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Make Law Better - The Legal Innovation Agenda in Vectors and Phases

Make Law Better - The Legal Innovation Agenda in Vectors and Phases

Make Law Better ( #MakeLawBetter) - The Legal Innovation Agenda in Vectors and Phases

Daniel Martin Katz
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September 19, 2018
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  1. 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

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  2. MY OPENING
    STATEMENT

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  3. IS THE MOST TRIVIALLY
    OBVIOUS OF ALL
    OBSERVATIONS

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  4. AT ALL LEVELS …

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  5. AND
    NOTWITHSTANDING
    THE SUBMARKET IN
    QUESTION …

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  6. LAW IS FAILING TO
    DELIVER VALUE
    COMMENSURATE
    WITH THE COSTS
    WE IMPOSE …

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  7. View Slide

  8. THERE ARE MANY
    REASONS FOR THE
    CHALLENGES WE FACE …

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  9. BUT I THINK THE MOST
    SIMPLE EXPLANATION
    IS THAT …

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  10. THIS IS A FIELD
    HISTORICALLY
    CENTERED AROUND
    SUBJECT MATTER
    EXPERTISE

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  11. AND *NOT*
    FOCUSED ON
    OPERATIONAL
    EXCELLENCE

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  13. SO OUR
    CONVERSATION
    IS *NOT* ABOUT
    THE CONTENT OF
    ANY PARTICULAR
    LEGAL RULE …

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  14. INSTEAD THIS IS
    ABOUT HOW WE CAN
    CONTINUE TO …
    #MAKELAWBETTER

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  15. BECAUSE
    NOTWITHSTANDING
    THE CHALLENGES

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  16. IT IS NOT ALL
    DOOM AND
    GLOOM …

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  17. THERE ARE
    GREEN SHOOTS

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  18. THERE ARE AN INCREASING
    NUMBER OF FOLKS …

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  19. WORKING GLOBALLY …
    WORKING DOMESTICALLY …

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  20. TO ADVANCE THE LEGAL
    INNOVATION AGENDA

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  21. I WOULD BE REMISS
    IF I DID NOT MENTION THIS
    EVENT WHICH RECENTLY
    TOOK PLACE …

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  22. 22 COUNTRIES
    40 PARTICIPATING CITIES
    600+ HACKATHON TEAMS
    ~5000 PARTICIPANTS GLOBALLY

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  23. I THINK IT JUST ONE OF
    MANY SIGNALS THAT
    INDICATE THAT THERE IS A
    REAL APPETITE FOR CHANGE

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  24. View Slide

  25. BY WAY OF
    INTRODUCTION

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  26. I AM AN
    ACADEMIC

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  27. I AM A SCIENTIST & TECHNOLOGIST

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  28. I AM A SCIENTIST & TECHNOLOGIST

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  29. I AM A
    TEACHER

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  30. LexPredict.com
    CONSULTANT
    & ADVISOR
    TO THE
    FORTUNE 1000,
    AM LAW 200,
    LEGAL TECH
    STARTUPS, ETC.

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  31. I AM IN THE
    LEGAL
    INNOVATION
    AND VENTURE
    SPACE AS AN
    ADVISOR

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  32. LexPredict.com
    I AM AN
    EMPLOYER
    15+ TEAM
    MEMBERS

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  33. I MENTION ALL OF
    THIS ONLY SO THAT
    YOU MIGHT BE ABLE
    TO ORIENT SOME OF
    MY COMMENTARY

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  34. AND UNDERSTAND
    THAT I AM *NOT* A
    MERE SPECTATOR OR
    COMMENTATOR BUT
    RATHER AN ACTIVE
    PARTICIPANT …
    #SKININTHEGAME

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  35. SO TODAY ALLOW ME
    TO SHARE SOME OF MY
    NOTES FROM THE FIELD

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  36. THE LEGAL
    INNOVATION
    AGENDA

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  37. View Slide

  38. WHEN WE TALK
    ABOUT
    ‘INNOVATION’
    IN LEGAL …

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  39. THE ROBOT
    LAWYERS
    NARRATIVE IS
    THE FAVORITE
    STORY IN THE MEDIA

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  44. View Slide

  45. View Slide

  46. View Slide

  47. View Slide

  48. View Slide

  49. THERE IS
    MUCH MORE
    TO THE
    LEGAL INNOVATION
    CONVERSATION

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  50. IN OTHER WORDS,
    #LEGALINNOVATION
    IS FAR BROADER
    THAN JUST
    #LEGALTECH PER SE

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  51. LEGAL
    INNOVATION
    LEGAL
    TECH

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  52. LEGAL INNOVATION CAN BE
    DECOMPOSED INTO AT
    LEAST SIX VECTORS

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  53. SIX VECTORS OF
    LEGAL INNOVATION

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  54. PROCESS IMPROVEMENT
    A.I. + LEGAL ANALYTICS
    HUMAN CAPITAL + CULTURE
    INTELLIGENT MONETIZATION
    MARKET(S) STRUCTURE + DYNAMICS
    PRODUCTIZATION AND SCALE

