The legal profession has long been sheltered from the changes that technology has brought to other industries. But advances in AI could be a game-changer for companies looking to disrupt the $437 billion legal industry: "We're in a unique moment for the industry," CEO James Heller told Business Insider.
Nine years later, Heller and his team of ex-lawyers at startup Casetext are taking advantage of advances in AI to save the new generation of entry-level lawyers from having the same experience. And, in so doing, they hope to disrupt the $437 billion legal services industry. The company says its latest product has the potential to make waves in the legal services industry, a market that wasIt's an industry that has, so far, resisted many attempts at modernization; the job is largely still done the same way as it was before the smartphone revolution, let alone the PC era. But Heller thinks that the advent of AI, which can make lawyers more productive, means that it's finally time for a change.
The company says its AI-powered legal research platform CARA, released in 2016, is now used by 50,000 law firms. It thinks that Compose — which has already been adopted by law firms like Bowman and Brooke — will also be embraced with the same enthusiasm. For the individual lawyer, automating aspects of case law may shave down billable hours but it also opens up the space for them to think more creatively.