Hi this is ZipLaw! AI is still a massive buzzword, tons of cash is being spent on AI businesses and law firms are trying to figure out how to advise clients.
So here's a guide on how Law Firms advise AI businesses and how you can use it to stand out in law firm applications.
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Growing Trend, Growing Risks?
I read an interesting stat yesterday.
Mamoon Hamid and Ilya Fushman, two longtime US venture capitalists said that nowadays 80% of the pitches involve AI. 80%!
To be fair, if you were building a company in 1996 and you didn’t mention the internet, you’d be out of your mind, right? So not mentioning AI now is a missed opportunity.
And so is not preparing to discuss it in applications 😉
A booming market
It's no secret AI business is booming. The value of global AI deals totalled $331bn throughout 2023, an increase from $211bn in 2022.
Everyone wants a slice of the pie and that is generating a lot of demand for legal services to support anything from acquisitions of AI business to licensing of new AI technologies.
Plus you've got the growing training data business which is booming. Businesses in this area are responsible for feeding AI models with high quality data to improve their capabilities. The better the data, the better the AI.
So with all that in mind, there's a lot of work for law firms to take on. This guide below will give you an overview of the top 5 areas of work for law firm and the key points you can discuss to stand out in your applications.
How can Law Firms help?
🧠 Intellectual Property
- The Challenge: AI complicates the intellectual property landscape, particularly around the creation and use of AI-generated content and the datasets used to train these AI systems.
- Client Concerns: Clients are anxious about protecting their AI-generated works under existing IP frameworks and ensuring their use of AI does not infringe third-party IP rights.
- What will lawyers do: