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Harvey AI, a startup backed by OpenAI, has partnered with Allen & Overy, one of the world’s largest law firms, to automate legal document drafting and research. This deal could be the first of many such deals, as legal technology companies have recently rolled out new tools incorporating generative AI, which uses a range of inputs to create new content. Allen & Overy is the first law firm to partner with Harvey, which is adapted from OpenAI’s GPT software. Over 3,500 of the law firm’s lawyers have already tested the software.
Harvey received a $5 million investment last year in a funding round led by OpenAI, whose ChatGPT service has sparked frenzied interest in generative AI technology. According to Harvey’s founders, Gabriel Pereyra and Winston Weinberg, Harvey is designed to create tailored, generative AI-driven products for law firms and specific client matters.
David Wakeling, an Allen & Overy partner who heads its markets innovation group, said that the technology would save their people a couple of hours a week-plus on the time it takes to perform client work. He also stated that the technology serves as a starting point and that a human lawyer will always check any AI-assisted work. “I think over time it will be a serious competitive disadvantage” for law firms that do not adopt generative AI, said Wakeling.
Weinberg, previously an associate at US law firm O’Melveny & Myers, said that the repetition and text-based learning involved in legal work makes it a good match for technology like Harvey’s.
Allen & Overy, and Harvey declined to disclose the deal’s financial terms. However, the company is starting to work with other big law firms to develop custom tools, said Pereyra. He declined to disclose the firms.
In recent months, several legal technology companies have rolled out new tools incorporating the technology, including drafting and reviewing contracts. Generative AI has become a significant factor in the legal industry, and it is expected that more law firms will adopt the technology.
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In conclusion, Harvey AI’s partnership with Allen & Overy is a significant development in the legal industry. The use of generative AI technology is expected to become a significant competitive advantage for law firms. As more legal technology companies roll out new tools incorporating the technology, it is expected that more law firms will adopt it to streamline their work processes and save time.
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