In order to boost productivity through artificial intelligence (AI), PricewaterhouseCoopers LLP has equipped its lawyers with a chatbot service, joining the bandwagon of professional services companies employing artificial intelligence to fuel productivity. PwC will partner with AI startup Harvey for 12 months to deliver the project, the company said in a statement on Wednesday.
The recent development entails approximately 4000 lawyers spanning more than 100 countries gaining access to the technology. The chatbot is programmed to accelerate processes such as due diligence and regulatory compliance and broaden the scope of legal advisory and legal consulting services. Furthermore, the company stated that it’s seeking to incorporate the technology into its tax practice as well.
Organisations across a wide array of industries are experimenting with generative AI to improve efficiency. ChatGPT, an AI chatbot developed by Microsoft- backed OpenAI that ruffled the feathers of countless professors around the world, became instantly popular last year due to its seemingly uncanny and sophisticated ability to craft answers worded in plain language to just about any query under the sun.
A global tax and legal head at PwC, Carol Stubbings, stated, “Harvey’s AI solution marks a huge shift in the way that tax and legal services will be delivered and consumed across the industry.”
Harvey is constructed along the lines of ChatGPT and OpenAI technology and is supported by the OpenAI Startup Fund. Predicated on extensive language models, the technology is specifically beneficial for those who have to generate and analyse huge quantities of text.
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