In Germany, the legal market is still new to financial investors. Venture capital and private equity companies as well as many ‘business angels’ often do not understand the digital business models in the legal market.
Based on recent legal technology announcements highlighting two important but sparingly used terms (Word2vec and Convolutional Neural Network), the following “starting points” are provided for a definitional overview of these terms along with additional links for context and reference.
In one of the legal technology industry’s largest-ever funding rounds, US crowdsourced legal research platform Casetext has closed a $12m Series B funding round in order to expand the capabilities of its AI-backed automated research assistant CARA and build up its platform and business.
Impressive advances in artificial intelligence technology tailored for legal work have led some lawyers to worry that their profession may be Silicon Valley’s next victim. But recent research and even the people working on the software meant to automate legal work say the adoption of A.I. in law firms will be a slow, task-by-task process.
AI is also beginning to help managers peer into personal aspects of job performance that used to be left up to managers’ instincts and observations.
Does the inevitable triumph of AI robots over human reason and logic mean that the legal profession is doomed? Will Watson be the next generation’s lawyer of choice? Ralph Losey does not think so and shares his thoughts on this important topic.
Putting aside the dystopian views that sensationalize AI, bright prospects are ahead for corporations that embrace this transition to new ways of thinking. However, to make the leap, some radical adjustments in the ways of working are necessary.
The phrase “artificial intelligence” is invoked as if its meaning were self-evident, but it has always been a source of confusion and controversy.
The good news is that the early dividends from AI are already within reach of most midsize companies as they look for ways to expand their digital boundaries.
By 2018, Gartner predicts machines will author 20 percent of all business content, and by the end of 2018, customer digital assistants will be able to recognize us by face and voice across different channels.