TLTF in the news
Keeping with this edition’s theme - check out our latest early-stage generative AI market map here, showcasing 300+ companies with over $850M of capital raised!
🎉 Congratulations to Steno, who launched Transcript Genius, a first-of-its-kind generative AI tool for transcript analysis.
🌎 News from the world of law
Thomson Reuters claims "90% accuracy" for its AI-assisted research product, contradicting Stanford's study that showed results of 42% accuracy with an overall hallucination rate of 33%.
Arizona Rep. Kolodin used ChatGPT to define "deepfake" in a new law allowing judicial review to combat AI misinformation in elections.
North Carolina will deploy self-service kiosks in courthouses to aid residents in accessing the justice system online, especially in counties adopting eCourts.
Generative AI in law faces hurdles due to data standardization issues, with initiatives like SALI aiming to improve but facing adoption challenges.
The Senate AI roadmap receives criticism for overlooking existing AI harms, but proposes $32 billion for R&D to address AI safety and regulation.
A WA state court rejected AI-enhanced video over concerns about potential altering of evidence details and lack of trust in Gen AI’s reliability - the first ruling of its kind in the U.S.
OpenAI paused its ChatGPT-4o voice mode, Sky, due to potential legal action from actress Scarlett Johansson, who claimed that Sky’s voice sounded like her own in the movie "Her."
Federal AI policy, including Biden's executive order and state laws, demands vigilant monitoring by in-house counsel for AI-related regulatory shifts.
A New Jersey class action accuses LegalZoom of unauthorized law practice, focusing on its ownership structure and legal services provision.
Not even halfway through, 2024 is on pace to be the biggest year in the history of law firm data breaches, with 21 firms already impacted this year.
📈 Law firms continue to invest in legal technology, with record revenue growth and a 6.4% increase in billing rates in Q1 2024, according to the Q1 2024 Thomson Reuters Law Firm Financial Index.
👂 Listen
Jon Stewart discusses AI fears for Hollywood, election plans, and the Daily Show, on The Town with Matthew Belloni. (28 mins)
Dennis Garcia from Microsoft discusses in-house teams' use of AI, ethical considerations, collaboration in legal tech, and emerging tools. (44 mins)
Vice president of partnerships at InfoTrack, Dan Lear discusses the increasing importance of legal tech skills and tools for lawyers and law firms. (42 mins)
Other Things I'm Reading
📚 Book of the month: There’s Always This Year: On Basketball and Ascension by Hanif Abdurraqib.
Bill Gates' backed startup creates Lego-like bricks that can store air pollution for centuries: A milestone for affordably removing carbon dioxide from the air.
The Federal Trade Commission and Congress are revisiting the Robinson-Patman Act, which could negatively impact consumers facing significant price increases since 2020.
Bain & Company found 70% M&A failure years ago; today, around 70% succeed due to strategy changes, improved scrutiny, expertise, integration, and investor recognition.
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