Legal Tech Milestones: 2023 Year in Review

DataPlus AI
December 27, 2023
2
min read

2023 was a transformative year for legal tech, mostly driven by AI. Barely a year after the release of ChatGPT, the release of LLMs like GPT-4, Anthropic’s Claude , Mistral AI, and Facebook’s Llama sparked a shift in the importance of legal technology, resulting in a rapid acceleration of AI testing and adoption across the legal industry.

Some of the major developments of 2023 include:

AI Passed the Bar Exam - LLMs demonstrated the ability to perform on par with top bar exam test takers, showing impressive cognitive and language skills.

CaseText $650m Sale to Thomson Reuters - Leading data and legal tech providers like Thomson Reuters incorporated generative AI into products that assist with tasks supporting the practice of law, such as legal research, document review, contract analytics, and document drafting.

Rapid Adoption of AI Across Law Firms - Law firms and legal departments quickly grasped the significance of generative AI and prioritized piloting AI-driven products.

Non-Existent Legal Cases – Not all developments were positive, as we learned that attorneys used ChatGPT as a source of truth and provided judges with non-existent legal cases. User-friendly chatbot interfaces allowed legal professionals to easily experiment with AI without any prior understanding of the capabilities and limitations of these technologies.

From conversations with industry leaders, itis clear that the legal industry is crossing the technology adoption chasm. With cultural readiness aligning with cutting-edge innovation, Generative AI is reshaping legal services and redefining the competitive landscape. 2023 marked only the beginning of this transformation and 2024 promises to be the year of Co-Pilots for law.

DataPlus AI — Co-Pilot for Legal Business Development

DataPlus is an AI-platform that offers three distinct skillset modes that allow business development professionals, researchers, and competitive intelligence staff to 1) Search; 2) Analyze; and 3) Generate high-quality and thought-provoking insights that lead to meaningful conversations with their current and prospective clients.

By leveraging DataPlus, legal business development professionals can save time, streamline their client screening process, and gather deep insights about their current and prospective clients, industries, markets, and competitors. To learn more about DataPlus and experience the benefits, sign up to try the DataPlus platform today.

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