Law firms are building AI around their most valuable asset: experience
After spending the past two years buying AI tools, large law firms are building systems around something more valuable: what only they know.
For centuries, the most valuable asset in a law firm was the attorney who possessed knowledge gained through years of experience. Now, these firms are transforming that expertise into software by using artificial intelligence. Large firms, like Harvey, Microsoft, Legora, and others, have adopted AI tools from providers such as OpenAI, Microsoft, and Nvidia.
The goal is to harness the unique knowledge of their best lawyers, which is often more valuable than what competitors can offer. Law firms are investing heavily to customize technology to capture this proprietary expertise. For instance, Kirkland & Ellis has paid Palantir $500 million to build tailored technology for advising private equity clients.
Latham & Watkins has purchased Nvidia servers to customize large language models. Morgan & Morgan, the largest personal injury law firm in America, has started using an in-house AI model trained to recognize patterns in cases that may require surgery. The firm's chief transformation officer explained that junior lawyers may miss these warning signs, but the software can flag them immediately.
Morgan & Morgan plans to spend $1 billion on technology over the next decade to capture the knowledge of its 50,000 handled cases. This approach allows attorneys to effectively utilize decades of case files, making them invaluable stewards of their extensive data.
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