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{Law, Tech, Design, Delivery} Observations Regarding Innovation in the Legal Industry - Professor Daniel Martin Katz
1. law+tech+design+delivery
by daniel martin katz
edu | illinois tech - chicago kent college of law
blog | ComputationalLegalStudies.com
corp | LexPredict.com
observations regarding innovation in the legal industry
page | DanielMartinKatz.com
8. poison pill - âthe most important innovation in corporate law
since Samuel Calvin Tate Dodd invented the trust
for John D. Rockefeller and Standard Oil in 1879â
(2) lawyers as innovators - substance
9. emerging areas - 3D Printing, Driverless Cars, Augmented Reality,
Data Breach, Crypto/Blockchain, Future of Work,
Big Data+Privacy, etc.
Drones, Internet of Things, CyberSecurity,
(2) lawyers as innovators - substance
95. R e p o r t e d s a l e
price between $35
million and $40
million.
Final Number was
likely between
$80 - $100 million
A n u m b e r o f
venture capitalists
have invested in
t h e c o m p a n y ,
including Silicon
Valleyâs Sequoia
C a p i t a l w h i c h
invested $7 million
in 2007 ....
103. the path of legal(tech)
has in part followed
developments
in artiïŹcial intelligence
104. data driven AI rules based AI
Competing Orientations in
ArtiïŹcial Intelligence
105. expert
systems
Computational Law
Data Driven Rules Based
prediction
models
and
methods
network
analytic
methods
natural
language
processing
self
executing
law
visual
law
computable
codes
106. we see a decent amount of
rules based AI
in legal industry
107. that is actually pretty consistent
with path of A.I. in general
108. lots of issues
with expert systems
and/or
rules based A.I.
(without data or an evolutionary dynamic)
109. rules based A.I. data driven A.I.
1980âs, 1990âs, Early 2000âs
>
110. rules based A.I. data driven A.I.
1980âs, 1990âs, Early 2000âs
rules based A.I. data driven A.I.
2005 - Present
<
>
111. rules based A.I. data driven A.I.
1980âs, 1990âs, Early 2000âs
rules based A.I. data driven A.I.
2005 - Present
<
>
as usual law lags other sectors of the economy
134. Quantitative Legal Prediction
- or -
How I Learned to Stop Worrying and Start
Preparing for the Data Driven Future of the
Legal Services Industry
Daniel Martin Katz
Assistant Professor of Law
Michigan State University
2013
155. General Counsels as Legal
Procurement Specialists
TyMetrix -
Using $50 billion+ in Legal
Spend Data to Help GCâs
Look for Arbitrage
Opportunities, Value
Propositions in Hiring Law
Firms
Legal Procurement
(High End of Market)
182. lots of investment decisions in law
are just a version of this basic idea
law = ïŹnance
183. except its is implicit underwriting
with no real underwriting standards
law != ïŹnance
(but it should)
184. we expand on this theme in this presentation
http://computationallegalstudies.com/2015/10/ïŹn-legal-tech-laws-future-from-ïŹnances-past-katz-bommartio/
196. near real time monitoring of
version 2.0
a large volume of
corporate communications
employee behavior
etc.
197. Behavior Change will change
But Behavior Change will lag
(i.e. rogue action will be done ofïŹine)
(i.e. folks will craft incriminating communications
at least for a while)
Corp Security Starts to
mirror todayâs NSA
198. thus, discovery (in part)
becomes compliance and some
(only some) litigation is avoided
legal standards will still shift
real time monitoring will generate
lots of false positives
203. play âwhack-a-moleâ, reacting to
problems by creating fear and
friction within organizations and
the impression that there is a legal
disaster around every corner.
Mediocre Lawyers
204. can help clients shape
(perhaps distort)
external perception of risk.
Merely Clever Lawyers
205. design systems that
balance risk and improve
transparency, helping clients
correctly price risk internally
Great Lawyers
213. âThe living will is effectively a
roadmap and simulation
of the largest possible series of
transactions in a bankâs lifetime,
the type of analytical exercise that is
common in electronic systems design
or software testing,
but unprecedented in law.â
214. Ideal RRP is a
âWar Gameâ whereby a
SIFI demonstrates it is
robust to failure of
various counterparties
215. but requires review and
understanding of the set
of agreements across all
business lines (p&lâs)
220. horizontal integration
of legal work product in the
broader corporate technology
ecosystem represents a source
of immediate value creation
221. âWatson [and related machine
learning technologies] will catalyze
b e t t e r o r g a n i z a t i o n o f l e g a l
information and legal data, forcing
organizations to better manage their
current data and delivering substantial
re t u r n s f ro m t h i s i n f o r m a t i o n
management step alone....â
222. for example -
contracts should be born
(or processed) as computational
to point straight into ïŹnance/acct
and other relevant IT systems
stored
legal
work
product
245. recently met with the general
counsel of a large publicly traded
company who has reduced the
legal expenditures of the company
by nearly 50% using the lean
methodology over past decade