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  55. View Slide

  56. MARKET(S) STRUCTURE

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  57. OF COURSE THERE IS
    NO LEGAL ‘MARKET’
    PER SE BUT RATHER A
    SET OF SUBMARKETS

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  58. (VISUAL VIA
    BILL
    HENDERSON)

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  59. 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

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  60. ALTHOUGH A MORE
    NUANCED ACCOUNT
    COULD BE OFFERED
    FOR EACH SUBMARKET

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  61. IN GENERAL, THE
    INCUMBENTS ARE
    UNDER ATTACK FROM
    VARIOUS DIRECTIONS …
    #DEATHBY1000CUTS

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  62. NOT ONE SINGLE
    ‘DISRUPTOR’ BUT
    RATHER THE SUM
    OF VARIOUS
    DISRUPTIVE TRENDS
    #DEATHBY1000CUTS

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  63. View Slide

  64. OBVIOUSLY LAW
    FIRMS ARE ALWAYS
    COMPETING AGAINST
    OTHER LAW FIRMS …

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  65. THE (OTHER)
    COMPETITORS
    (i.e. the entities folks might not see)

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  66. BIG 4
    LPO’S
    #LEGALTECH
    CLIENTS

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  67. View Slide

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  71. View Slide

  72. View Slide

  73. View Slide

  74. View Slide

  75. BIG 4
    LPO’S
    #LEGALTECH
    CLIENTS

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  78. "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.

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  79. View Slide

  80. View Slide

  81. View Slide

  82. View Slide

  83. It has $300+ million in revenue in 2016
    The equivalent of an AMLaw 100 Law Firm

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  84. 2000+
    total
    employees

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  85. View Slide

  86. LABOR ARBITRAGE
    PROCESS ARBITRAGE
    DATA / TECHNOLOGY
    INTEGRATION
    LADDER
    TO A FULL
    PLATFORM
    SOLUTION

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  87. View Slide

  88. BIG 4
    LPO’S
    #LEGALTECH
    CLIENTS

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  89. LEX.STARTUP

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  90. OVER THE PAST FEW
    YEARS, WE HAVE SEEN
    SIGNIFICANT GROWTH
    IN THE SHEER NUMBER
    OF STARTUPS …

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  91. THERE ARE A VARIETY
    OF DIFFERENT LISTS

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  92. ANGELLIST
    749+ ‘LEGAL TECH’
    COMPANIES
    1800+ IF YOU ONLY
    SEARCH UNDER
    ‘LEGAL’
    HTTPS://ANGEL.CO/COMPANIES?
    MARKETS%5B%5D=LEGAL+TECH

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  93. tech.law.stanford.edu
    STANFORD
    CODEX LIST
    790+ COMPANIES

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  94. 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

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  95. THINGS ARE
    HEATING UP ON THE
    CONTINENT AS WELL
    BEYOND US + UK

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  96. FRENCH
    LEGAL TECH
    GERMAN
    LEGAL TECH

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  97. BELGIUM
    LEGAL TECH
    DUTCH
    LEGAL TECH

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  98. AND BEYOND …

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  99. AUSTRALIA
    LEGAL TECH
    ISRAEL
    LEGAL TECH

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  100. AFRICAN
    LEGAL
    TECH
    http://legaltechafrica.co/startups/

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  101. BRAZIL
    LEGAL
    TECH
    MEXICO
    LEGAL
    TECH

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  103. ALTHOUGH LEGAL IS A
    RELATIVELY SMALL
    SECTOR OF THE
    ECONOMY

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  104. WE HAVE HAD
    SOME WAVES OF
    VENTURE FUNDING …

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  105. HERE ARE JUST
    A FEW EXAMPLES …

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  106. 5.8M SERIES A
    2M SEED

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  107. 8.7M
    SERIES A
    4.3M
    SEED ROUND

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  108. 12M SERIES B
    7M SERIES A
    1.8M SEED

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  109. 10.25M+
    RAISED
    THUS
    FAR

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  110. 1M SERIES A
    150K SEED

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  111. 20M SERIES C
    7M
    PRIOR
    ROUNDS

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  112. 125M+
    RAISED
    THUS
    FAR

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  113. OF COURSE
    WE HAVE HAD A
    NUMBER OF FAILED
    COMPANIES
    #PARFORTHECOURSE

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  114. BUT WE HAVE ALSO
    SEEN A NUMBER OF
    NOTABLE EXITS

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  115. View Slide

  116. View Slide

  117. 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 ....

