Investments in AI Fueling Growth and New Job Opportunities across the Legal Market

The business of law is actively being transformed by artificial intelligence. Every week there are new headlines about law firms, software and service providers and consulting firms supporting the legal industry making new investments and expanding their AI offerings.

Among the latest:

• E-discovery provider Reveal recently acquired Logikcull and IPRO in transactions valued at more than $1 billion. The combination of the three entities is purported to be the first unified AI-powered e-discovery platform capable of handling matters of all sizes from end to end.
• The Contract Network, an AI-powered contract collaboration platform founded by serial entrepreneur Jim Wagner, announced last month it had raised $8 million in new funding. Launched just this past spring, the platform leverages generative AI and market data to complete contract negotiations faster. The company expects to use the seed money to further build out its product capabilities and integrations.

How much is AI contributing to these valuations?
Among the other legal software and service organizations that have recently introduced their own AI solutions:

• ProSearch unveiled its new review services offering, which includes several solutions powered by newer generative AI models and data science.
• Everlaw announced its Everlaw AI portfolio with newly released generative AI features.
• Nuix launched Nuix Neo, its next-generation platform that combines the power of the patented Nuix Engine with automation, investigative analytics and AI to deliver solutions for the most difficult data challenges.

The ABA recently formed a task force on law and AI to focus on a variety of AI-related issues. Beyond initiating their own task forces on the subject, Am Law 100 and 200 firms including McGuireWoods LLP and Michael Best & Friedrich LLP are already adding C-suite roles focused on AI to executive teams. 

Providers are also adding leaders focused on AI to their ranks. HaystackID, for example, has promoted its chief data scientist to the new role of chief AI officer.

We’re already seeing new AI-focused roles being created in the legal sector, in addition to the C-level examples already cited. As firms and their clients increasingly take advantage of new AI solutions, organizations will continue adding resources to help support those offerings. During this adoption period, expect differences in how even similar AI-focused jobs are titled and described from one organization to another, at least until consistent language and terminology are uniformly adopted
throughout the industry.

For job seekers, it’s important to carefully consider what type of work you may want to pursue and position your background and skill sets in a way that makes them applicable to a broader spectrum of roles than what you may have previously done.
Likewise, employers must keep an open mind and consider candidates with a wide range of experience when looking to fill a new role. It may take some time before everyone is using the same language to convey specific knowledge and expertise in the world of AI.

AI and particularly generative AI are among the hottest topics in the legal industry today, and as they create new job opportunities, they may replace others. It will be interesting to see how the market continues to evolve.

Contact Celeritas Recruiting today to discuss this topic or other emerging technologies spurring new job growth in various areas of the legal sector.