The LegalTech Fund’s Post

Latest News from https://legaltech.fyi Here are some of the exciting updates in the world of LegalTech: 1️⃣ Weightmans' Innovative Approach: UK-based Weightmans is revolutionising client service through productised services and Innovation Partners, leveraging legal tech to meet evolving client needs. 💼🤖 2️⃣ Google's AI Mishap: Google's AI Overview feature faced a significant setback, producing absurd and false answers, serving as a cautionary tale for all working with AI technology. 🚨💡 3️⃣ GenAI in Legal Operations: Experts believe that Generative AI could transform legal operations, though it might not lower costs immediately. Implementation issues remain a key challenge. 🧠⚖️ 4️⃣ Insider Trading Policy Changes: Following a novel SEC win, S&P 500 companies are reconsidering their insider trading policies, potentially relaxing bans on 'shadow trading'. 📉📈 5️⃣ Cost Savings Through Live Bidding: A pharmaceutical company's in-house legal team saved $1 million by using live bidding software to adjust law firm proposals, reducing costs right from the start. 💰🏦 6️⃣ AI Legal Research Tools Under Scrutiny: Stanford's study reveals that AI legal research tools hallucinate in 17% of queries, overstating their accuracy. This raises important questions about their reliability. 🧪📊 7️⃣ iManage & HYCU Partnership: iManage is teaming up with HYCU to develop a cloud backup connector, enhancing backup capabilities for customers. 🌐🔒 8️⃣ SurePoint Acquires Leopard Solutions: SurePoint Technologies has acquired Leopard Solutions, combining data to offer valuable benchmarking insights for the legal industry. 📊🔍 9️⃣ Juralio's European Expansion: Juralio partners with ex-EY Eric Eck and Guirbaden to drive product development and market strategy across Europe. 🌍🚀 #LegalTech #Innovation #AI #LegalIndustry

In the wake of the Stanford study on hallucinations in legal research products, the new president of the legal professionals segment at Thomson Reuters says there should be open benchmarking on legal AI products, saying it would be good for the industry and good for the customers. His comments came as part of a wide-ranging interview on his priorities as he steps into this new role and his thoughts on the industry. Read more about it at LawSites.

“Just how fast can the legal tech market grow? A recent report by Gartner predicts it will reach $50 billion by 2027—thanks in large part to generative artificial intelligence. “But while the sky seems to be the limit when it comes to generative AI’s impact on legal tech, some aren’t so sure the technology can boost the market that far, that fast.” https://lnkd.in/eDa_8Wij #legaltechnology

The legal sector has been impacted the most by the rise of AI. In anticipation of the developments expected in 2024, we asked esteemed experts to share their vision and insights on the future! Henchman

#BusinessLawToday | When considering AI-powered legal tech, legal teams should pay attention to the tech’s privacy, use case, and workflow to address risks and ensure utility. Read: https://ow.ly/jIGZ50QjOb7 Gary Sangha, LexCheck #BusinessOfLaw #BusinessLaw #AI

Our annual Legal Tech Trends report is out! Gather the insights of 8 industry experts on what's trending in the Legal Tech space.

The legal industry faces a pivotal juncture as technology rapidly evolves. In this insightful interview, Nnamdi Emelifeonwu and Feargus M., co-founders of Definely, share their entrepreneurial journey and perspectives on legal tech adoption. They highlight challenges like the partnership model's disincentives for long-term investments and billable hour pressures hindering innovation. Additionally, they emphasise the need for dedicated resources to evaluate and embrace new solutions. Looking ahead, Feargus envisions a transformative shift driven by digital natives and AI, underscoring the importance of adapting to evolving ways of interacting with data. This is a conversation between Nnamdi Emelifeonwu, Feargus M., and Bradley Collins. https://lnkd.in/eGEzVXDE #LegalTechDiaries #Law #LegalTech #legaltechtalk #ai

How many years have you practised law? Do you recall using the bright red computers to access Lexis Nexis? After 35 years, legal technology has advanced rapidly. However, is the legal industry still reluctant to adopt new technologies? Eric Mueller, the COO and Managing Director of D2 Legal Technology, as well as an early Lexis developer, explores this topic in depth - https://loom.ly/W0_jWu4 #Innovation #LegalTech #NewTech

Array's Julia Helmer shed light on her 2024 eDiscovery predictions in Legaltech News. Julia says that in 2024 legal tech and eDiscovery will focus on utilizing predictive AI to hone in on document productions. You can read more about what is on the horizon for 2024 in Law.com's 2024 Legal Technology Predictions. https://lnkd.in/gdTDP4nj

Discover the latest legal tech insights for 2024 in this insightful article "Ascertus’ Perspective on Legal Tech Trends in 2024." Stay ahead of the curve by exploring emerging trends that are shaping the future of legal technology! Click the link below to read more.