Thomson Reuters has completed its acquisition of legal tech firm Casetext, a company that leverages artificial intelligence (AI) and machine learning to create innovative legal products, including the AI-based legal assistant CoCounsel. The acquisition is part of Thomson Reuters’ strategy to incorporate generative AI solutions and redefine the professional world with its applications.
This acquisition has also brought Casetext to the forefront of the legal tech industry. Its product ‘CoCounsel’ was highlighted in the ABA Journal for assisting the California Innocence Project in legal research and drafting memos and emails. The AI tool has allowed the pro bono organization to operate efficiently with limited resources. Pablo Arredondo, co-founder and chief technology officer of Casetext, views AI as a great opportunity for the legal industry to fulfill its ideals.
While digital AI models such as OpenAI’s GPT-4 and GPT-3.5 are widely used by legal tech companies, the rising number of lawsuits against OpenAI have not caused significant concern, according to a report by LegalTech News. However, as the lawsuits progress, companies may need to explore alternative models or develop a more independent approach to law and technology.
The above-noted growing tensions emerged as The New York Times is considering legal actions against OpenAI to protect its intellectual property rights, reported by NPR. The media giant is currently in negotiations with OpenAI about arranging a licensing deal where OpenAI would pay for incorporating Times’ stories in OpenAI’s tools.
Consumer Financial Protection Bureau (CFPB) is planning to introduce restrictions for data brokers regarding the sales of personal data used in digital advertising and AI, according to a report from Bloomberg Law. The proposed rules are designed to ban the sales of consumer data, including credit-header data, which could be used to target advertisements.
A newly developed product by contract lifecycle management company Agiloft, named AI Trainer, is designed to allow non-technical professionals to train AI to identify key terms and clauses in contracts. Described as a solution that reduces the need for specialists, it allows training generative AI to follow the distinct preferences and style of a firm, according to LawSites.
Lastly, tech leaders are advised to focus on building trust in AI to navigate the upcoming changes in policies, according to a discussion during the National Conference of State Legislatures, reported by Bloomberg Law. Transparent company practices and balancing regulations on emerging technology may be essential in winning public confidence.