Today Microsoft and Thomson Reuters are announcing a unique partnership for the integration of Thomson Reuters content including generative AI capabilities into the Microsoft 365 Copilot product. According to the Press Release:

Working with Microsoft, Thomson Reuters has developed a contract drafting solution, powered by its legal products and content, and Copilot for Word. Delivering users with a draft working document and access to trusted content right where work happens – in Microsoft Word, professionals can use their expertise to edit, validate, and build the final document with integrated access to Thomson Reuters knowledge, content, and AI technology.

A demonstration of the integration between Thomson Reuters Legal Drafting, powered by its legal products and content, and Microsoft 365 Copilot for Word will be shown during this week’s Microsoft Build event in Seattle. In the demo, Copilot creates a draft contract with help from a Thomson Reuters plugin that surfaces intelligence and content from Westlaw, Practical Law, and Document Intelligence – delivering in minutes work that used to take hours directly into Microsoft Word.

“Microsoft 365 Copilot is reinventing productivity for people and organizations, and we are thrilled to collaborate with Thomson Reuters to extend Copilot with new AI-powered experiences that will support legal professionals by saving them time and helping them drive value for the clients and businesses they serve,” said Andrew Lindsay, Corporate Vice President of Industry, Apps & Data, Business Development at Microsoft.

Watch the demonstration here.

Market Watch: Generative AI has brought both opportunity and uncertainty to the legal research and tech marketplace. Everyone if planting a flag on the LLM ( Large Language Model) mountain. Westlaw’s main competitor LexisNexis has their own integrations with Microsoft products such as Teams, Matter Management and Office. Clearly being integrated into the platform where lawyers draft documents will provide huge opportunities for long term integration and control of legal spending on content.

Today LexisNexis® CounselLink  released its 2022 Annual Trends Report. The unstable economy and a tighter legal market have not caused law firms to pull back on  billing rates. To the contrary law firm partner billing rates rose faster last year than they have in a decade.

The average partner rate increased by 4.5% (compared to 3.4% in 2021 and 3.5% in 2020). Average rate increases were up compared to 2021 in all law firm tiers and practice areas.

“Inflation affected most sectors of the economy in 2022, and legal services were no exception,” said Pam Gelfond, VP and GM of LexisNexis Legal Business Solutions. “We hope our report can help the legal community understand where costs are rising fastest, and we know our tools can help them successfully navigate what’s ahead.”

The CounselLink trends report, now in its tenth year, draws on CounselLink’s extensive database of over $52 billion in legal spending across more than 420,000 timekeepers and more than 1.4 million matters. It provides detailed insights on seven key metrics, including law firm consolidation, alternative fee arrangements, and hourly rates by practice area, firm size, and location.

“This report furthers CounselLink’s mission of providing corporate decision-makers with world-class solutions to inform their legal staffing choices,” Gelfond added.  

The report’s other key findings include:

  • Partners from the largest firms (those with more than 750 lawyers) charged 46% more on average than partners from the next tier of firms (501-750 lawyers). That gap has narrowed from 54% in 2021, primarily because rate increases for partners in the second tier of firms outpaced those of partners in larger firms.
  • The “Largest 50” firms increased market share from 44.8% in 2021 to 47.3% in 2022, with the largest gains coming in Corporate, Regulatory & Compliance, and Real Estate practice areas.
  • High numbers of billers are performing minimal work on any given matter.On average, 37% of lawyers working on a matter will bill fewer than five hours to it.
  • Corporate counsel can mitigate individual attorney rate increases by adjusting staffing mix. For example, even though the median M&A partner rate increased by 6.4% in 2022, the median M&A blended average rate was flat compared to the prior year.

“Corporate legal departments are facing increasing pressure to do more with less. Our latest CounselLink Trends Report provides insights that can be leveraged to negotiate fees, utilize different law firms, and inform staffing decisions,” said Gelfond. “We’re excited to also provide new analysis this year on the number of lawyers billing per matter. The CounselLink benchmarking database is a gold mine, and we continue to look for new ways to harness the information contained in it to help legal departments improve performance.” The full CounselLink Trends report is available for download at https://counsellink.com/trends/

Bloomberg Law has announced the launch of Bloomberg Law Contract Solutions,  a new AI enabled contract workflow for In-House Counsel. The product is designed to help lawyers streamline drafting and negotiation with tools for profiling, searching and extracting clauses.  The product was designed in consultation with corporate legal teams.

 Live Virtual Event Bloomberg Law Contract Solutions will be introduced at a live virtual event on Thursday, May 11 at 1:00 p.m. ET, accessible at http://onb-law.com/xYZk50OfKjg.

