The who’s who of the legal and tax industry has looked at the innovation of LexisNexis

Soon after that Compliance Resolution Day 2024 (LEADERSNET reported) started LexisNexis their success LexCon Tour in Wien (LEADERSNET reported) was about artificial intelligence (AI) or artificial intelligence (AI). This was followed by Innsbruck, Linz and Graz.

Who is in the legal and tax business

At LexCon in Vienna, Innsbruck, Linz and Graz, the legal and tax industry gathered to preview Lexis + AI and have a panel discussion about the potential, challenges and prospects of using AI in the legal and legal fields. tax departments to follow the tax business.

He spoke Susanne Mortimore (CEO of LexisNexis Austria), Andreas Geyrecker (Director of Product Management LexisNexis Austria) and Catherine Hagenauer (LexisNexis Austria Content Director), and gave a practical insight Alasdair Scheuwimmer (President of the Austrian Bar Association and lawyer at TAIYO Legal), Karl Stückler (tax consultant and partner at BDO), Alasdair Hierschesolicitor and partner at the law firm Haslinger Nagele, George Huberattorney and partner at GPK Rechtsanwälte, too Birgitta Winklerchair of the IT and digitization working group at ÖRAK and lawyer and partner at EQ Law.

“AI is here to stay, but it will not replace legal advisors. It will give us the opportunity to do our work better and more efficiently. However, the final control and responsibility for the results will and must “Lawyers gain advocacy skills, such as targeted motivation. At the same time, basic legal knowledge must be taught, learned and applied,” said e Alasdair Hiersche.

A new product has been introduced

At the beginning of each event Andreas Geyrecker the new Lexis + AI product, an AI assistant for lawyers and tax advisors. Lexis + AI will be available in Austria this winter and will provide the following key functions:

• Intelligent conversation to answer questions in a conversation,
• Creating drafts for legal arguments,
• Letters, emails, clauses and memos,
• Also summarizes findings
• analyze your own documents.

In the discussion that followed, expectations and concerns regarding the use of AI in law were discussed.

Scenes

Catherine Hagenauer They explained that they also follow a scientific approach to quality assurance of AI products and that they are working with the WU Legal Technology Center. The goal is to provide answers and reliable content to best support legal professionals. It was also mentioned that LexisNexis is collaborating with Stanford University to develop uniform quality standards and measurement criteria for legal AI.

Susanne Mortimore he emphasized the importance of transparency and openness and explained that LexisNexis already has internal guidelines for this.

George Hubera former partner at GPK Rechtsanwälte, describes his view as a lawyer: “The question of whether AI is a threat or an opportunity does not arise – anyone who does not advance will leave at some point some I don’t need to understand how the engine works – but I need to be able to rely on the results being correct. favoring other models such as ‘”We need to rethink value pricing.”

“I already run my law firm 95 percent digitally, using Lexis 360, for example, AI will change work and make routine processes like research easier and save a lot of time Birgitta Winklerchair of the IT and digitization working group at ÖRAK and lawyer and partner at EQ Law.

Optimistic about the future

Most LexCon visitors were optimistic that AI can meaningfully support the work of lawyers and tax experts and take over routine tasks, leaving more room for creative, strategic and advisory activities.

According to another survey, 90 percent of law firms and attorneys within the US want to increase their spending on next-generation AI in the next five years. LexisNexis’ large commercial forecast study in the US in November 2023 found that lawyers are saving up to five hours per week by using Lexis + AI for legal research and summaries.

Live demo at the end

A live demo followed the discussion, in which concrete use cases of Austria’s implementation of Lexis + AI were presented. Visitors had the opportunity to try the tool and ask questions to the LexisNexis experts.

Here you will find photo galleries of the events Wien, Innsbruck, Linz and Graz.

www.lexisplusai.at

www.lexisnexis.at