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☆ OpenAI's GPT-5 is coming out soon. Here's what to expect, according to OpenAI customers and developers.
▼ + stars: | 2024-07-30 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +6 min

Read previewThe AI arms race continues apace, with OpenAI competing against Anthropic, Meta, and a reinvigorated Google to create the biggest, baddest, model. OpenAI set the tone with the release of GPT-4 and competitors have scrambled to catch up, with some coming pretty close. But will it be enough to set OpenAI — which is apparently hemorrhaging billions of dollars — apart from the increasingly impressive array of other AI models on offer? He expects GPT-5 to be more like going from undergrad to a PhD program, better for sure but not necessarily Earth-shattering. Already many user are opting for smaller, cheaper models and AI companies are increasingly competing on price rather than performance.

Persons: —, that's, OpenAI, Hamish Low, Jake Heller, Heller, Read, He's, Will GPT, Hooman Radfar, he's, Radfar Organizations: Service, Anthropic, Meta, Google, Business, Enders Analysis, GPT, Thomson Reuters Locations: GPT, undergrad

The Thomson Reuters logo is pictured on a building in the Manhattan borough of New York City, New York, U.S. November 16, 2021. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 1 (Reuters) - Thomson Reuters Corp (TRI.TO) on Wednesday reported higher-than-expected third-quarter profit as its biggest divisions serving legal, tax and accounting professionals performed well amid economic uncertainty. Organic revenues in the Legal Professionals segment increased 6%, while total revenue fell 2%, reflecting sales of some divisions. Thomson Reuters has earmarked $10 billion for acquisitions and about $100 million per year in investments in AI capabilities. In August, the company closed its $650 million cash acquisition of Casetext, a California-based AI company that helps legal professionals conduct research, analysis and prepare documents using generative AI.

Persons: Carlo Allegri, Thomson, Steve Hasker, ” Hasker, Hasker, Helen Coster, Nick Zieminski Organizations: Thomson Reuters, REUTERS, Thomson Reuters Corp, ”, Microsoft, Elite, TPG, Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, California

☆ Relx, the owner of LexisNexis, tries to keep the AI bots from plundering its valuable legal data
▼ + stars: | 2023-08-10 | by ( Alistair Barr | ) www.businessinsider.com time to read: +3 min

The generative AI boom has sparked a race to collect data for model training. Relx, the owner of LexisNexis, recently warned customers about sharing its legal data with AI bots. I reached out to Relx and a LexisNexis spokespeople to ask whether LexisNexis has seen its legal data being scraped by bots or otherwise collected by outside companies for use in AI model training. Another AI legal startup called Casetext was recently acquired for $650 million by Thomson Reuters, the owner of Westlaw, an established legal data service that competes with LexisNexis. This offering uses AI models trained on the company's exclusive legal content, according to LexisNexis.

Persons: That's, Sean Fitzpatrick, Julie Chapman, LexisNexis spokespeople, Relx Organizations: LexisNexis, Elsevier, Ireland, Thomson Reuters Locations: North America, Sequoia

☆ Thomson Reuters' profit beats estimates; outlook steady
▼ + stars: | 2023-08-02 | by ( Helen Coster | ) www.reuters.com time to read: +4 min

The Thomson Reuters logo is pictured on a building in the Manhattan borough of New York City, New York, U.S. November 16, 2021. The news and information company reported adjusted earnings of 84 cents per share, 6 cents ahead of estimates. Total revenue rose 2% in the quarter to $1.65 billion, slightly missing expectations, according to Refinitiv. Thomson Reuters maintained its full-year 2023 outlook for organic revenue, adjusted EBITDA margin and free cash flow. Reporting by Helen Coster Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, divestitures, Steve Hasker, Thomson, –, Michael Eastwood, Hasker, Eastwood, Helen Coster, Nick Zieminski Organizations: Thomson Reuters, REUTERS, Thomson Reuters Corp, Accounting, company’s Elite, TPG, London Stock Exchange, Reuters News, Thomson Locations: Manhattan, New York City , New York, U.S, Britain, California

☆ AI talent is in high demand even at non-tech companies. And jobs are paying way over six figures — up to $300,000.
▼ + stars: | 2023-07-21 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

The law firm Husch Blackwell and insurer Travelers are among those seeking AI skills. The law firm Husch Blackwell has built a data science team, and is hiring an AI solutions strategist. For its AI role, Husch Blackwell has looked for trained lawyers who understand AI and large language models, and ideally also have some business consulting experience, said Blake Rooney, chief information officer at Husch Blackwell. The law firm Husch Blackwell has been looking to hire an AI solutions strategist as it expands its use of AI. The law firm already built a data science team over the past three years, and automated some routine tasks.

Persons: Husch Blackwell, Jane Street, Aaron Sines, Sines, There's, Alan Schnitzer, Alo, CoCounsel, Valerie McConnell, Blake Rooney, It's, Rooney, it's Organizations: Morning, Jane, Austin, Travelers, Interactive, LinkedIn Locations: New York

☆ Thomson Reuters to buy digital content management company Imagen
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

[1/3] The Thomson Reuters logo is seen on the company building in Times Square, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly/File PhotoJune 28 (Reuters) - Thomson Reuters (TRI.TO) will buy Imagen, a digital content asset management company, for an undisclosed price, to expand its agency business to new customers, the news and information company said on Wednesday. Britain-based Imagen, which owns the Screenocean video distribution platform, operates digital content libraries for sports, media and business companies including Premier League soccer and Major League Baseball. "Our belief is that our agency business needs to evolve to be a tech-enabled content delivery (business)," Reuters President Paul Bascobert said in an interview. On Monday, Thomson Reuters said it agreed to buy Casetext, a California-based AI company that helps legal professionals conduct research, analysis and prepare documents using generative AI, for $650 million.

