AI Tool Assists Legal Workflow

Summary:

The implementation of a customizable large language model resulted in significant time savings ranging from 20% to 50% across various tasks such as contract review, due diligence, and research. Moreover, the adoption of this LLM led to cost-effective solutions for a client, resulting in savings exceeding $1 million.

Problem Statement:

Legal practice with rising volumes of data, documents and normative acts is constantly complicated. At the same time, clients’ demands for speed, accuracy and productivity of legal work processes are growing. Law firms are forced to optimize their operations, minimize overhead costs and significantly increase the level of client satisfaction by offering advanced and efficient legal services in order to increase competitiveness in the market.

Results:

• A remarkable 70% faster contract reviews, allowing lawyers to concentrate on more strategic tasks.
• 25% faster completion for due diligence document review for mergers & acquisitions deals.
• A significant reduction of average memo drafting time from 4.5 hours to just 1.5 hours, resulting in a remarkable 67% time reduction.
• One client has saved over $1 million in costs.
• 20-50% time reductions in tasks like contract review, due diligence, and research.
• Early detection of errors and legal risks contributes to effective risk mitigation.
• Law firms experience an increased capacity to handle additional clients and cases.

AI Solution Overview:

Harvey AI, a large language model (LLM), is designed to improve the workflows of providing legal assistance to clients across industries, jurisdictions and legal systems. By initially training on generic data from the GPT model and subsequently incorporating specific legal data such as case law, legislation, and reference materials, Harvey AI is tailored to meet the demands of legal professionals. Moreover, the implementation of Harvey AI in a specific law firm takes place through additional training of the model on the firm’s own work products and contract templates. Capable of efficiently conducting contract analysis, including due diligence, Harvey AI can provide data-driven insights, recommendations, and predictions. Furthermore, it facilitates the development of litigation strategies by allowing lawyers to upload their case arguments and request counterarguments. Additionally, the tool offers relevant quotes to substantiate its responses whenever possible.

References:

• Transforming Legal Work with AI: An In-Depth Look at Harvey AI. https://www.33rdsquare.com/transforming-legal-work-with-ai-an-in-depth-look-at-harvey-ai/
• Macfarlanes Showed Us How it’s Using Harvey AI. Here’s What We Learnt. https://www.law.com/international-edition/2023/10/09/macfarlanes-showed-us-how-its-using-harvey-ai-heres-what-we-learnt/?slreturn=20240225020538
• Harvey AI: What We Know About the Company So Far. https://www.gavel.io/resources/harvey-ai-what-we-know-about-the-company-so-far
• Harvey AI: What We Know So Far. https://www.clio.com/blog/harvey-ai-legal/

Industry: Legal

Vendor: Harvey

Clients: Allen & Overy, Baker McKenzie, Littler Mendelson, Kor Group, Wolters Kluwer