2023 ushered in the cutting-edge world of Artificial Intelligence (AI) and legal tech specifically tailored for legal departments and corporate counsel. While ChatGPT burst onto the scene in 2022, it paved the way for AI to be implemented in legal tech. The year saw a rise in M&A activity and millions of dollars being allocated towards legal tech and legal AI.
Mergers and Acquisitions
Law.com notes that the booming interest in legal AI and revamped legal tech in 2023 sparked a flurry of activity. Legal tech companies were consolidated to create mega-businesses merging business know-how with legal tech savvy.
AI and ML in Legal Tech
The subject of 2023’s interest was in legal tech, with a focus on AI and what it offers. Legal IT Professionals explores the world of technology in legal, and how AI and Machine Learning (ML) are reinventing the way legal professionals work. Generative AI, Predictive AI, and ML turbocharge current legal tech, and also power new legal technologies. As R&D towards legal tech grows, we can expect fine-tuned AI and ML applications for legal departments and corporate counsel.
Ramped Up Cybersecurity
One of the best use cases for AI in legal tech is without a doubt, beefing up security. Cybersecurity has never been a bigger concern than it was in 2023, notes Lexology. A renewed focus on cybersecurity ensures that when legal professionals utilize AI and legal tech, that they’re aware of the volumes of sensitive legal matter that are being processed, and that they have access to cybersecurity tools. In addition, cybersecurity transcends mere security and protects the confidential data of all parties.
With 2024 on the horizon, legal tech is set to grow by leaps and bounds. Legal tech will secure the world of legal data, while improving workflows, and allowing legal departments to provide more value to their organizations.
