Welcome to Legal IT Insider’s ILTACON 2023 product launch announcements feed, where we feature all the latest announcements from the conference in Orlando, Florida, so you can stay on top of everything in one place.
eDiscovery provider Casepoint has announced the official launch of DataSite, a cloud-based data storage and staging solution. DataSite enables corporations, law firms, and government agencies to move data seamlessly between the Casepoint Platform and DataSite, forming a secure, scalable, and cost-effective alternative to on-premises data storage solutions.
Within DataSite, users can upload and download large amounts of structured and unstructured data in its native format, organize and stage that data, conduct searches, and store, preserve, and manage “golden copies” of data. Users can easily store data they might need in the future but do not necessarily need to access regularly. When litigation, investigations, or regulatory response needs arise, they can move that data back to the Casepoint Platform at the touch of a button.
“Data proliferation isn’t going anywhere, so it’s critical for organizations of all types to have scalable solutions,” said Vishal Rajpara, Chief Technology Officer at Casepoint. “As more organizations move to the cloud, they need a secure environment in which to stage and store data on their network that allows them to scale up or down according to their particular needs. DataSite is the next phase in the evolution of delivering a comprehensive cloud-based solution to our clients.”
Thomson Reuters has released its Future of Professionals Report. The survey of more than 1,200 individuals working internationally shares the predicted impact that generative AI will have on the future of professional work.
The survey showed 67% of respondents believe AI will have a transformational or high impact on their profession in the next five years. What’s more, over half of the survey respondents (66%) predict AI will create new professional career paths, while 68% expect roles that do not require traditional legal or tax qualifications to increase over the next five years.
“We are at a unique moment where we have the opportunity to realize the benefits of human intelligence, thinking and collaboration differently, while using the potential of AI to overcome some of professionals biggest pain points,” said Steve Hasker, president and CEO, Thomson Reuters. “Through the application of AI to perform more mundane tasks, professionals have the unique opportunity to address human capital issues such as job satisfaction, well-being, and work-life balance. This will in turn unlock time for professionals to focus on complex work that adds value to their client’s needs.”
Key industry findings from the report:
- Catalyst for growth: Improved productivity and efficiency are seen as the biggest positive effects of AI (75% and 67%, respectively) for law firm professionals. Additionally, law firms see AI as an opportunity for increased revenue as more than half (55%) of legal professionals predicted that lower costs for firms, resulting from AI use, will lead to greater firm profitability. Also, 81% of legal respondents expect new services to emerge within the next five years, creating new revenue sources.
- New skills and career paths: 58% of respondents anticipate seeing a rise in their professional skills, while more than two-thirds of legal professionals see a more consultative approach to advice. As skills will be highly prized, new career paths are likely to emerge, and 81% see a rise in the use of alternative legal service providers (ALSPs).
- Areas of need and concern: According to respondents, the profession needs to address a lack of technology skills as well as a lack of investment in technology. As for areas of concern, the top issue is accuracy (30%).
To access the full report, visit https://thomsonreuters.com/en/campaigns/future-of-professionals.html
iManage has formally announced the launch of iManage Insight+, a knowledge search and management solution, built natively in the iManage Cloud platform.
“Insight+ is an important enhancement to the value delivered by the iManage platform,” said Neil Araujo, CEO of iManage. “It enables our customers to transform documents stored in the platform into institutional knowledge, by putting curated knowledge resources at their fingertips, so they can deliver high-quality work faster. Insight+ enables our customers to lower the cost of knowledge resource management and deliver an agile and responsive solution with full security and governance protections for their content.”
For lawyers and knowledge workers, Insight+ makes finding specific content – best practices, templates, artifacts, and examples of work – faster and more accurate. The initial release of Insight+ includes two search experiences, or locators: Search & Find, and Knowledge Locator. Search & Find offers customized search functionality to enable users to pinpoint documents based on highly specific criteria. Knowledge Locator narrows a search to specific assets curated by knowledge administrators, including the best practices content, artifacts, and templates that constitute a firm’s institutional knowledge.
“iManage has transformed the way we manage and leverage our knowledge resources,” said Tom Humberstone, IT Applications & Development Manager with full-service transatlantic law firm Womble Bond Dickinson (WBD). “Our goal is to empower our lawyers to quickly access the best content the firm has available and apply it efficiently so they can focus on delivering for clients. We believe that migrating to the iManage Cloud creates unique opportunities for our firm to innovate and adds new capabilities for the benefit of our clients. Insight+ is a perfect example.”
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DraftWise, an AI-powered firm intelligence platform, has announced its updated suite of AI and NLS features, including an EDGAR AI integration, enabling a broader range of contract drafting and negotiation capabilities for attorneys globally.
“As a former banking and finance lawyer, many times during negotiations I had our clients ask us what the ‘market position’ on a particular issue is, and with the valuable EDGAR integration, lawyers can now provide insight to their customers on ‘market positions’ both from their internal private data and public data together,” shared Ozan Yalti, Chief Strategy Officer at DraftWise. “This is truly the best of both worlds and enables lawyers to build unique insights that are valuable to their clients and make their client relationships stronger.”
DraftWise is widely used by attorneys practicing across M&A, banking and finance, and capital markets – groups that benefit from gleaning public data available through EDGAR. With DraftWise’s core platform, transactional attorneys can maximize new contract language by comparing precedent and best language in their firm’s past deals. Introducing pertinent EDGAR data into this workflow now enables attorneys to compare firm and public data simultaneously.
Current customers and interested beta users will gain first access to the DraftWise EDGAR integration. To learn more about early access to this feature, contact sales@draftwise.com.
