“You're about to see a wave of really meaningful change, especially in the next year or two, so I don't think we'll be putting GenAI back in the bag anytime soon.”– Zach Posner, Co-founder & Managing Director, The Legaltech Fund.
Watch the full conversation with Zach Posner.
In our latest fireside chat, as part of a series where we dive into the latest in legal technology, its applications, and the growing world of generative AI, the Co-founder and Managing Director at The Legaltech Fund shares how and why legaltech’s moment has finally arrived.
Now more than ever, GenAI-powered legaltech platforms are set to “fundamentally change” the legal industry in the next “three to four years,” Zach says in conversation with Josef Co-founder and CEO Tom Dreyfus.
Watch the full interview above to learn how we got here, what the legal industry can expect next, or read our top takeaways below!
For Zach, generative AI will revolutionize the legal industry, particularly in areas such as document summarization and workflow optimization.
“When you summarize a document with a GenAI tool today, I’d give it a 99% accuracy rate, and the more you build finite walls around the tools for other tasks, the better they become,” Zach says.
In terms of funding, the legaltech sector is experiencing a deluge of funding from all kinds of investors due to the potential unlocked by GenAI.
Why? Well, when OpenAI first demoed ChatGPT in 2022, “the demo was so simple,” Zach says. “It was so easy to understand the impact that it could have.”
Plus, when Goldman Sachs reports that nearly half of all legal tasks are “susceptible” to GenAI, as Zach reminds us, the ability to create “amazing products” grows exponentially.
Why’s Zach so interested in GenAI and the future of legaltech?
By supporting new and existing legaltech companies through The Legaltech Fund, he can help teams improve the lives of more people than ever.
“Every single thing that we’re doing revolves around increasing access to legal services for more people. There are all these stats, such as 70% of people have a legal claim that never gets met and so on, so it’s important that we contribute where we can.”
“You're about to see a wave of really meaningful change, especially in the next year or two, so I don't think we'll be putting GenAI back in the bag anytime soon.”– Zach Posner, Co-founder & Managing Director, The Legaltech Fund.
It won’t take 10 years for the legal industry to be reshaped by GenAI. It’ll take a mere “three to four”, Zach says.
“You’re about to see a wave of really meaningful change, especially in the next year or two, so I don’t think we’ll be putting GenAI back in the bag anytime soon,” he adds.
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