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Wednesday 15 March 2023

PwC announces partnership with generative AI Harvey

PWCGenerative AI is starting gain traction with professional service firms with PwC announcing a global alliance with AI startup Harvey, as its looks innovate in the Tax and Legal space. This comes a month on from the announcement that law firm Allen & Overy is starting to integrate Harvey’s latest models within its legal practice globally.

Harvey, which is backed by the OpenAI Startup Fund, is built on OpenAI and ChatGPT and uses natural language processing, machine learning and data analytics to enhance various aspects of legal work. PwC will also focus on developing new use cases specific to tax. 

Generative AI has huge potential to revolutionise the world of professional services – potentially cannibalising and commoditising high margin consulting services. The likes of PWC and Allen & Overy are clearly ‘grabbing the bull by the horns’ and looking to get ahead of rivals in the tax and legal space, not only by looking to bring the benefits of AI to their substantial client bases, but by developing and training their own proprietary AI models via the Harvey platform. This should in turn help them create customised products and services to secure future revenue streams. We expect to see lots more movement in this space later this year and beyond.

Posted by: Marc Hardwick at 08:53

Tags: consulting   AI   lawtech   partnership  

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