Bloomberg Law Contract Solutions Features:

  • A secure, centralized repository, including a database of automatically extracted clauses to deliver an organized single source of truth that can be filtered, sorted, and searched across – with little to no data entry.
  • Seamless integration with Microsoft Word, allowing users to access their contract repository and clause library directly from their document, providing a fast and easy starting point for drafting and revising contracts.
  • Advanced analysis tools, accelerating the review of draft agreements and allow users to efficiently identify and incorporate preferred language to ensure favorable terms.
  • AI-powered extraction of key contractual terms, providing greater visibility into final agreements to help identify and flag potential risks and obligations.

Bloomberg Law has previously leveraged AI and machine learning in a variety of workflow solutions including Points of Law  for litigation research and its transactional intelligence tool Draft Analyzer which provides benchmarking and analysis of deal documents.. Bloomberg Law Contract Solutions builds on this pioneering legacy, leveraging proprietary semantic search and natural language processing (NLP) technology to deliver advanced search engine and contract analysis features.

Continue Reading Bloomberg Law Contract Solutions Offers AI Enabled Drafting for In House Counsel -Launch Even May 11th

LexisNexis® Legal & Professional, is announcing the launch of Lexis+® AI, a generative AI platform designed to transform legal work. According to the press release “Lexis+ AI is built and trained on the largest repository of accurate and exclusive legal content, leveraging an extensive collection of documents and records to provide customers with trusted, comprehensive legal results with unmatched speed and precision and backed by verifiable, citable authority.”  Lexis is not yet announcing the release of the product to the public. They are offering potential users an opportunity to learn about or participate in in the testing and development of the product. It is anticipated that the product will launch in the fall of 2023 and will be marketed as an “add-on” to Lexis+.

“We’re thrilled to bring this transformative technology to customers,” said Mike Walsh, CEO of LexisNexis Legal & Professional. “The Lexis+ AI platform provides first-of-its-kind tools for lawyers to dramatically improve the speed, quality, and effectiveness of their practice and business.”

New Lexis+ AI Features

The Lexis+ AI technology offers conversational search, summarization, and intelligent legal drafting capabilities.

Conversational search Is yet another step toward simplifying the legal research process. Lexis had previously launched several solutions to simply research including Lexis Answers, Lexis Brief Analyzer and Fact and Issue Finder. “Conversational search simplifies the complex and time-consuming legal research journey, providing a search experience for diverse legal questions with citations, facilitating lawyers’ ability to complete research effectively and efficiently. “

Continue Reading Lexis+ AI Launches with Two Customer Initiatives: Commercial Preview and AI Insider Programs

Early in my career, one of the hallmarks of customer service excellence was the prevalence of periodic “business reviews.”  Business reviews are formal meetings that function as a “checkup” on vendor and contract performance. For several decades these reviews were offered by most large vendors throughout the course of a contract to assess past performance and set goals for the next period. Business reviews should not be thrown together as part of an 11th hour pitch before a renewal.

The best time to set up a schedule of business reviews is at contract signing. If possible, add the schedule of business reviews to the contract itself. Before a contract is signed, a long-term plan should map out a schedule of “how are we doing” meetings on a quarterly by semi-annual or annual basis. The reviews should focus on utilization and training and adoption benchmarks. It should also include updates on changes in content, support. or the vendor’s organization. It should be a “win-win” dialog. Please provide your feedback on Business Reviews at this link

In recent years, my requests for a ‘business review” are most often met with a blank stare. The follow up is a request from the account executive for me to explain “what should be included in a business review?”  My gut reaction is: “why do I need to teach you how do you do your job?” So today I am asking out loud –“Why is the business review no longer a standard part of customer support?” As far as I can tell most large information vendors do not train their staff how to provide a business review, nor do they provide a template for such a review. It appears that when a customer asks for a review, individual account reps have to cobble together their best guess at what should be included in a business review. But the problem does not end there.

Read the full post on Legal TechHub

ALM, the “grand-daddy” of legal reporting and intelligence has launched state court coverage in Law.com Radar. Law.com Radar delivers a clean customizable stream of breaking legal news and competitive insights.

Today’s release includes more than 100 courts in California, New York, New Jersey, Florida, Illinois, Pennsylvania, Massachusetts, Texas and Maryland. Additional state courts will be introduced over the coming weeks and months, providing Law.com Radar users with new litigation alerts from key jurisdictions across the U.S. Most important of all the news comes with a link tot he full complaint which can be retrieved in” “one click.”

