As the 2024 budget planning season ramps up, we all look to both internal and external intelligence to support renewal, cancellation and acquisition decisions.
In August many of my readers participated in the annual Start/Stop survey which was open during the month of August 2023. I partnered with Harbor to conduct the survey and present the results On Thursday, September 14, 2023, at the third annual Legal Information + Knowledge Services Conference (LINKS)— a full day of virtual thought leadership conference.
As in the past, this survey was intended to gather feedback on both products and projects which readers started or stopped during the past year or plan to start or stop in the near future. For this years survey I added new questions related to the emergence of generative AI. Thirty-tree organizations participated in the survey (93% were law firms)
Some overall trends – Generative AI trending up. Analytics Market Shaking out.
Generative AI although legal publishers have been embedding and utilizing AI in their products for decades, the emergence of large language models (LLMs) has captured the market in a rather feverish way. There are firms out on the bleeding edge, but most are holding back and struggling to create an AI policy and select from the ever expanding galaxy of products. Vendors are plunging ahead with AI offerings.
The most dramatic “shape shifting” market event was Thomson Reuters acquisition of Casetext, less than a year after the launch of WESTLAW Precision. The move was clearly designed to catapult TR over competitors, who are developing muti-modallarge language models based AI products internally.Continue Reading The 2023 Start/Stop Survey: CoCounsel Best New Product, Analytics Segment Shakeout.