Morgan & Morgan Plans $1 Billion Investment in Artificial Intelligence
US law firm Morgan & Morgan will invest $1 billion in artificial intelligence over the next decade and offer its MX2 platform to other firms.
US-based personal injury law firm Morgan & Morgan has announced that it will invest at least $1 billion in artificial intelligence and technology over the next decade and will begin marketing its platform called MX2 to other law firms next year.
Artificial Intelligence and Technology Investments
US-based personal injury law firm Morgan & Morgan announced that it has committed to investing at least $1 billion in artificial intelligence and technology infrastructure over the next decade.
Development and Usage of the MX2 Platform
The Orlando-based company stated that it has already spent $300 million to build its MX2 platform, which it uses to extract medical information, generate case documents, and prepare for hearings.
The company's chief transformation officer, Yath Ithayakumar, noted that the platform already has nearly 5,000 monthly users and that the new investment will focus on hiring and software capabilities.
Other Developments in the Sector
Corporate defense law firms are also investing heavily in artificial intelligence. Kirkland & Ellis announced in May that it would set aside $500 million of its revenue to develop a dedicated artificial intelligence platform.
Meanwhile, London-based Freshfields announced in April that it would work with a team helping Anthropic, the maker of Claude, develop legal-service artificial intelligence applications.
Future of the Legal Sector and Risks
Founder John Morgan stated that traditional practices such as drafting contracts on an hourly basis or reviewing thousands of pages of documents will be almost entirely replaced by artificial intelligence.
On the other hand, a federal judge in Wyoming sanctioned two attorneys from the firm last year for including fake cases generated by artificial intelligence in a court filing.