Law Tech Daily (May 25): Unleashing the Power of AI in the Legal Profession

Hello and welcome to "Law Tech Daily", the podcast that brings you the latest updates on legal tech developments. Here, we provide you with insightful and concise breakdowns of yesterday's most significant innovations and emerging trends that are reshaping the legal profession. Don't forget to hit the subscribe button so that you never miss a new episode. Stay ahead in legal tech and listen on! In today's episode, we'll cover the launch of Hogan Lovells' ELTEMATE legal tech brand, which aims to provide high-end digital solutions across all areas of law, as well as discussion around the potential of generative AI in the legal industry and Thomson Reuters' investment in AI capabilities and partnership with Microsoft to redefine the future of professional customers.

Yesterday, some interesting trends emerged in the legal industry. Hogan Lovells, a global law firm, made a big move by introducing their new brand, ELTEMATE. This brand was created with a very particular goal in mind – to consolidate all of the firm's legal technology solutions under one global team.

ELTEMATE aims to offer clients a variety of high-end digital solutions that can tackle challenges in all areas of law. Their offerings include Legal Tech and AI solutions. And what's really exciting is that they are developing their own proprietary software. Yes, you heard that right! ELTEMATE is creating their own customized AI-powered tools to help with processes like regulatory review. For example, one of their tools is an AI solution that streamlines the review and processing of regulatory developments.

This move by Hogan Lovells tells us that the legal industry is embracing the benefits of technology like never before. We are seeing more law firms invest in creating their own custom software instead of relying solely on third-party solutions. In fact, ELTEMATE's launch is just the latest in a growing trend of law firms creating bespoke AI-based tools to cater to their client's needs.

As the value of data continues to increase, it is no wonder that global law firms are investing in developing their own digital solutions. And with recent innovations in generative AI and natural language processing, there is no limit to the advancements that can be made in the services offered by law firms.

Great, let's dive into our top stories for today! Our first story is about generative AI. In a post, Bill Bice, CEO of nQ Zebraworks, sheds light on the potential of generative AI in the legal industry, specifically focusing on ChatGPT. Bice first highlights the importance of understanding the utility and limitations of generative AI. While this technology is great at creating entire essays, it faces some challenges in the legal industry, including the inability to cite how the AI arrives at its answers, privacy concerns, and potential precision issues.

However, Bice believes that with better data management, fact-checking, and improved governance and guidelines, generative AI will continue to improve and become a vital ingredient in complete solutions used by attorneys. He also predicts that this technology will play an important role in the legal industry's future growth.

Moving on, our second key story is about Hogan Lovells launching the ELTEMATE brand to address clients' needs through digital solutions. This move demonstrates their commitment to providing high-end digital solutions across all areas of law. Through ELTEMATE, Hogan Lovells plans on consolidating their legal technology offerings under one global team, providing a range of Legal Tech and AI solutions such as smart databases, e-discovery tools, deal rooms, apps, and legal tech consulting services.

The company plans to bundle third-party solutions and develop proprietary software, including their cutting-edge AI tool that streamlines the review and processing of regulatory updates.

Lastly, we have the announcement from Thomson Reuters. They have recently unveiled their vision to redefine the future of professional customers through generative AI technology. Thomson Reuters has invested heavily in AI capabilities and partnered with Microsoft to bolster their efforts.

Their goal is to incorporate new generative AI capabilities across their product suite, empowering customers to find answers to complex legal questions, providing faster access to expertise, and reading through documents to spot key risks. Thomson Reuters has also released a contract drafting solution powered by their legal products and content, and Copilot for Word, enabling users to access trusted content right within Microsoft Word.

These are all exciting developments in the field of legal tech and AI. It's impressive to see how these innovations are shaping the future of the legal industry and providing more efficient solutions for those in the field.

Today we covered Hogan Lovells' new legal tech brand, ELTEMATE, which combines their cutting-edge AI software to provide digital solutions across all areas of law, as well as Bill Bice's insight on the potential of generative AI and Thomson Reuters' investment in AI capabilities with Microsoft to redefine the future for professional customers. Thanks for listening to today's episode, I'll see you guys at the next one and don't forget to subscribe!