Source: LawFuel by Ben Norman
Allen & Overy and other biglaw firms are using AI LegalTech Tools and related law technology tools to push a technological revolution in the legal profession that will transform how legal services are prepared and delivered.
The Magic Circle firm is using an AI-driven contract drafting tool, ContractMatrix that was developed in collaboration with Microsoft and legal AI startup Harvey, which uses existing contract templates to create new agreements, potentially saving up to seven hours in contract negotiations.
The tool has garnered significant attention, with over 1,000 Allen & Overy lawyers already using it and five major clients from diverse sectors like banking and technology on board.
Law firms like Addleshaw Goddard and Travers Smith are conducting internal generative AI pilots, indicating a significant shift in legal practice methodologies.
Among the law firms that are also making significant strides in integrating artificial intelligence are Linklaters which has developed Nakhoda, an AI tool that aids in the automation of legal document creation and analysis. Nakhoda represents a significant investment in technology aimed at streamlining complex legal processes.
Similarly, Baker McKenzie has been active adapting AI technology in a key move towards integrating digital capabilities into client offerings, introducing Reinvent, a platform designed to bring together legal tech solutions, including AI, to transform how legal services are delivered.
Clifford Chance has also stepped into the AI arena with their digital solutions hub, Clifford Chance Applied Solutions, whichincludes tools like CC Dr@ft, which automates the drafting of complex legal documents, and Cross-Border Publisher, helping clients navigate the complexities of international legal requirements.
DLA Piper is not being left behind in the AI arena with a tool that , another global law firm, has been experimenting with AI through its various initiatives. They have developed a tool that uses AI to predict legal outcomes, which aids in strategic planning and decision-making for their clients.
These advancements by Allen & Overy and their peers represent a broader trend within the legal industry towards embracing digital transformation. By leveraging AI, these firms are not only enhancing their service offerings but also setting a new standard for innovation in legal practice. As AI technology continues to evolve, it is clear that the legal sector is poised to undergo significant changes in how legal services are conceptualized and delivered.
Read full article: https://www.lawfuel.com/the-biglaw-firms-using-ai-legaltech-to-redefine-legal-practices/
