PricewaterhouseCoopers (PwC) has partnered with AI startup Harvey to provide its lawyers with chatbot services. The initiative is aimed at increasing productivity in PwC’s legal advisory, legal consulting, regulatory compliance, and due diligence services. The chatbot, which will be built on OpenAI and ChatGPT technology, will provide plain-language answers to lawyers’ questions. The technology will also help analyze large amounts of text, making it suitable for PwC’s tax practice.
A Shift in the Delivery of Tax and Legal Services
PwC’s 12-month partnership with Harvey is expected to result in a massive shift in the delivery of tax and legal services across the industry. The technology will enable PwC’s 4,000 lawyers in over 100 countries to access information more quickly and provide them with greater convenience. The technology is expected to significantly improve PwC’s client experience, enabling it to maintain its position as a leader in the provision of professional services.
Harvey’s AI Solution
Harvey’s AI solution is built on large language models and is backed by the OpenAI Startup Fund. The solution is specifically designed for those who need to analyze and create large volumes of text. The chatbot uses natural language processing technology, which makes it easy for lawyers to interact with it using simple language. PwC has announced that it will extend the use of the chatbot to its tax practice, demonstrating the versatility of the technology.
Other Professional Services Firms Also Using AI
PwC is not the only professional services firm that is leveraging the power of AI to improve productivity. Allen & Overy, a London-based law firm, has also launched a chatbot that helps lawyers draft contracts and client memos. This chatbot provides assistance on specific topics such as force majeure clauses, warranties, and limitations of liability. Companies across all industries are testing AI’s potential to increase efficiency, and AI chatbots such as ChatGPT have become popular due to their ability to provide easy-to-understand answers to complex questions.
PwC’s partnership with Harvey to provide chatbot services for lawyers is expected to increase productivity and enhance the client experience. The technology will enable PwC’s lawyers to access information more quickly and easily, while also allowing them to analyze large volumes of text. The use of AI chatbots is a trend that is becoming increasingly popular across all industries as businesses seek to improve efficiency and productivity. As AI technology continues to develop, it is likely that more businesses will adopt chatbots to increase their competitiveness and provide better services to their clients.