Episode 25
· 08:00
Welcome to Law Tech Daily - the podcast that answers "what happened in legal tech this week?". Join us each Monday, Wednesday, and Friday as we dive into the exciting world of legal tech news. Don't forget to hit that subscribe button to stay up-to-date on the latest episodes! In today's episode, we'll cover Kutana plus Brochet's new strategy, Hona's funding, EDGE Group's acquisition of Oryxlabs, Lancaster University's grant for legal tech research, and the importance of thorough due diligence in AI-driven M&A deals.
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Let's dive in.
We have three key stories to cover today: EDGE Group's entry into cybersecurity through the acquisition of Oryxlabs. Lancaster University Management School's one point eight million British pound grant to support research and adoption of digital technology in law firms, and the legal ins and outs of using AI in M and A.
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But before we do that, here's what else happened in legal tech yesterday.
Kutana plus Brochet unveiled a new strategy aimed at enhancing client service within the legal profession. The trend of prioritizing customer-focused services was evident through Kutana and Brochet's hiring of Angela Crossland for customer-experience initiatives.
The focus on enhancing customer experience and interface suggests a future centered around consumer needs within the legal tech sector. The increasing role of advanced tech, particularly AI, in tasks like document discovery and trial strategy highlights the industry's reliance on technology. However, it also emphasizes the need for due diligence in technological adoption, considering AI's limitations in cybersecurity and data governance.
The acquisition of Oryxlabs by the EDGE Group further emphasizes the growing importance of cybersecurity in the legal industry. Lastly, Lancaster University's grant for legal tech research signifies academia's recognition of the sector's significance, likely leading to more collaborations between educational institutions and industry players, thereby generating groundbreaking insights.
Let's explore these trends further through our key stories.
Lancaster University Management School (LUMS) has been awarded a substantial one point eight million British pounds grant from the Economic and Social Research Council and Innovate UK. The purpose of this grant is to support the acceleration of technology adoption within law and accountancy firms. The project, named Technology in Professional Services (TiPS), aims to overcome the barriers that hinder the adoption of digital technology and artificial intelligence in these sectors.
TiPS builds upon previous research conducted by Lancaster researchers, which focused on identifying obstacles that prevent law and accountancy firms from embracing digital technology. The funding will enable the team to provide tailored support, making these technological advancements accessible to sectors and individuals who are currently underrepresented.
This initiative has the potential to offer valuable insights into how different forms of innovation adoption can be expedited effectively. By addressing the challenges faced by professional service sectors in implementing technology, TiPS aims to create a strategy that helps navigate these issues.
The grant received by LUMS acknowledges the pressing need for advancements in technology adoption within the professional service sectors. It signals a commitment to exploring innovative solutions and supporting the growth and progress of these industries.
Overall, the one point eight million grant awarded to LUMS will significantly contribute to the acceleration of technology adoption in law and accountancy firms. Through the TiPS project, the researchers aim to facilitate the integration of digital technology and AI, ensuring that these advancements become more accessible and inclusive across various sectors and demographics.
Speaking of ai...
The increasing integration of AI in business processes has resulted in a surge of acquisitions involving AI-focused entities. Norton Rose Fulbright's Canadian Head of Technology and Co-Head of Information Governance, Privacy and Cybersecurity Imran Ahmad and Associates Roxanne Caron, and Suzie Suliman share why due diligence is key in AI-related acquisitions.
They note that these deals present distinct challenges that necessitate thorough due diligence. Buyers must carefully assess the source code to identify any potential infringements on intellectual property rights. Additionally, they should scrutinize the training data to detect biases that may have legal implications. Understanding the liability risks associated with AI performance is also imperative, along with evaluating the transparency and trustworthiness of AI-driven decisions.
The regulatory landscape surrounding AI is still emerging and varies from jurisdiction to jurisdiction, introducing ambiguity around the legal interpretation of AI-related agreements. Companies must also consider the intellectual property rights related to the data used to train AI systems. Privacy compliance and cybersecurity are additional critical factors that warrant attention.
Given these complexities, it is essential for companies involved in AI-related transactions to engage the services of legal counsel with expertise in AI. The legal intricacies surrounding AI are expected to escalate as the technology gains widespread adoption. Ensuring proper legal guidance becomes even more critical in navigating these transformative deals successfully.
EDGE Group, the UAE's defense powerhouse, has announced its acquisition of Abu Dhabi-based company Oryxlabs, marking their entry into the cybersecurity sector. This strategic move allows EDGE to enhance its expertise in a field it previously lacked experience in. Oryxlabs brings valuable knowledge in data science, artificial intelligence, security research, and big data to the table, serving as a valuable complement to EDGE's existing businesses.
By acquiring Oryxlabs, EDGE aims to further solidify its advancing technology solutions. The group has been steadily expanding through an aggressive mergers and acquisitions strategy, and this acquisition demonstrates their commitment to growth and innovation. Observers note that this move not only supports the nationalization of the UAE's defense sector but also aligns with the country's ambitions of becoming a leader in cybersecurity both regionally and globally.
EDGE's sustained growth and increasing portfolio underscore the growing importance of sovereign capabilities. This acquisition strengthens their position in the market and showcases their dedication to providing cutting-edge solutions in the cybersecurity field. As the UAE continues to prioritize advancements in technology and security, EDGE Group's acquisition of Oryxlabs positions them to play a key role in shaping the future of the cybersecurity landscape.
And that's a wrap.
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