In this episode of the Legal Tech Startup Focus podcast, I welcome Damien Riehl, VP, Solutions Champion, at vLex and a leader at SALI (Standards Advancement for the Legal Industry).
Damien provided an insightful overview of vLex, a legal data/legal data science company that boasts an impressive repository of over a billion legal documents from the United States and worldwide. He explained how vLex utilizes data science to tag and structure this vast amount of information, enabling users to run large language models (LLMs) across the data to answer complex legal questions.
We also explored the significance of having well-structured data and how SALI contributes to this by providing a comprehensive taxonomy of legal concepts, dramatically enhancing legal data's usability.
As we delved deeper, we discussed the retrieval-augmented generation (RAG) concept and how vLex employs a five-stage process to increase the likelihood that the legal answers provided by vLex’s LLMs are grounded in reliable data. Damien elaborated on how this process not only retrieves relevant cases but also analyzes their validity and relevance, providing users with a robust legal analysis that would typically take hours of work for a lawyer.
We also touched on the implications of generative AI for the legal profession, particularly how it could disrupt traditional billing models. Damien highlighted the advantages for plaintiff-side lawyers who can leverage VLex’s technology to save time and increase profitability while addressing the potential challenges for defense-side lawyers relying on hourly billing.
The conversation then shifted to the competitive landscape of legal tech, where we discussed the risks posed by large tech companies potentially absorbing legal tech innovations.
Damien emphasized the importance of having unique data sets and value propositions to stand out in a crowded market, warning that companies that merely act as wrappers around existing LLMs without offering additional value may need help to survive.
Towards the end of our discussion, we explored the future of AI in legal tech, particularly the integration of symbolic reasoning with neural networks. Damien shared his insights on how combining these two approaches could enhance AI's reasoning capabilities, making it more effective in the legal domain.
We concluded with a discussion on the importance of free access to legal data and how it could foster innovation and competition in the legal tech space.
This episode is packed with valuable insights for anyone interested in the intersection of law and technology, particularly those looking to understand how data science and AI are transforming the legal landscape.
