Planning to shake up the legal world, Genie AI has launched the first version of its AI Legal Assistant, which is free to use. The AI product combines Chat GPT-4, Claude 2 and proprietary models to read entire legal documents and answer questions users might have. Answers are increasingly tailored to the customer, the business and their legal preferences as the model learns to interpret context from past conversations.
The launch of the product follows Genie AI’s award of a nearly £200K Innovate UK Grant for Legal AI Innovation. Since receiving the grant, the company has seen impressive growth, onboarding 13,000 companies to the platform. Rachel Coles, a payroll manager and current user of Genie AI, is enthusiastic. “Genie’s AI legal assistant is the perfect support for a legal contract – I can ask for definitions on terms I’m unsure of and feel confident that my contract is reliable. It’s going to be so helpful for companies like mine moving forward, ” she explains.
Coles’s sentiment forms part of a larger trend in the legal sector that is hungry for law firms to integrate artificial intelligence. According to a 2023 survey from Thomson Reuters, 82% of law firms believe generative AI can be efficiently applied to legal work. The model was developed using extensive testing, relevant legal and commercial context and user analytics to ensure users receive the most accurate responses.
How AI can reform the legal sector
The launch of the AI legal assistant is just the first step of a larger, more ambitious project for Genie AI. CTO and Co-Founder of Genie AI, Nitish Mutha, reveals, “This initial public release of our AI Assistant showcases just the chat infrastructure, but soon users won’t just get answers to questions, they’ll get an AI agent which directly edits and updates their legal documents.”
“Our goal is to create an AI legal assistant which acts just like a team member, but accomplishing work at 100x the speed, while accessing a mass of knowledge that no one person (or law firm) alone could possibly hold.”
According to a LawBite and YouGov survey, SMEs encounter 8 legal issues per year on average and 43% of legal issues cost SMEs £5,000 or more. Currently, they are also facing a challenging economic climate, post-Brexit law, and changing regulation surrounding the use of AI in day-to-day business, mostly without in-house legal teams.
Funding like the Innovate UK Grant that Genie AI received is crucial to not only equipping SMEs with the right legal tools but also for reforming the legal sector. CEO and Co-Founder of Genie AI, Rafie Faruq, emphasises, “It’s fantastic to see the UK government funding advanced AI projects that can transform the outdated legal sector. We believe there could be a massive latent market for businesses who are ‘risking it’ when they don’t want to pay legal fees.
” Genie AI’s legal assistant is currently in its beta form and users who utilise the free platform are encouraged to provide feedback to refine the product.
Source: Startup.co