The Radar product provides litigation surveillance in commercially important state courts which are more challenging to monitor than federal courts, since there is no single reporting system for state courts. Radar covers courts that require the manual collection of documents. The Radar alerts include AI generated summaries which speed the accuracy and timeliness of delivery.

The  latest release supplements Law.com Radar’s existing coverage of federal district courts and Delaware’s Court of Chancery as well as its publication of corporate deal updates. Last July ALM released Law.com Rader Trend Detection  capabilities. 

New Alerting Features include daily case reports by jurisdiction. These new litigation  alerts that can be configured around courts, practice areas, topics, industry segments, law firms, parties or free text searches. And contain a link to the full complaint!

Continue Reading ALM Launches New Law.com Radar State Caselaw Surveillance Features

Today vLex and Fastcase, two of the  fastest-growing legal technology companies, announced that they are merging to form the world’s largest  digital law library. The combined company will also have the world’s largest law firm subscriber base and resources containing more than one billion legal documents from more than 100 countries.  Oakley Capital and Bain Capital Credit are investing in the combined business to expand its global reach and accelerate the Fastcase/vLex legal artificial intelligence (AI) lab, which develops AI tools that streamline research, tracking, writing, and filing documents for the legal industry.

Continue Reading vLex and Fastcase Merge to Form World’s Largest Global Law Library (Everything, Everywhere, All at Once)

Pre/Dicta has profiled 750 federal judges and built an algorithm that can predict how each judge will rule on a motion to dismiss based on the cause of action, the characteristics of the parties and the attorneys. It runs this prediction based on one piece of data – the docket number!

It does not read the complaint, it does not care about the law, the facts or the defenses. Are you as horrified as I am? The problem is that Dan Rabinowitz built a methodology and an algorithm that was trained on over 50,000 federal motions and is right 85% of the time!

Rabinowitz was given the “Innovator of the Year” Award at ALM’s 2023 Legal Week conference in New York.

Earlier this year Pre/Dicta acquired the data created by the state court analytics pioneer Gavelytics which had gone out of business last year.

The full article is available on LegalTechHub

 Wolters Kluwer Legal & Regulatory U.S. One week after the collapse of Silicon Valley Bank, Wolters Kluwer posted a free publicly available resource Due Diligence Checklist .Since March 17th they have added five addition resources to a suite of tools referred to as the Bank Failures Toolkit. The resources are developed for inhouse counsel and their external law firms.. The Bank Failures Toolkit provides a variety of tools including practical guidance, strategies  and checklists to provide guidance if the bank used if the bank used by a business fails. The toolkit is designed to ensure “minimal disruption to a company’s business from the failure of a bank. The toolkit has been integrated into VitalLaw® and VitalLaw® for Corporate Counsel,

The Wolters Kluwer Bank Failures Toolkit includes:

“In light of a recent academic study that indicated there are 186 other banks that could be at risk if uninsured deposit withdrawals cause even small bank runs, it is essential that corporate and outside legal counsel have measures in place to ensure that the transition of accounts from a failed bank to an FDIC-managed successor bank goes as smoothly as possible and to ensure the least amount of disruption to their own client’s business operations,” said John Pachkowski, Senior Legal Analyst at Wolters Kluwer Legal & Regulatory U.S.

Laura Safdie and Pablo Arredondo Introducing CoCounsel

On Wednesday night, Casetext  continued to celebrate the launch of their Generative AI platform, CoCounsel with a special  “Invitation only” event  during LegalWeek in New York. CoCounsel is powered by OpenAI’s GPT 4 and was the first AI technology to successfully pass a bar exam.

The event included a demo of a new CoCounsel workflow for transactional lawyers called  “Market Check,” a brief keynote by Stephen Gillers, Elihu Root Professor of Law Emeritus at NYU, a lively panel discussion about the legal business impact and ethical challenges of AI.

What is Market check? Pablo Arredondo, CoFounder and Chief Innovation Officer at Casetext introduced a live demo of Market Check. This new workflow uses the CoCounsel generative AI technology to  analyze a corpus of transactional documents and identify the “market standard” for specific clause types. Currently Bloomberg Law and Intelligize both offer “what’s market” analysis on publicly available documents and enable lawyers to compare one or several draft documents with a market standard. Market check could enable a firm to analyze a custom corpus of internal and/or external documents and ask CoCounsel to deliver results in response to “plain English” questions.

Continue Reading Casetext CoCounsel Event – Professor Stephen Gillers Keynote Declares “The end of legal services as we know it.”