Persons: Andrew Kelly, Imagen, Paul Bascobert, Bascobert, Thomson, Kenneth Li, Lisa Shumaker Organizations: Thomson Reuters, REUTERS, Premier League soccer, Major League Baseball, Reuters News, Reuters, Reuters Connect, BBC, USA, Thomson Locations: Square , New York, U.S, Britain, California, New York

☆ Thomson Reuters to acquire legal AI firm Casetext for $650 mln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Thomson Reuters (TRI.TO) said on Monday it had agreed to acquire Casetext, a legal startup with an artificial intelligence-powered assistant for law professionals, in a $650 million all-cash deal. One of Casetext's key products is CoCounsel, an AI legal assistant launched in 2023 and powered by GPT-4 that delivers document review, legal research memos, deposition preparation, and contract analysis in minutes, Thomson Reuters said in a statement. California-based Casetext employs 104 employees, and its customers include more than 10,000 law firms and corporate legal departments. The acquisition of Casetext is another step towards bringing generative AI solutions to customers, said Steve Hasker, president and CEO of Thomson Reuters. Generative AI is a type of artificial intelligence that generates new content or data in response to a prompt, or question, by a user.

Persons: Thomson, Michael Eastwood, Casetext, Steve Hasker, Bharat Govind Gautam, Rashmi Organizations: Thomson Reuters, Thomson Locations: California, Casetext, Bengaluru

☆ Thomson Reuters to acquire legal tech provider Casetext for $650 mln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Thomson Reuters Corporation (TRI.TO) said on Monday it had agreed to acquire Casetext, a California-based company that provides technology solutions for legal professionals, in a $650 million all-cash deal. Casetext employs 104 employees, and its customers include more than 10,000 law firms and corporate legal departments, Thomson Reuters said on Monday. The acquisition of Casetext is another step towards bringing generative AI solutions to customers, said Steve Hasker, president and CEO of Thomson Reuters. Casetext was granted early access to OpenAI's GPT-4 large language model, allowing it to develop solutions with the new technology and refine use cases for legal professionals. Reporting by Bharat Govind Gautam in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomson, Michael Eastwood, Casetext, Steve Hasker, Bharat Govind Gautam, Rashmi Organizations: Thomson Reuters Corporation, Thomson Reuters, Thomson Locations: California, Casetext, Bengaluru

☆ Exclusive: Buzzy legal generative AI startup Casetext is in talks to be acquired
▼ + stars: | 2023-05-25 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +3 min

AI startup Casetext is in talks to be acquired, Insider has learned. This hypothesis may have found its first example in Casetext, a buzzy legal generative AI startup that is in talks to be acquired, according to people familiar with the situation. Casetext has raised $68 million in funding from VCs including Union Square Ventures, Canvas Ventures, Y Combinator, and Touchdown Ventures. Now, the technology powers Casetext's AI legal assistant CoCounsel, which aids lawyers with everything from legal research memo drafting to deposition preparation to document review. Have a tip on a startup funding round?

April 26 (Reuters) - With more and more lawyers at major law firms using fast-advancing generative artificial intelligence tools, legal AI startup Harvey said Wednesday that it raised $21 million in fresh investor cash. Sequoia Capital, which is leading the Series A fundraising round, said more than 15,000 law firms are on a waiting list to start using Harvey. The company says it builds custom large language models for law firms. Technology companies and investors have rushed to embrace large language model-based generative AI since Microsoft-backed OpenAI's ChatGPT debuted in November. Casetext in March released its AI legal assistant product, CoCounsel, which uses GPT-4 to speed up tasks like legal research, contract analysis and document review.

With large language models like OpenAI's GPT-4 and Google's Bard quickly increasing their power and reach, vLex and Fastcase are betting their combined document library will be a rich training data set for legal AI products. "It will always make sense to train legal LLMs on legal data instead of the World Wide Web," Walters said. The merger creates a law library that is "the biggest legal data corpus ever assembled," the companies said. Other large law firms are using new products from companies like Casetext, a legal research company that last month released a new generative AI legal assistant product. Casey Flaherty of legal innovation collective LexFusion predicted the new vLex would be a "serious player" among legal information companies as AI progresses.

The bar exam assesses knowledge and reasoning and includes essays and performance tests meant to simulate legal work, as well as multiple choice questions. Less than four months ago, two of the same researchers concluded that OpenAI's earlier large language model, ChatGPT, fell short of a passing score on the bar exam, highlighting how rapidly the technology is improving. “I heard so many people say, ‘Well, it might get the multiple choice but it will never get the essays,'” Katz said. AI has also performed well on other standardized tests, including the SAT and the GRE, but the bar exam has garnered more attention. Bar exam tutor Sean Silverman attributed the focus on the bar exam to its widely recognized difficulty.

(Reuters) - PricewaterhouseCoopers said Wednesday that it will give 4,000 of its legal professionals access to an artificial intelligence platform, becoming the latest firm to introduce generative AI technology for legal work. Other companies, law firms and professional services firms have also started to experiment with generative AI technology. Global law firm Allen & Overy last month became the first major legal business to publicly partner with Harvey. Other legal technology companies are rushing to incorporate generative AI capabilities into products. Casetext, a legal research company, said Tuesday its recently-released AI legal assistant product is also built on OpenAI's latest model, GPT-4.

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