The Legal Innovation Agenda in Vectors and Phases daniel martin katz blog | ComputationalLegalStudies.com corp | LexPredict.com edu | illinois tech - chicago kent law lab | TheLawLab.com #MakeLawBetter page | DanielMartinKatz.com
Service The Nature of the Offering Type of Client (Prototypical) (Product + Service) Hybrid Product Fortune 1000 Mid Cap Companies Retail A2J THE MARKET(S) IN LAW
"This reflects the remarkable rate of change taking place in the legal market," said Liam Brown, Founder and Chairman of Elevate, "and it demonstrates that Elevate has assembled the right team at the right time to help our clients address the complex business challenges and unprecedented cost pressures they face.
691 COMPANIES ON THIS LIST INCLUDING MY COMPANY WHICH IS NOT INCLUDED ON THE OTHER TWO LISTS THEREFORE BOB’S LIST IS THE BEST LIST :) https://www.lawsitesblog.com/2016/04/towards- accurate-listing-legal-tech-startups.html
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 Valley’s Sequoia C a p i t a l w h i c h invested $7 million in 2007 ....
36! “From!se)lement!informa0on!and! contracts! to! sensi0ve! client! data! and! beyond,! Liberty! Mutual! creates! and! stores! ever:growing! volumes! of! unorganized! data! across! its! worldwide! offices! and! databases.”! “I've!seen!a!real!transforma0on!in! the! legal! department! just! having! t h a t! i n f o r m a 0 o n! v i s u a l l y! available."! “The' legal' department' is' now' w o r k i n g' p r e d i c 7 v e' a n d' prescrip7ve' analy7cs,"' i.e.' ways' to' analyze' data' that' enable' forecas7ng'for'legal'issues.”'
Service The Nature of the Offering Type of Client (Prototypical) (Product + Service) Hybrid Product Fortune 1000 Mid Cap Companies Retail A2J THE MARKET(S) IN LAW
RECENTLY MET WITH THE GENERAL COUNSEL OF A LARGE COMPANY WHO OVER PAST DECADE HAD REDUCED THE LEGAL EXPENDITURES OF THE COMPANY BY NEARLY 50% USING THE LEAN METHODOLOGY
http://www.reinventlawchannel.com/richard-susskind- future-of-artificial-intelligence-and-law RICHARD SUSSKIND DEVELOPED THE FIRST EXPERT SYSTEM IN LAW IN THE 1980’S
EXPERT SYSTEMS FOR ACCESS TO JUSTICE #A2J #A2JAUTHOR DECISION TREE A2J AUTHOR www.a2jauthor.org Used over 3.5 Million times 2.1 Million Documents generated IMPACT
#Predict Relevant Documents #Predict Case Outcomes / Costs Data Driven Legal Underwriting Data Driven EDiscovery/Due Diligence (Predictive Coding) #Predict Rogue Behavior Data Driven Compliance #Predict Contract Terms/Outcomes Data Driven Transactional Work #Predict Regulatory Outcomes Data Driven Lobbying, etc.
the path (hint: it’s hard to skip steps) Current State Assessment Strategic Planning Tool Selection Solution Design Descriptive Analytics Diagnostics Forecasting
“…I study choice of law by analyzing the nearly 1,000,000 contracts that have been disclosed to the Securities and Exchange Commission between 1996–2012.”
http://journals.plos.org/plosone/article?id=10.1371/journal.pone.0174698 Katz DM, Bommarito MJ II, Blackman J (2017), A General Approach for Predicting the Behavior of the Supreme Court of the United States. PLoS ONE 12(4): e0174698.
MESOPOTAMIA GREECE ROME MEDIEVAL ERA MERCHANT LAW RENAISSANCE PRE ANALOG ERA THE CORPORATION MARITIME LAW + INSURANCE HUNTER GATHERERS CODE OF HAMMURABI SOME EARLY TRANSACTION ENHANCING INNOVATIONS AND SOCIETIES
TELEGRAPH TELEPHONES INTERNET LONG TAIL COMMERCE (MERCHANT LAW TAKE 2) CRYPTO INFRASTRUCTURE ANALOG ERA DIGITAL ERA COMPUTATIONAL ERA INTERNET OF THINGS FIAT CURRENCY EARLY COMPUTERS GLOBALIZATION PERSONAL COMPUTERS ARTIFICIAL INTELLIGENCE AUTOMOBILE CREDIT CARDS CHARGE CARDS
Contract Management Dashboard Open Contracts for Review 150 11.7% compared to 170 this time last year Contracts by Type NDA’s Master Service Agreements Contracts Reviewed (YTD) 1798 9.3.% compared to 1983 this time last year Input Risk Mitigated $6.4M 30.0% compared to $5M this time last year Average Cycle Time (YTD) 19 days 26.7% compared to 15 days last year Total Value of All Contracts $600.2M 29.6% compared to $500M this time last year Software Licenses Sales Agreements 602 426 246 312 Global Filters from 01/01/2017 Status to 12/31/2017 Practice Matter Type 0 7 13 20 26 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Average Contract Cycle Time Agreement Name Agreement Type Days Since Receipt Division Contracts by Complexity Low Medium High 48% 37% 15% Contracts Awaiting Review NDA Software License NDA Sales Agreement MSA John Smith HR Packet MS Jane Jones HR Packet Widget Agreement Acme Services HR IT HR Sales Team IT 3 29 8 37 56
“WEATHER INDEXED INSURANCE IS BASED ON LOCAL WEATHER INDICES. PAYOUTS ARE TRIGGERED BY THE SPECIFIED COMPONENTS OF THE INDEX RATHER THAN CROP YIELDS” https://wrma.org/weather-risk-by-application/agriculture/
INSURANCE CONTRACT CONTINGENCY STORED ON BLOCKCHAIN RAW SENSOR DATA (PRIVATE OR PUBLIC) PREPROCESSED AND SERVED UP REGULARLY CHECK FOR CONTINGENCY SATISFACTION IF CONTINGENCY IS SATISFIED INITIATE PAYMENT OR START AUDIT PROTOCOL OR PROCEED TO FINAL HUMAN APPROVAL
“... law firms will participate in an arms race where they advertise their AI models, and the future of the law business is monetizing bespoke AI models.” http://www.legalexecutiveinstitute.com/iltacon-2018-innovation/
Daniel Martin Katz @ computational computationallegalstudies.com lexpredict.com danielmartinkatz.com illinois tech - chicago kent college of law @ thelawlab.com
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