How AI-powered chatbots are revolutionizing the legal industry
Feb. 16, 2023.
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Revolutionizing the Legal Industry: Co-Counsel by Casetext, the AI System That's Changing Legal Research and Depositions
Harvey AI, a startup funded by OpenAI, has teamed up with global law firm Allen & Overy to automate legal document drafting and research. Harvey is a generative AI technology that uses OpenAI’s GPT software to save lawyers time and increase efficiency by serving as a starting point for legal work such as contract drafting and review. According to the startup, the deal with Allen & Overy could pave the way for more similar transactions.
Several legal tech firms have recently released AI-powered tools that include the technology for contract drafting and review. Allen & Overy partner David Wakeling believes that law firms that do not adopt generative AI will be at a competitive disadvantage in the long run. By automating repetitive tasks, the technology allows law firms to save time and money, but Wakeling emphasizes that any AI-assisted work will always be reviewed by a human lawyer. Legal work is a good fit for generative AI technology due to the high amount of repetition and text-based learning involved.
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