At Caravel Law, we are a major proponent of the adoption of new and innovative tech. We are also advocates of using these tools in a responsible, reliable way. It’s not just about knowing what tech is out there, but learning what tools are best suited to your needs and how to use them.
We wanted to share some of the cool generative AI solutions that are out there, that’s why we are hosting another legal tech showcase! This time we’re zooming in on AI-based tools. Join us on June 25th at 12pm EST for presentations from the teams at Harvey, Lexata and Lexis+ AI. The featured presenters will give you the inside scoop on their tech, with the opportunity to ask questions about their tools live during the webinar. Don’t miss out, register here!
Harvey, Lexata and Lexis+AI are just some of the generative AI based tools that are optimizing the legal practice. Let’s look closer at their unique features:
Harvey is an AI assistant that can help you draft and analyze any type of legal document via natural language instructions. Think ChatGPT but specifically for law and legal professionals.
Some of the highlights of Harvey’s features include…
- Advanced Query Capabilities: Harvey can give you a quick yes or no, but it can also review and pull answers from document uploads.
- Workflow Integration and Optimization: Harvey can perform workflows that require multiple steps and models, such as drafting a legal memo.
- Citing Sources: Harvey can show its work. Its answers include inline citations that link to the source document or authority.
- History/Library Feature: These simplify the query process (especially when asking similar questions across different sets of documents) and make it easy to retrace your steps.
For the GC that may be spread a bit too thin, a tool like Harvey can be an excellent co-pilot and resource.
Lexata is an AI compliance tool for securities law. It was founded by Leslie McCallum, a former securities lawyer and investment banker who identified the opportunity for a tool that could help public companies, securities lawyers, and investment bankers. The tool is built specifically to source fast, reliable answers to questions about complex SEC and OSC rules.
Here’s what you need to know about Lexata:
- It was built specifically for the capital markets space.
- It is also scalable to other regulatory compliance topics.
- It will link cross-referenced rules, underline defined terms, organize answers by relevance and provide sources, among other features that improve and simplify the answer-seeking process.
Lexata was built specifically with the pain points of a securities lawyer in mind. This tool is a helping hand for experts dealing with the ins and outs of compliance rules and looking to streamline their work.
Lexis+AI is a project created by LexisNexis. This tool aims to leverage the power of generative AI and existing LexisNexis resources to optimize tedious processes in a user-friendly manner.
Here are some of Lexis+AI’s key features:
- Access comprehensive content and information analytics.
- Access workflow efficiency solutions.
- Leverage conversational search features.
- Access drafting, summary, review and analysis capabilities.
- Retrace the tool’s work through linked legal citations.
Much like the above tools, Lexis+AI is an excellent resource for streamlining work. It is an intelligent tool that was built for efficiency. This resource and its versatility may be particularly appealing to the lawyer and GC who want to streamline legal research or litigation work.
As we’ve seen, the intersection of generative AI and legal tech is creating some truly innovative tools that promise to revolutionize how legal work is done. From Harvey’s versatile document analysis to Lexata’s focused compliance assistance, and Lexis+AI’s comprehensive legal research content and workflow solutions, these platforms are at the forefront of legal tech innovation. They’re designed to be more than just tools; they’re partners in the legal process, offering support, efficiency, and a wealth of knowledge at our fingertips.
However, it’s crucial to remember that these AI solutions are aids, not replacements. They require the discerning eye of legal professionals to guide their use and verify their outputs. By combining the strengths of these AI tools with the expertise and judgment of human lawyers, we can achieve the best of both worlds: high-tech efficiency with the irreplaceable value of human oversight.
Learn more about these tools and how to best use them at our upcoming Legal Tech Showcase! Check out the event details here.
To learn more about Caravel and how we leverage tech to benefit our clients and lawyers, connect with us today.