LegalMente AI's January 2024 Newsletter
What’s New With LegalMente AI?
We’re starting 2024 off strong with new features, partnerships, and customers.
We also signed up as a Startup Crawl Exhibitor at this year’s Capital Factory House at SXSW 2024 in Austin, Texas. Every year, 300,000 people attend the SXSW Conference, and we hope to see some of you there in March. Send us a message if you'll be there. Would love to meet up.
By the way, the market dynamics are shifting and giving power back to the buyers of legal services. Legal clients are turning to AI and lower priced law firms to keep their costs low.
LegalMente AI is grabbing onto these tailwinds. Our AI is getting better and smarter over time. We’re 100% focused on reducing legal costs for consumers and companies by democratizing legal via AI.
Because of this, we have some exciting news to share! ??
?LegalMente AI is now free to use for everyone! Our AI is now 100% free to use for every new customer to further our mission of reducing legal costs. With the Free version, you get:
??Introducing our “Connect With An Attorney” feature – we heard from you! For those who prefer a human touch in reviewing contracts to augment the AI, this feature seamlessly connects you with licensed attorneys. This new feature comes at no-added cost to you and is automatically part of your subscription.
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AI In The News
We’ll go over some recent news we thought were notable regarding developments of AI in the legal field:
Chief Justice John Roberts of the US Supreme Court recently said the following: “For those who cannot afford a lawyer, AI can help.” The US Supreme Court appears to be embracing AI, and Artificial Intelligence applications in the legal field will continue to ramp up in 2024. Describing AI as the “latest technological frontier,” Chief Justice Roberts recently discussed its pros and cons in the legal profession in his 2023 Year-End Report on the Federal Judiciary. Noting the legal profession is "notoriously averse to change," Roberts urged a cautious approach when embracing new technologies by the courts.
"AI obviously has great potential to dramatically increase access to key information for lawyers and non-lawyers alike," Roberts said. "But just as obviously it risks invading privacy interests and dehumanizing the law." Roberts predicted that the federal courts will need to embrace AI technology and wrote, "I predict that human judges will be around for a while. But with equal confidence I predict that judicial work — particularly at the trial level — will be significantly affected by AI.”
Bad News for Law Firms. Clients are looking for lower legal costs, according to a 2024 report by Georgetown Law and Thomson Reuters Institute. Legal clients are looking for new ways to slash expenses, signaling troubles ahead for law firms. The recently released 2024 Report on the State of the U.S. Legal Market by Georgetown Law and Thomson Reuters Institute reveals something stark—law firms are facing a buyer’s market with slower demand and shifting dynamics.
For clients who buy legal services, the inefficiencies inherent in traditional legal services are being exposed. Clients are now looking to artificial intelligence (AI) and moving their legal work “down market” to lower priced firms.
领英推荐
Blinding Signing Business Associate Agreements (BAAs) Is Risky
We hear this a lot from people we talk to: “BAAs are standard. What needs to be reviewed in that?”
Don't roll the ??. They require careful review to ensure HIPAA compliance. If not, you could incur the following:
??Hefty financial penalties from the government
?? Criminal penalties including jailtime
Lawyer Joke Of The Month
Did you hear about the new microwave lawyer? You spend eight minutes in his office and get billed as if you’d been there eight hours.
PS - One of our Founders is a lawyer :)
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Monthly Thoughts From Our Founders
José Padilla , Chief Executive Officer: ?When I was a client, my pet peeve was the law firms that use a new year as an excuse to increase billing rates like clockwork. As the 2024 Georgetown Law report shows, a law firm can increase rates and still lose out. It is time for legal customers to look more closely at options like LegalMente AI that are laser-focused on the end-user legal customer, not on the lawyers, to help actually lower legal spend.
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Douglas Pestana , Chief Technology Officer: I think the biggest news of this month is the impact AI is having on several industries, especially the legal industry, and Chief Justice John Roberts agrees with me. The 2024 Georgetown Law report says it all. Power is being given back to the buyers of legal services. AI is helping. For clients looking to lower costs, law firms embracing AI to enhance efficiency, automate tasks, and lower overhead, such as Padilla Law, will be the firms that succeed and meet that demand.
You can take the step towards AI-augmented efficiency and confidence in your BAA management, NDA management, and HIPAA compliance by signing up for a free LegalMente AI account today to start your legal document review using AI. Your firm deserves the best in compliance and legal work, and with LegalMente AI, that's precisely what you get.
We are looking forward to seeing you on board. If you have any questions at all, feel free to send us an email, and we'd be happy to help.