(Weekly recap) Generative AI: Fear, Uncertainty, and Potential in Legal Practice.

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This is your weekly briefing, covering what happened in legal tech last week. In today's episode, we'll cover New Zealand's Actionstep acquiring Soluno for legal accounting, the ongoing copyright lawsuit between Thomson Reuters and Ross Intelligence, Simmons & Simmons' focus on generative AI, and the study showing one-third of legal professionals using generative AI tools.

Let's dive in!

This briefing and podcast is 98% created and produced by AI. Each week, our human editors highlight a number of "key stories" because they are interesting, impactful, or something that is simply worth paying attention to. Here is what we learned from those stories...

First up, Actionstep, a company based in New Zealand, recently acquired Soluno, a legal accounting software from Toronto. The goal here is to combine Soluno's top-notch legal accounting capabilities with Actionstep's comprehensive practice management services. This move highlights the ongoing trend of consolidation within the legal tech industry, with companies like Actionstep looking to enhance their services through strategic acquisitions.

Another notable development is the copyright lawsuit between Thomson Reuters and Ross Intelligence. A jury is currently awaiting a decision on copyright infringement issues in this case.

Speaking of tech, law firms are increasingly recognizing the potential impact of AI. While current usage of AI tools remains relatively low due to concerns over accuracy, privacy, and risk management, there is a growing anticipation of increased usage once the true potential of AI is fully understood and corresponding policies are put in place.

One particular law firm, Simmons & Simmons, has shown its commitment to AI by appointing Drew Winlaw to lead a team focused on generative AI. This appointment signifies the willingness of legal firms to invest in AI technologies to transform their services.

However, a recent study conducted by the Association of Corporate Counsel New Jersey and law firm Lowenstein Sandler revealed that just over one-third of surveyed legal professionals currently use generative AI tools. This insight sheds light on the challenges faced by the legal industry in adopting AI, particularly in relation to accuracy, privacy, and data and risk management.

Moving to other stories, management solutions provider Elite has made some changes in its top leadership, with Lindsey Moorley now serving as the CFO. This move comes following Elite's acquisition by TPG from Thompson Reuters, and it signifies their growth phase.

In the quest to simplify dispute handling, global law firm Gowling WLG has taken steps by incorporating an AI-based decision-making tool called Eperoto.

One major trend that continues to evolve is the strategic integration of Artificial Intelligence across various segments of the legal industry. Elite and Gowling WLG are prime examples using AI to drive growth and enhance decision-making. Furthermore, companies like Actionstep and Bundledocs are focused on expanding their teams to strengthen their technical capabilities.

Another interesting trend is the shift towards cloud-based systems. Ballard Spahr, for example, has adopted NetDocuments' platform, moving away from traditional on-premise document storage.

This ongoing growth and development in the legal sector highlight a consolidation phase and the increasing adoption of advanced technologies such as AI, cloud computing, and data analytics. The goal is to streamline processes, improve efficiency, and ultimately deliver exceptional service to clients.

As law firms continue to expand globally, there will be ample opportunities for legal professionals who have expertise in both law and technology. However, caution must be exercised to avoid overwhelming innovation and taking a phased approach to technology adoption.

Ultimately, all these advancements aim to bring about efficiency, reduce manual labor, and provide top-notch legal services. The legal industry is definitely embracing the future.

And that's a wrap.

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