The Emerging Legal Tech That Law Firms and Law Departments Should Understand Beyond Generative AI
Nov 9, 2023
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Sean Monahan, Senior Director at Harbor, and Justin Hectus, CIO of KP Labs, discuss emerging legal tech beyond generative AI. They explore its impact on the legal industry, focusing on contract analysis, scalability of technology tools, and the future implications of generative AI.
Harbor's relaunch as a unified legal services provider allows for increased speed and efficiency in addressing client needs.
Apart from generative AI, leveraging text extraction, tagging techniques, and predictive analytics can enhance legal operations and decision-making.
Deep dives
The Importance of Relaunching Harbor: Bringing Together Organizations and Providing a Unique Client Experience
Harbor has relaunched itself as a new entity, aiming to serve the needs of the legal market in a unique way. Clients are looking for a unified experience, having a single group they can rely on to address a variety of legal issues. Harbor focuses on delivering legal services through a cohesive approach, bringing together insights from both the client side and offshore teams. The company's relaunch has allowed it to scale resources and expertise, providing clients with increased speed and efficiency in addressing their legal needs.
The Emerging Legal Technology: Text Extraction, Tagging, and Predictive Analytics
Apart from generative AI, firms and legal departments are excited about leveraging technology in various areas to enhance their operations. Text extraction and traditional GPT approaches are gaining maturity, enabling better data understanding and insights. Tagging techniques are also in demand, as organizations want to know more about their data and the work accomplished. Additionally, predictive analytics is being explored to anticipate potential legal issues and make proactive decisions. Success in these areas depends on having a strong data and cloud strategy, as well as building a talented team to implement these initiatives.
The Impact of AI on the Legal Industry: Tools and Advanced Tech
In the legal industry, AI is already making a significant impact. It is seen as a tool rather than a disruptive force, aimed at enhancing productivity and delivering faster results. AI and related tools are being widely employed in activities like contract analysis and e-discovery, where they have become an integral part of everyday operations. These tools help convert contracts into data points, allowing better risk assessment and turning data into business value for internal business clients. It is crucial to focus on upskilling teams and utilizing AI effectively and safely to drive innovation and deliver outcomes.
I spoke with Sean Monahan, a Senior Director in the Strategy & Transformation practice and lead of the Data Modernization specialist team at Harbor, and Justin Hectus, the CIO of KP Labs, a Harbor company focused on business process automation, contract intelligence, and advanced analytics. We discussed the emerging legal tech that law firms and law departments should understand beyond generative AI and where AI is having the greatest impact on the legal industry.
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