India, Aug. 1 -- Generative AI is rapidly changing the legal industry. Major law firms and corporations are either developing their own AI tools or using existing ones to improve efficiency. For instance, JP Morgan Chase uses COiN (Contract Intelligence), a tool that uses natural language processing and machine learning to save over 360,000 hours of manual contract review each year. Similarly, tools like Cocounsel (for legal research), Harvey AI (for drafting and reviewing contracts), Spellbook (for contract creation), Lex Machina (for predicting case outcomes), and Vlex (for legal research) are shaping how legal work is done.

The rise of models like SCOTUSbot, Economist's AI tool to predict Supreme Court rulings, will further redefine t...