PwC's global network has entered a strategic alliance with Harvey, a generative artificial intelligence platform, granting PwC's tax and legal advisory specialists exclusive access among the Big Four firms. The partnership was announced in March 2023, and PwC member firms have already started deploying the tool within their local businesses.
What Harvey does and how PwC will use it
Harvey is built on OpenAI and ChatGPT technology and its creation was supported by the OpenAI Startup Fund; the company is also described as backed by a Sequoia startup fund. The platform uses natural language processing, machine learning and data analytics to automate and support various legal workflows. According to PwC, Harvey can process large volumes of data to aid understanding and help generate recommendations, potentially speeding up how quickly experts identify solutions.
PwC stresses that outputs generated by Harvey will always be reviewed and validated by human specialists. PwC plans to apply the technology across tasks such as contract analysis, regulatory compliance, collections, due diligence and broader tax and legal advisory work, delivering solutions that combine human oversight with advanced technology.
Plans to develop proprietary models
PwC also intends to use Harvey to help develop and train its own artificial intelligence models. These models would support PwC's internal operations and the creation of tailored products and services for clients in tax and legal advisory.
Why this matters
The global strategic alliance with Harvey aligns with PwC's “The New Equation” strategy, which emphasizes combining human expertise with advanced technology. The collaboration is expected to streamline internal legal processes and accelerate responses to complex legal challenges.
Editor's note – PwC Hungary
PwC Magyarország and Réti, Várszegi és Társai Ügyvédi Iroda PwC Legal provide a wide range of tax and legal advisory services, including corporate taxation, transfer pricing, indirect taxation, tax returns and strategy, people and organizational services, legal services and tax technology.
PwC network size
PwC member firms operate in 155 countries and employ around 327,000 professionals who offer audit, tax and consulting services.
© 2024 PwC. All rights reserved. In this document, “PwC” refers to the PwC network and/or one or more of the PwC member firms, each of which is a separate legal entity.