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Relativity announced at ILTACON 2023 the launch of Relativity Contracts (Contracts), Relativity’s integrated solution for contract analysis available in RelativityOne. Relativity says that Contracts allows users to glean actionable insights when analyzing agreements to meet changing regulatory requirements, realize business value and reduce legal risk.
Contracts enables customers to leverage pre-built models, train their own custom models and import results from external models to transform contracts into structured data. Based on their subscription plan, RelativityOne customers will have access to up to 1,000 free documents to start using Contracts.
“We are excited to start using Relativity Contracts to expand our firm’s technology capabilities,” said Kate Jansons Johns, Manager of Knowledge & Practice Support Services at Nutter McClennen & Fish LLP. “Relativity Contracts will enable our transactional attorneys to enhance their due diligence workflow with the document organization and analysis our litigation attorneys have come to rely on with RelativityOne.”
“Already, Relativity Contracts has allowed us to create value and efficiencies for our clients on their contract reviews and remediations,” said Michael Willis, Partner at PwC. “By automating processes and streamlining workflows we have been able to reduce the time it takes to get our hands on the key value data within large data sets. It’s exciting looking forward to how we can continue to leverage this technology within the contracts world.”
Peppermint Technology has announced the upcoming release of its Enterprise Relationship Management (ERM) functionality, designed to enhance the capabilities of its legal-specific CRM offering, Client Engagement.
“With our robust pedigree in understanding the distinctive needs of law firms when it comes to technology, Peppermint is proud to introduce ERM functionality that enriches our Client Engagement solution,” said Emma France, Product Manager at Peppermint. “We have designed our ERM solution to simplify strategic networking, client nurturing, and relationship cultivation – vital aspects of business development in the legal industry.”
The Peppermint ERM solution leverages existing connections and communication data within Microsoft Teams, Outlook, and Client Engagement to formulate and score relationships. The solution has been designed to be extensible to leverage relationship data from other customer sources. It maps and visualizes internal networks of engagement, providing avenues for new client acquisition, business development opportunities, and succession planning.
The first iteration of Peppermint ERM is set to be released at the end of this year to key customers as part of a private preview program. The solution will be generally available to all customers in early 2024.
BigHand announced at ILTACON new AI-enabled functionality within its matter pricing solution by integrating functionality from BigHand Impact Analytics, formerly known as Digitory Legal, which BigHand acquired a year ago.
BigHand was in partnership with Digitory before the acquisition and the plan has long been to integrate its cost analytics capability within BigHand’s solutions. Impact Analytics helps law firms and in-house legal departments better leverage their timecard data through AI-enabled timecard analytics. Integrating that functionality into Matter Pricing – a cloud-based matter budgeting, pricing, and tracking tool – allows users to utilize historic data to automatically inform pricing decisions.
Chief product officer, Rob Stote said: “As the push for artificial intelligence reaches the legal market, enhancing BigHand’s current AI capabilities is the natural next step as we continue development to solve client challenges around profitability and transparency. Our latest development to embed the Impact Analytics AI engine into our Matter Pricing solution will enable firms to price more effectively, offer more value to their clients while providing reliable data at the timecard level to inform future pricing strategies.”
iManage on 21 August unveiled iManage AI, a new AI engine built natively into its knowledge work cloud platform leveraging Microsoft Azure OpenAI Service.
The core of the new iManage AI solution is a document classification and enrichment engine, which automatically analyses documents and extracts key data points, such as jurisdiction, parties, or dates, saving that information with the document. It is also capable of automatically tagging emails and filing them in the right place, and it enables users to have ‘a conversation’ with their data using a ChatGPT-style interface.
Speaking to Legal IT Insider, iManage’s VP of product management, Shawn Misquitta said: “iManage AI is a set of services designed to help the knowledge professional either become more efficient by taking away their mundane tasks, or become more knowledgeable or smarter by asking questions of the data that traditionally would have taken them reading the entire document or searching for different phrases in the document.”
For the full story see https://legaltechnology.com/2023/08/21/imanage-launches-ai-engine-for-automatic-document-classification-email-filing-and-natural-language-questions/
HaystackID announced on 21 August the appointment of John Brewer as the company’s Chief Artificial Intelligence Officer (CAIO). In addition to his role as CAIO, Brewer will continue to serve as the company’s Chief Data Scientist.
Brewer spearheaded HaystackID’s adoption of large-scale technology-assisted review, positioning the company as one of the first to embrace this transformative approach.
“With John at the helm, HaystackID will continue implementing AI solutions that emphasize aligned financial, legal, operational, and ethical elements to maximize opportunities and reduce risks for clients,” HaystackID said.
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Maptician has released Visitor Management, a new module in the Maptician platform to ensure a world class visitor experience for all office types, from hybrid to hoteling or fully occupied spaces.
The complexity of office operations has significantly increased in the past three years, but the importance of ensuring exceptional experiences of visitors remains.
Maptician Visitor Management:
– Enables visitors to sign in for meetings, interviews, or deliveries.
– Allows visitors to sign and agree to firms’ NDAs or other terms required for visitors.
– Providing immediate email and SMS notification(s) to individual(s) to the visited person(s).
– Delivers analytics to the company to track and report on all visitors.
Maptician CEO, Alaa Pasha, said: “Our mission is to create an elegant, simple and seamless experience of the modern hybrid office. Even as office operations become more complex, with Maptician, our goal is to make office operations easier than ever thought possible. We’re thrilled to add Visitor Management to the Maptician platform and enable our clients to leverage a single platform to deliver a world class office operations solution.”