Legal AI Software Industry Overview
The legal industry's AI software market has a low market penetration rate, creating tremendous potential for incumbent companies and outsiders looking to enter the sector. However, current market participants have a tremendous edge over any new entrants. Due to the outstanding prospects, rising investments, and supporting activities, competition among present market participants is expected to heat up.
- May 2023 - LexisNexis Group Inc has announced the launch of Nexis Hub, a new tool that supports and streamlines any research workflow to accelerate time to insight. The innovative new solution, created to meet the needs of busy professionals, integrates with Google Chrome and Microsoft Word to help users streamline the complicated and time-consuming process of collecting research and creating reports.
- May 2023 - Luminance Technologies Ltd has launched the latest cutting-edge application of its specialist legal large language model (LLM), the AI-powered 'Ask Lumi' chatbot. 'Ask Lumi' represents the first chatbot underpinned by this legal-grade AI. It allows users to open any contract in Microsoft Word, ask the AI questions about their agreement, and receive instant responses. In contrast, Luminance's Legal Pre-Trained Transformer (LPT) technology learns solely from legally verified documents. It is able to produce content and analyze and understand the content, even that created or edited by third parties. This powerful combination of both generative and analytical AI ensures the utmost legal rigor.
Legal AI Software Market Leaders
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ROSS Intelligence Inc.
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Luminance Technologies Ltd.
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LexisNexis Group Inc.
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IBM Corporation
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KIRA Inc.
- *Disclaimer: Major Players sorted in no particular order
