AI will kill billable hour, says lawtech founder — from lawgazette.co.uk by John Hyde
A pioneer in legal technology has predicted the billable hour model cannot survive the transition into the use of artificial intelligence.
Speaking to the Gazette on a visit to the UK, Canadian Jack Newton, founder and chief executive of lawtech company Clio, said there was a ‘structural incompatibility’ between the productivity gains of AI and the billable hour.
Newton said the adoption of AI should be welcomed and embraced by the legal profession but that lawyers will need an entrepreneurial mindset to make the most of its benefits.
Newton added: ‘There is enormous demand but the paradox is that the number one thing we hear from lawyers is they need to grow their firms through more clients, while 77% of legal needs are not met.
‘It’s exciting that AI can address these challenges – it will be a tectonic shift in the industry driving down costs and making legal services more accessible.’
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Legal AI Platform Harvey To Get LexisNexis Content and Tech In New Partnership Between the Companies — from lawnext.com by Bob Ambrogi
The generative AI legal startup Harvey has entered into a strategic alliance with LexisNexis Legal & Professional by which it will integrate LexisNexis’ gen AI technology, primary law content, and Shepard’s Citations within the Harvey platform and jointly develop advanced legal workflows.
As a result of the partnership, Harvey’s customers working within its platform will be able to ask questions of LexisNexis Protégé, the AI legal assistant released in January, and receive AI-generated answers grounded in the LexisNexis collection of U.S. case law and statutes and validated through Shepard’s Citations, the companies said.