It’s that time of year when not only has Summer decided to make one last appearance, but so have legal conferences. Legal Value Network’s LVNx, Legal Technology Hub, Legal Marketing Association’s Northeast Region, i.WILL + SIM, Women’s Bar Association of the District of Columbia, just to name the ones that are on my LinkedIn feed this morning. It seems that conference season continues year-round. Hopefully, everyone is having fun, reconnecting with colleagues, and are learning what’s new in the industry (and not just with AI.)
It also seems to be the week of acquisitions in the legal technology and AI world. There were acquisitions in learning platforms (BARBRI/SkillBurst), data analytics and CRM (Nexl/Databall), and foundational AI tools (Workday/Evisort). In this market, a handful of acquisition announcements may just be the norm for this environment of technology advancements.
Speaking of acquisitions, Bob Ambrogi also ran a four-part series on the Shrinking Ownership of Law Practice Management. Bob wonders how small the market can get, and what the long-term implications are for the marketplace. Great series, and worth checking out.
Of course, OpenAI’s launch of o1 “Strawberry” brings the AI Agents process (which we’ve covered for months now) into the mainstream. As foundational LLMs may have reached their individual thresholds for the time being, AI Agents are bringing in some advancements until some genius in a garage figures out how to make the next leap in LLM technology.
So, enjoy the last bit of hot weather, and cool conferences. Remember, you can track these stories with the AI Lawyer Talking Tech podcast (Spotify or Apple) which covers legal tech news and summarizes stories on a daily basis.
The Shrinking Ownership of Law Practice Management
The four-part series on LawNext explores the increasing consolidation in the law practice management technology market, which is now dominated by just six ownership groups. It traces the evolution from a diverse marketplace to a more consolidated one due to numerous acquisitions over the past six years. This trend has both positive and negative implications for consumers, such as increased resources for development but reduced competition. The series concludes by examining future development opportunities and the potential impact on pricing and innovation in the sector.
BARBRI Acquires SkillBurst Interactive, Expands Legal Training Offerings
BARBRI, a prominent legal education provider, has acquired SkillBurst Interactive, a company known for its on-demand learning platforms for legal professionals. This acquisition strengthens BARBRI’s portfolio by adding a Legal Innovation Lab dedicated to developing training programs in emerging technologies like generative AI, aimed at preparing the next generation of lawyers for the evolving legal landscape.
Nexl Acquires Databall to Enhance Legal CRM Capabilities
Nexl, a leader in legal business transformation, has acquired Databall, a legal data platform specializing in advanced analytics. This acquisition merges Nexl’s client relationship management platform with Databall’s data analytics capabilities, offering law firms enhanced insights and growth opportunities. This strategic move positions Nexl as a top legal-specific CRM and client intelligence platform, strengthening its competitive edge in the legal tech market.
Evisort Acquired by Workday, Signaling AI Market Consolidation
The legal AI market has seen significant consolidation, with early pioneers like Evisort being acquired by larger companies such as Workday. This trend reflects the maturation of the legal AI sector and the transition from foundational AI tools to more advanced generative AI solutions. These acquisitions pave the way for the next wave of innovation in the legal technology landscape.
OpenAI’s o1 “Strawberry” Model Revolutionizes Legal AI
OpenAI’s newly released “Strawberry” o1 model marks a significant advancement in legal AI. This model moves beyond imitation to genuine reasoning, enabling more complex problem-solving in legal research, contract management, and e-discovery. The o1 model’s potential to improve case outcome predictions and assist in ethical decision-making positions it as a groundbreaking tool for the legal sector.
Filevine Introduces Depo CoPilot for AI-Powered Depositions
Legal tech innovator Filevine has unveiled Depo CoPilot, an AI-powered tool designed to assist attorneys during depositions. Depo CoPilot transcribes and analyzes testimony in real-time, providing insights, tracking deposition goals, and suggesting follow-up questions. This technology represents a significant advancement in leveraging AI to improve the efficiency and effectiveness of legal proceedings.
Thomson Reuters Institute: Law Firms Prioritize AI Implementation
Despite a surge in law firm productivity in Q2 2024, largely driven by increased legal demand and higher worked rates, generative AI’s impact on billable hours remains uncertain. However, over 50% of surveyed firms have identified AI implementation as a top priority, indicating a growing focus on leveraging AI to automate routine tasks and enhance efficiency in the legal sector.
California Enacts Law to Combat Political Deepfakes
In a proactive move to safeguard election integrity, California has enacted a law banning the creation and distribution of political deepfakes 120 days before and 60 days after Election Day. This law requires social media platforms with over a million users in California to label or remove deepfakes within 72 hours of receiving a complaint, aiming to reduce the spread of deceptive AI-generated content during election period.
Eve Legal Tech Startup Introduces AI Agents and Blueprints for Document Customization
Eve, a legal tech startup focused on plaintiff-side firms, has released new features such as AI Agents, Blueprints, and In-Line Editing. These tools enhance legal document creation by dynamically adapting to document nuances and allowing real-time adjustments. Eve’s innovations are designed to help smaller law firms compete with larger firms by streamlining document workflows and improving efficiency.
Consilio Launches Guided AI Review for Document Review Efficiency
Consilio, a global leader in legal technology solutions, has introduced Guided AI Review, an innovative document review solution that combines custom AI algorithms with experienced, AI-trained document review experts. This hybrid approach addresses the risks of using AI alone, such as inaccuracies and biases, by incorporating human oversight to ensure accurate and efficient reviews. This new solution aims to close the “AI Trust Gap” by providing a balanced approach to AI-driven legal reviews.