys during due diligence on transactions. Remember the 10,000 hours rule from Malcome Gladwell? If junior attorneys are increasing the speed of due diligence (flagging change of control, termination provisions, etc) that means more time for negotiating, compiling the reports, drafting the main agreements. Harvey fast tracks a junior attorneys learning to do the more intricate parts of a deal faster and earlier.

Paxton Legal AI assists with legal research. Applicable only to USA law at the moment. Paxton will help with finding case law interpretations, state law and regulatory sources. The platform also assists with contract review, document drafting and boolean composers. This tool isn’t a substitute for legal service but if an individual wanted to fight their own case and invest the time and effort into doing so, Paxton makes all the tools available to get the basic elements of a case started.

Considered an “AI co-pilot” when it comes to corporate transactions. Luminance can assist with contract processing and due diligence. This platform assists with a first pass of contract analysis and drafting. Luminance can assist with navigating data rooms by assisting with contract terms, clauses and the governing laws to assist attorneys with reviewing what is important and impactful in the transaction. This has a ripple positive effect to law firms. By taking away some of the routine due diligence, this reduces hours which means a better ROI and cost savings for clients. As well as better intricate training for junior attorneys.

CoCounsel Core is a legal generative AI assistant with legal skills including, preparing a deposition, draft correspondence, search a database, review documents and summarize a document. So far it seems like CoCounsel Core will change litigation by helping with research, memo drafting, document review and the deposition prep. Thomson Reuters purchased CoCounsel through an acquisition to get ahead of the market and be on the forefront of AI and the practice of law.