By Dan Wertman, guest blogger,
If you’ve opened even a single news source in the last couple months then there is little doubt you’ve come across the craze that is chatGPT and the greater underlying technological advances of artificial intelligence. AI has made significant progress in recent years and its potential applications to various industries, including law, have garnered attention. From contract lifecycle management, to due diligence and legal research, startups and established players are tackling areas of law using pieces of the latest technology in an effort to bring more efficiency to law firms and the legal field at large.
Yet, despite advances in technology and the latest buzz around ChatGPT, the use of artificial intelligence amongst law firms lags, and clients are taking notice. In the 2019 Bloomberg Law survey, 78% of respondents said they didn’t use or were not sure if they used AI or machine learning. However, 25% noted that “their books of business had grown as a direct result of the adoption of legal tech.” Furthermore, in the 2022 Bloomberg Law, Legal Ops & Tech survey, 86% of respondents agreed that the use of legal tech improves the legal services provided.
Born out of frustrations experienced first-hand while a financing attorney, I knew there had to be a better way to find and utilize precedent language and terms for even the most complex transactional documents, but existing tools required too much upfront setup work and didn’t properly understand how AI can be useful within already existing (and, in many cases, manually optimized) attorney workflows. Noetica is utilizing the power of AI through a novel software tool, empowering attorneys to seamlessly fit AI into existing firm workflows. Noetica’s ethos is simple: build some of the most sophisticated AI in the industry, base the technology around a transactional lawyer’s existing workflow, and require little-to-no upfront setup.
It’s hard to argue that we aren’t deep in the throes of an AI revolution–rapidly advancing technology has made things thought impossible just 6 months ago not only technically feasible, but quickly accessible. As we saw with the explosion of the internet in the 1990s, the smart-phone in the 2000s, and social media in the 2010s, law firms and lawyers that are quicker to adapt to the latest technology will reap a once-in-a-generation advantage to their business and, while it may be tempting to wait for another day to adapt, those that wait will rapidly find themselves at a significant disadvantage to their peers.
Dan Wertman – CEO of Noetica
Dan Wertman graduated from Harvard Law School and was a practicing attorney at Wachtell, Lipton prior to becoming the co-founder and CEO at Noetica. Noetica, is an AI-based software platform that reads and extracts information from complex transactional documents. Noetica is already working with some of the largest firms in the world and continuously innovating and developing new features to its platform.