PwC has announced a strategic partnership with AI startup Harvey for a 12-month contract to streamline the work of its 4,000 lawyers. The professional services giant claims its AI will not provide legal advice or replace lawyers.
The Financial Times reports that the collaboration aims to accelerate contract analysis and due diligence tasks by leveraging Harvey’s artificial intelligence technology. This partnership is another example of the growing interest in AI adoption among professional service firms, as they aim to enhance efficiency and automate tasks.
Built on OpenAI’s GPT-4 technology, Harvey’s software demonstrates improved legal reasoning capabilities compared to previous AI models. Carol Stubbings, PwC’s global tax and legal services leader, stated that the AI technology “marks a huge shift in the way that tax and legal services will be delivered and consumed across the industry.”
In addition to its legal applications, PwC also plans to incorporate the service into its tax practice. The Big Four accounting firm intends to create customized tax and legal products using Harvey’s platform to cater to the unique needs of its clients. However, PwC has stated that the AI technology will not be used for providing legal advice and will not replace lawyers.
The partnership between PwC and Harvey is the latest example of professional service firms exploring AI technologies since the launch of the notoriously woke ChatGPT, an AI chatbot developed by Microsoft-backed OpenAI.
Other professional service firms, such as Bain & Co and Boston Consulting Group, are also experimenting with OpenAI. Allen & Overy, a law firm that already uses Harvey, maintains that the technology will not replace staff, reduce billable hours, or save money for the firm or its clients. However, the firm acknowledges that the technology could potentially help reduce costs in the future.
AI startup Robin, a competitor to Harvey, currently works with two “Big Four” consultancy firms and the law firm Clifford Chance. These firms use Robin’s software, which is built on technology developed by the U.S. startup Anthropic, to review and edit contracts. Richard Robinson, CEO of Robin, explains the company’s mission: “The goal is to automate the high volume work that nobody should be doing.”
Despite widespread interest in AI adoption among professional service firms, many still worry about the use of the technology in relation to data protection and confidentiality. To address these concerns, some companies have established guidelines on the responsible use of AI technology. For instance, consultancy firm Accenture has prohibited its staff from using ChatGPT and similar technologies without permission.
Accenture is also setting up a generative AI “center of excellence” to advise on responsible uses of AI technology. In response to a request for comment, Accenture stated that it is “committed to the responsible use of technology and ensuring the protection of confidential information.”
Read more at the Financial Times here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan