PricewaterhouseCoopers LLP has announced the implementation of a chatbot service for its lawyers, joining other professional services firms in utilizing artificial intelligence to enhance productivity.
PwC said this week that the project will be carried out in partnership with AI startup Harvey for a period of 12 months.
The chatbot will be accessible to approximately 4,000 PwC lawyers located in over 100 countries and is intended to accelerate work in areas such as regulatory compliance, due diligence, legal consulting, and legal advisory. PwC is also considering expanding the use of the service for its tax practice.
Many companies in various industries are testing the potential of generative AI to improve efficiency. ChatGPT, an AI chatbot from OpenAI, which is supported by Microsoft, has generated widespread interest for its ability to generate clear and sophisticated answers to a wide range of questions put to the chatbox.
According to Carol Stubbings, PwC UK’s global tax and legal leader, “Harvey’s AI solution represents a significant shift in the way legal and tax services will be delivered and consumed across the industry.”
Harvey is based on OpenAI and ChatGPT technology and is supported by the OpenAI Startup Fund. The technology, which is based on large language models, is particularly well-suited for individuals who have to produce and evaluate large quantities of text.
Even ChatGPT however has said, if we can humanize the AI, that it cannot replace lawyers.
Other professional services firms are also beginning to explore the use of AI to expedite tasks.
Allen & Overy, one of the “Magic Circle” law firms based in London that handles major City deals, recently became the first to introduce a chatbot to assist lawyers in drafting contracts and client memos.
The ability of AI to generate often quite complex, let alone simple legal processes will continue to be a matter engaging law firms everywhere as the technology continues to develop and become more sophisticated and reliable.