Legaltech Insights #24!

Welcome back! Issue #24 is packed with the latest and most exciting developments in the legal and technology fields. This edition highlights China’s groundbreaking strides in generative AI, positioning itself as a global leader. We also delve into the EU's imminent AI regulations, set to redefine how AI is integrated into legal practices. Additionally, we explore the newest innovations in AI-powered legal tools that are transforming efficiency and productivity in the field.

Don't miss these game-changing updates! ⬇️

🇨🇳 China is at the forefront of generative AI adoption, significantly outpacing other countries, according to a recent survey. This rapid advancement highlights China's commitment to AI technology, driven by a robust domestic industry and strategic initiatives. As China continues to develop its generative AI capabilities, it sets the stage for further global leadership in artificial intelligence and surveillance technologies 🔗 Read more

🇪🇺 On August 1, the EU's AI Act will come into force, starting a phased implementation process ending in 2026. Recently published in the Official Journal, this law regulates AI based on risk, imposing specific obligations on developers. With staggered deadlines, the act bans some high-risk uses and sets transparency and data quality requirements for others 🔗 Read more

🗣 Richard Susskind , a renowned legal expert, believes the short-term impact of AI on the legal profession has been exaggerated, reassuring those concerned about immediate job loss. However, he warns of significant long-term changes and stresses the need for future lawyers to have a strong technological foundation. Susskind shared these insights during his visit to Spain for an event organized by Global LegalTech Hub / GLTH at Esade Law School 🔗 Read more

🚀 Thomson Reuters has launched CoCounsel Drafting, an AI-powered document drafting tool integrated within Microsoft Word, leveraging CoCounsel and Practical Law content. Initially available in the U.S., with rollouts in the U.K. and Canada later this year, it helps legal professionals create and review transactional documents, with litigation document features coming soon. This tool aims to streamline the drafting process, increase productivity, and maintain high-quality standards 🔗 Read more

🇦🇷 The Judiciary of Chubut in Argentina has implemented AI for automatic transcription of court hearings using Whisper from OpenAI . This tool processes audio files and generates accurate transcripts in various formats. It is currently used in criminal cases, with plans to transcribe real-time audio in the future 🔗 Read more

🤖 OpenAI has introduced GPT-4o mini, their most cost-effective small model to date. This new model is expected to broaden the range of AI applications by significantly reducing costs. GPT-4o mini achieves an 82% score on MMLU and surpasses GPT-41 in chat preferences according to the LMSYS leaderboard. It is priced at 15 cents per million input tokens and 60 cents per million output tokens, making it considerably more affordable than previous frontier models and over 60% cheaper than GPT-3.5 Turbo 🔗 Read more

Thank you for being part of our growing legaltech community - Excited to see you next week to share more 'Legal Insights'! 🚀

Agustin Negre - Executive Manager & Lawyer, Alfaro Abogados