“To think about how far we’ve come…” I made this comment while speaking on the AI Bootcamp panel at LegalWeek in New York City last month during a discussion that focused on the future of the legal technology industry.
At the conference, I referenced the first LegalWeek show in the early 2000s when processing a gigabyte of data cost roughy $10,000-$15,000. The late ‘90s and early 2000s formed the first phase of eDiscovery we see today. Today, with cutting-edge technology at our fingertips, we’ve entered the next phase that will redefine the future of legal services.
“We’ve just had this exponential growth of data,” I told the crowd of legal tech enthusiasts. “We’re really shifting how we’re having lawyers en masse and investigators en mass label documents. And how we’re looking at email and electronic files and giving some sort of judgement.”
We’re also changing how we learn from past data, and what it means for future cases.
ProSearch Strategies, Inc., the visionary leader in corporate eDiscovery and legal data analytics solutions, today (Jan. 29) announced the expansion of its data analytics technology portfolio with the addition of artificial intelligence from NexLP. The NexLP technology will be used by ProSearch to support corporate client engagements involving early case assessment, fraud investigation, compliance and information governance.
Legal technology company Reveal Data has announced an all-new technology partnership with artificial intelligence software company NexLP. This agreement will enable Reveal the opportunity to immediately include NexLP's AI features, and will allow NexLP the opportunity to distribute its technology through Reveal's global footprint. This partnership exemplifies Reveal and NexLP's commitment to addressing the complex needs of investigations and attorneys across the enterprise, law firms, and litigation service providers.
Artificial Intelligence — through applications powered by natural language processing is rapidly transforming the legal services industry. The trick to getting the most out of these market solutions are knowing how to sift through all the noise.
A McKinsey & Co. report on “The Age of Analytics” hits on the value of AI and deep learning to innovate industries on a global scale. Looking specifically at lawyers, the report cites the value deep learning and natural language processing can bring by automating processes to provide enhanced consultation. The report estimates that 31% of activities could be automated with machine learning. This efficiency boost is directly correlated with a firm’s ability to generate more revenue.
The potential for AI applications is limitless. How do you know if you have a problem that AI is best suited to solve? NexLP CEO Jay Leib discusses what makes artificial intelligence a uniquely powerful solution.
Those may be the most obvious examples of when to use AI, but there are additional use cases in which AI technology is uniquely powerful.
What is an AI model? What value does this technology bring to law firms? How has the AI market evolved — and how is it projected to grow? Our team took a deep dive into these questions to share how AI investments are skyrocketing, what’s driving that growth and what this means for the future of legal services.
“The key to the future is the past. What I mean by that is that the future is models – artificial intelligence models.”
That is just a taste of what NexLP’s CEO Jay Leib shared when he spoke as a featured panelist at ILTACON 2018 last month during a session that explored the future of eDiscovery. This panel dove into industry leaders’ predictions on what will disrupt this market, and how organizations should be adapting. They also shared insights into how law firms can prepare themselves to stay competitive in the eDiscovery marketplace using available legal tech.