Pioneers and Pathfinders: Episode Summary – "Ed Walters Returns"
Release Date: November 19, 2024
Host: J. Stephen Poor, Seyfarth Shaw LLP
Guest: Ed Walters, Chief Strategy Officer at Velix and Adjunct Professor at Georgetown University Law Center and Cornell Law
Introduction: Welcome Back Ed Walters
In this engaging episode of Pioneers and Pathfinders, host J. Stephen Poor welcomes back Ed Walters, a distinguished thought leader in legal tech and innovation. Ed shares updates on his recent role as Chief Strategy Officer at Velix, following the merger with his previous company, Fastcase. This merger has led to the creation of Vincent AI, a groundbreaking legal intelligence platform designed to enhance legal workflows through advanced AI solutions.
Fastcase and Velix Merger: Building a Global Legal Tech Powerhouse
Ed delves into the strategic reasons behind the merger of Fastcase and Velix, emphasizing the necessity to scale operations beyond the United States and the imperative to integrate advanced AI capabilities rapidly.
Ed Walters [02:54]: "We realized we were coming into a time where we needed to think bigger than the United States... and we need to get good at AI really fast."
The merger was driven by complementary strengths: Velix's global reach and AI engineering prowess combined with Fastcase's expertise in data acquisition and product development. This union aimed to address global legal challenges more comprehensively.
Integrating Two Cultures: Challenges and Successes
Steve Poor inquires about the integration process, highlighting Ed's experience with previous acquisitions and the unique challenges posed by merging two global entities.
Ed Walters [07:35]: "I would say it was really hard. We were combining cultural teams of really different cultural backgrounds from around the world."
Ed acknowledges the complexities of merging remote-first and in-office cultures, alongside the technical challenges of integrating various backend systems. He commends the Velix team for their exceptional work in managing these unglamorous but crucial tasks.
Vincent AI: Revolutionizing Legal Research and Beyond
The conversation shifts to Vincent AI, Fastcase and Velix's flagship product. Ed explains the strategic vision behind Vincent AI, focusing on its utilization of proprietary legal data to deliver authoritative and structured responses.
Ed Walters [12:16]: "What would be differentiated, what would never become a commodity, is the proprietary data."
Vincent AI leverages a vast database covering over 110 countries, enabling multi-jurisdictional legal research. It employs retrieval-augmented generation to provide precise, cited answers sourced directly from a comprehensive legal library, significantly reducing the incidence of AI-generated inaccuracies or "hallucinations."
Market Reception: Award-Winning Success
Ed shares the overwhelmingly positive reception Vincent AI has received since its launch a year ago. Highlighting its recognition as the "2024 New Product of the Year" by the American Association of Law Libraries, Vincent AI has been lauded for its excellence amidst a crowded market of generative AI tools.
Ed Walters [17:21]: "The response has been amazing... law librarians, who are a pretty tough crowd, said we think that Vincent is the best of all of them."
The platform has seen widespread adoption across various sectors, including large and small law firms, corporate legal departments, and educational institutions worldwide.
Democratizing the Law: AI as an Equalizer
Steve Poor probes into how generative AI tools like Vincent AI can address the broader issue of access to justice. Ed passionately discusses the potential of AI to transition from an "information scarcity" to an "information abundance" model, thereby transforming legal practice.
Ed Walters [20:44]: "My hope is that AI... helps us to move from a kind of an information scarcity market to an information abundance market where what it means to practice law really changes."
Ed envisions a future where AI tools handle the initial layers of legal information dissemination, allowing lawyers to focus more on counseling and strategic decision-making, thereby increasing overall legal efficacy and accessibility.
Transforming Legal Training: Moving Beyond Traditional Methods
The discussion turns to the impact of AI on legal education and training. Ed expresses concerns about the traditional, labor-intensive methods of training associates and advocates for a more intentional, technology-driven approach.
Ed Walters [24:16]: "We have an opportunity to use AI as a lever to re-examine how we train lawyers... to intentionally create programs and methodologies to train them in those things and not by saying I think they'll magically pick it up..."
Ed highlights the need for structured training programs that leverage AI to teach critical legal skills more effectively, moving away from outdated practices that relied heavily on manual, grunt work.
The Future of the Legal Profession: Embracing Change with Optimism
As the conversation wraps up, Ed shares his optimistic outlook for the legal profession amidst technological advancements. He reflects on the enthusiasm of his students and the transformative potential of AI in shaping the future of legal practice.
Ed Walters [29:02]: "I'm very hopeful about what the next five to 10 years are going to bring for the legal profession."
Ed underscores the importance of embracing innovation and fostering a culture of continuous learning to navigate the evolving legal landscape successfully.
Conclusion: Leading the Way Forward
Steve Poor concludes the episode by acknowledging the pivotal role Ed Walters and his team at Velix and Fastcase are playing in driving legal innovation. The merger and the introduction of Vincent AI stand as testament to their commitment to democratizing the law and enhancing access to justice through cutting-edge technology.
Steve Poor [29:31]: "Ed, thanks for making time for us today. I appreciate it."
Listeners are encouraged to explore more episodes and resources at thepioneerpodcast.com.
This episode offers profound insights into the intersection of legal practice and technology, highlighting how strategic mergers and innovative AI solutions like Vincent AI are paving the way for a more accessible and efficient legal system.