Author: Rhys Dipshan

Traverse Legal managing partner Enrico Schaefer discusses how and why the firm built its new client intelligence tool, and how it navigates accuracy and privacy concerns with OpenAI's models.

Litera's acquisition of Upper Sigma comes a few years after it also expanded its marketing and business development offerings with the purchase of U.K-based Concep.

The Wilson Sonsini-backed CLM provider noted it will leverage its newest investment to further enhance its product and AI capabilities.

While Thomson Reuters sold a majority stake in its Elite products suite, alongside ending or closing other products and services solutions over the past few years, it's actively investing in a legal tech direction it believes will yield the most impact for its customers.

While the "ChatGPT and Generative AI within Law Firms" report by Thomson Reuters Institute, found a generational divide in law firms regarding generative AI risks, that situation may change as legal professionals become more knowledgeable about the technology.

The document management provider noted the new funding will accelerate its growth, which over the past few years has been boosted by several M&As.

Chatbots capabilities have significantly grown —but so too have law firms concerns with the format.

As part of the sale, Thomson Reuters will maintain a minority stake in Elite , which includes 3E, ProLaw, eBillingHib and Mattersphere, and actively support its ongoing development.

The merger creates a global law library with over a billion documents, which Fastcase CEO Ed Walters called "the most important training set" for large language models, such as those that power ChatGPT.

A Goldman Sachs report found that, while generative AI will be more of a supplementary force for many jobs, its impact on legal could be more disruptive than in other industries, with many legal jobs at risk of automation.

The application of generative AI and the large language models that power ChatGPT in the legal market isn't just a far off possibility.

The first Legalweek conference after OpenAI's ChatGPT and other LLM hit the mainstream is sure to be a seminal event. Legaltech News roundups offer insights from the conference, from what we've seen, heard and reported on throughout the day.