Ultimately, law firms must invest in generative AI as those that do not will be at a competitive disadvantage. Credit: Stock Studio 4477 via Shutterstock. For the legal sector generative AI is likely to be a game-changer, promising greater efficiency and accuracy for countless routine tasks. Generative AI refers to self-learning algorithms that use existing data, such as text, audio, or images, to produce realistic new content. In 2023, it emerged as a potentially revolutionary AI technology, and GlobalData estimates that the global generative AI market will be worth $75.7bn by 2028. The emergence of generative AI in legal service delivery There has been an uptake in the use of generative AI in the sector to develop virtual assistants that provide personalised client support. Using large language models, these virtual assistants can analyse legal information and summarise legal documents to provide tailored legal support and advice. In November 2023, Westlaw, an online legal research service and proprietary database, launched a new generative AI-powered research solution for lawyers. It aims to generate quick and relevant answers to legal questions with concise summaries of cases and statutes. In February 2023, Allen & Overy launched its generative AI platform, integrating Harvey (based […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
