Allen & Overy, one of London’s preeminent “Magic Circle” law firms, recently introduced an artificial intelligence (AI)-powered tool called ContractMatrix, posing the potential for significant changes in legal practice convention. ContractMatrix is designed to enhance contract negotiation by saving time and costs for corporate in-house law departments while pushing revenues. The Financial Times reports on this development.
In similar news, Ozy Media, Inc. has filed a lawsuit against former editor-in-chief Ben Smith and BuzzFeed. Allegedly, Smith lifted trade secrets to establish his new online news platform, Semafor, after damaging Ozy through a series of articles published in the New York Times. The case was filed in the U.S. District Court in Brooklyn. For more details on this affair, refer to this Business Insider report.
Additionally, Silicon Valley law firm Gunderson Dettmer is four months into its venture with its generative AI tool, ChatGD. ChatGD was developed internally and has surprisingly cost the firm a minimal $10,000 to provide its service throughout their workforce, as stated in this LawSites report.
In lateral moves, Morrison Cohen promoted Jenni Eastman to the role of Chief Operating Officer (Bloomberg Law). Similarly, Jessica Nowlin was named Vice President of Tax Research at Vertex (Bloomberg Tax) and A. Kelly Williams joined Blank Rome as a senior counsel in the corporate, M&A, and securities group in Houston (Bloomberg Law).