Law firms are building AI around their most valuable asset: experience (www.businessinsider.com)

Law firms are increasingly investing in artificial intelligence solutions tailored to capture and utilize their unique expertise and institutional knowledge. With the goal of improving legal outcomes and client service, firms like Kirkland & Ellis and Morgan & Morgan are spending significant resources to develop proprietary AI systems. For instance, Morgan & Morgan plans to invest $1 billion over a decade to create technology that recognizes patterns in legal cases by leveraging their extensive history of case files. This shift is significant for the AI/ML community because it demonstrates a growing recognition that the value of AI in legal practice lies not just in general capabilities, but in the specific insights drawn from a firm's unique data. As firms compete to harness their past experiences—such as deal histories and trial strategies—there's a burgeoning market for AI model providers like Harvey and LexisNexis, who aim to customize models based on proprietary legal content. This evolution highlights a critical trend where the true competitive edge may soon depend on the ability to control and effectively use specialized data rather than merely having access to sophisticated software.