By: Simon Weierman A 2024 LexisNexis survey of managing partners and C-suite leaders at major law firms and Fortune 1000 companies found that nearly all legal executives (90%) expect their investment...
Since our initial rollout last year of Lexis+ AI , the industry’s first comprehensive legal research platform powered by generative artificial intelligence (Gen AI), we have been pro-actively seeking...
By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Law firm leaders are increasingly adopting Legal AI, Gen AI tools trained for the legal profession, but as with any breakthrough technology...
By Geoffrey D. Ivnik, Esq. | Director of U.S. Legal Markets, LexisNexis More than three in four (77%) of senior lawyers at Am Law 200 firms believe that generative artificial intelligence (Gen AI) technology...
After a two-year decline in Chapter 11 bankruptcy filings in the immediate post-COVID period, U.S. commercial bankruptcies have returned to a more normal level of activity, according to CFO Magazine ....
By: Simon Weierman
A 2024 LexisNexis survey of managing partners and C-suite leaders at major law firms and Fortune 1000 companies found that nearly all legal executives (90%) expect their investment in Generative Artificial Intelligence (Gen AI) technologies to increase over the next five years. The survey also found that roughly one-half (53%) of Law360® Leaderboard Pulse firms have already purchased Gen AI tools including both general purpose and legal practice specific AI solutions
In addition to the variety of general-purpose AI tools available to businesses and consumers, the past year has also seen the emergence of commercially available Legal AI tools — Gen AI tools tailored specifically for the legal profession. Many legal professionals are trying to figure out how they can take advantage of the opportunities afforded by this new technology while minimizing the risks that are well-documented in the industry.
We recently published “The Definitive Guide to Choosing a Gen AI Legal Research Solution,” a free buyer’s guide that details what law firms and in-house legal departments should look for so they can select the most appropriate solution for their organization. Over the course of the next several weeks, we will be publishing a series of blog posts that are drawn from the five pillars addressed in the buyer’s guide.
We kick off the series today by unpacking the importance of the Gen AI model itself. Before proceeding on the journey to acquire a Legal AI solution, it’s important to understand that not all Gen AI models are created equal.
Strengths and Weaknesses of LLMs
There is no need to become an expert in software engineering in order to be a savvy buyer of a Legal AI solution, but it does help to learn a bit about Large Language Models (LLMs) — a type of AI that are trained on vast amounts of data to mimic human intelligence — and how they operate.
The fact is that different LLMs have their own strengths and weaknesses. Here are a few key differences between some of the LLMs used to power various Legal AI solutions you will find on the market:
The Multi-Model Approach
There is another strategy available to Gen AI development teams that allows users to benefit from the unique capabilities of each LLM while balancing out each one’s weaknesses: A multi-model approach that draws from more than one LLM in the creation of a new tool, enabling it to produce results that surpass that of any one model.
Questions to Ask About the Gen AI Model
When evaluating a Legal AI solution, here are some questions to pose to the provider about their Gen AI model:
Lexis+ AI is our breakthrough Gen AI platform that we believe will transform legal work by providing a suite of legal research, drafting, and summarization tools that delivers on the potential of Gen AI technology.
Lexis+ AI pairs our unsurpassed legal content with breakthrough Gen AI technology in a way that could redefine the way that legal research is conducted and legal work product is created. Its answers are grounded in the world’s largest repository of accurate and exclusive legal content from LexisNexis with industry-leading data security and attention to privacy. Click here to request a free trial.
To download a copy of The Definitive Guide to Choosing a Gen AI Legal Research Solution, please click here.