Verbit, the leading AI-powered transcription platform, today announced a strategic partnership with the Speech to Text Institute (STTI), a non-profit organization composed of businesses and practitioners from across the speech-to-text industry. Verbit’s CEO and co-founder, Tom Livne, will also join STTI’s board of directors. This collaboration will advance the two companies’ missions to innovate the court reporting industry and drive transformation in legal technology.
“I am pleased to join STTI’s board of directors,” said Tom Livne. “Our joint efforts will continue to drive the legal industry forward into the digital era and will further our commitment to building meaningful partnerships with court reporters.”
Jim Cudahy, STTI’s executive director, notes that the legal industry is changing rapidly and that it is incumbent upon its leaders to engage in constructive dialogue and collaboration to ensure this change occurs in alignment with what is best for the legal system.
“We are pleased to have Verbit join STTI as a member company, and we look forward to making use of its deep expertise to educate the community about the capabilities and application of Automatic Speech Recognition in legal,” Cudahy said.
It’s estimated that there is a shortage of approximately 5,500 court reporters in the U.S. Based on data from the AAERT, court reporting companies that adopt digital tools are expected to save nearly $250,000 USD over the next decade.
Verbit recognized these market changes early on and is supporting the evolution of the market to make legal disruption smoother for the numerous organizations that can benefit. Most courts are digital and laws support the move to digital in depositions as well as other off-court use cases in all U.S. states. As such, Verbit continues to support the work of the AAERT, as well as other organizations entering the market to account for this disruption. Verbit also sees similar legal transitions to digital occurring throughout Europe.
“Technology will never replace court reporters, but it will make their jobs more efficient, help their agencies scale and increase the chances of fair legal processes for clients,” Livne said. “When AI is applied to legal transcription, it revolutionizes the profession of court reporting. Skilled individuals who are experts in the many different technologies used in the modern courtroom will be in high demand going forward.”
With the help of machine learning, Verbit is able to provide cost-efficient transcripts quickly while also utilizing certified human professional editors to check its technology for greater accuracy. With Verbit, court reporting companies receive an accurate, workable transcript within days, which is virtually unheard of in the industry and represents a significant breakthrough.
To learn more about Verbit, please visit: Verbit.ai
About Verbit:
Verbit is a global technology company that harnesses the power of artificial and human intelligence to provide a smart transcription and captioning solution. Built on adaptive algorithms, it is the only technology that generates the most detailed speech-to-text files to provide a targeted 99% accuracy, delivered at record-breaking speed. A robust platform provides customers with full visibility into the files that are being processed in real-time. Verbit’s customized solution helps legal organizations maximize the potential of their audio and video files by making information searchable, accessible and actionable. Our adaptive AI technology is trained to recognize legal terms and includes customizable templates and formatting options.
About STTI:
Speech-to-Text Institute (STTI) is a non-profit organization formed by leaders from across the industry united in the belief that uncompromising quality should be a requirement for all speech-to-text enterprises and practitioners and that no single technology holds exclusivity on such quality. STTI believes that reliance on a fair and accurate record of legal proceedings to be a fundamental component of our legal system. Today’s market requires the use of stenographers, voice writers, digital reporters and videographers, all with the ability to harness emerging technologies as they prove capable of serving a role in the uncompromising legal environment.