While generative AI has been creating a buzz and generating opportunities in the legal market, it hasn't led to an influx of new tech startups in Canada. According to a recent article in Law.com, the prevalence and accessibility of generative AI tools have left surprisingly little room for newcomers to create innovative and viable products.
That’s because law firms and potential tech startups see the space as fairly saturated making it challenging for a newcomer to add value.
For existing legal tech companies like Alexi and Lexata however, the mainstream interest in and adoption of generative AI tools like ChatGPT and Midjourney has had a trickle-down effect on more specialized AI tools.
“It’s no longer science fiction, now it’s totally different. People get it.” Alexi CEO Mark Doble said of legal AI technology. Because of this “the recent widespread use of and interest in generative AI has created a positive shift in the legal research market,”
Read the full article here: AI Creating Buzz But Not Kickstarting Tech Startups in Canada
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