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  118. View Slide

  119. View Slide

  120. View Slide

  121. COLLECTIVELY THESE
    ENTITIES ARE DOING
    THE LION’S SHARE OF
    LEGAL INDUSTRY
    R + D

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  122. AND THERE IS
    STILL PLENTY
    TO PLAY FOR …

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  123. SIGNIFICANT
    AMOUNTS OF CAPITAL
    ARE COMING INTO
    THE MARKET IN JUST
    THE PAST MONTHS

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  126. View Slide

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  128. View Slide

  129. View Slide

  130. View Slide

  131. View Slide

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  133. BIG 4
    LPO’S
    #LEGALTECH
    CLIENTS

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  134. EVERY
    CUSTOMER IN
    ANY SECTOR
    FACES THE
    DIY VS BUY
    DECISION

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  135. View Slide

  136. View Slide

  137. ~450 ~1200+
    Number of Attendees Number of Attendees
    2016 2017

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  138. #cloc2017

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  139. #cloc2018
    2200+
    Attendees

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  140. Legal
    Operations

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  141. Legal
    Operations

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  142. Legal
    Operations

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  143. View Slide

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  146. View Slide

  147. SOME OTHER
    RELATED
    EXAMPLES

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  148. 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.”'

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  149. 34!

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  150. 37!
    “I"believe"strongly"that"data"analy2cs"is"
    a"new"fron2er"in"the"legal"space.”"
    Susie!Lees!
    General!Counsel!!
    Allstate!!
    “Leveraging" data," not" only" that" we"
    possess" but" that" our" law" firms" have"
    amassed"over"the"years,"offers"a"plethora"
    of" unto" help" us" forecast" and" manage" legal"
    expenses," but" also" to" help" our" clients"
    make"more"informed"business"decisions.”"

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  151. View Slide

  152. PRODUCTIZATION AND SCALE

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  153. HISTORICALLY -
    LAW HAS BEEN A
    SERVICE BUSINESS
    THROUGH WHICH
    SUBJECT MATTER
    EXPERTISE IS
    DELIVERED

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  154. HOWEVER,
    IT IS (SLOWLY)
    BECOMING
    MUCH MORE …

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  155. 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

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  156. The Nature of the Offering
    THE
    MARKET(S)
    in LAW
    Type
    of
    Client
    (Prototypical)

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  157. PRODUCTIZATION OF
    LEGAL KNOWLEDGE

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  158. PRODUCTIZED
    KNOWLEDGE
    IS WHAT THE
    BIG 4 DO BEST

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  159. AMONG OTHER
    THINGS, PRODUCTS
    HELP WITH THE ‘JUST
    IN TIME’ IMPERATIVE
    (LABOR CANNOT SCALE
    INSTANTANEOUSLY)

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  160. PRODUCTS
    ALSO HELP YOU
    CROSS-SELL
    SERVICES

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  161. PRODUCTS MAKE
    YOU HARD TO GET
    RID OF …

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  162. PRODUCT BUSINESS
    WILL TYPICALLY
    HAVE A HIGHER
    MULTIPLE
    (THAT IS NOT BY ACCIDENT)

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  163. View Slide

  164. SO WHY DON’T WE
    SEE MORE SCALABLE
    TECHNOLOGY
    OFFERINGS CREATED
    BY LAW FIRMS ?

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  165. TECH IS A
    CAPITAL
    INTENSIVE
    FIELD

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  166. LAW FIRMS ARE
    PARTNERSHIPS AND
    GIVEN RULE 5.4
    FIRMS CANNOT
    SHARE PROFITS WITH
    #NONLAWYERS
    WHERE #NONLAWYERS = HUMANS

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  167. THIS IS THE
    ORIGINAL SIN
    OF LAW AS A
    BUSINESS …

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  168. LAW FIRMS HAVE
    (1) NO REAL ASSETS
    (2) CASH ACCOUNTING
    THIS HAS LIMITED SCALE

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  169. THIS HAS MADE
    ACCESS TO
    CAPITAL FAR
    MORE DIFFICULT

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  170. View Slide

  171. THESE ARE THE
    HEADWINDS …

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  172. HOWEVER,
    NOTWITHSTANDING
    EACH OF THESE ENTITIES
    (AS WELL AS OTHERS)
    ARE UNDERTAKING SOME
    SORT OF R+D OPERATION

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  173. THE RACE IS ON …

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  176. View Slide

  177. View Slide

  178. View Slide

  179. View Slide

  180. GIVEN MICRO-
    INCENTIVES
    MIGHT NEED TO
    CREATE A
    SEPARATE
    CAPITAL FUNDED
    R+D OPERATION

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  181. View Slide

  182. View Slide

  183. View Slide

  184. WITH SOME NOTABLE
    EXCEPTIONS …
    THERE ARE SIMILAR
    SCALABILITY ISSUES IN
    OTHER SUBMARKETS

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  185. View Slide

  186. PROCESS IMPROVEMENT

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  187. THE
    INDUSTRIALIZATION
    OF THE
    ARTISAN

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  188. ACROSS THE ECONOMY
    THERE ARE MANY
    EFFORTS TO CONVERT AN
    ARTISANAL PROCESS
    INTO AN INDUSTRIAL
    PROCESS

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  189. WE WANT TO ENSURE
    THAT WE CAN MAINTAIN
    THE ARTISAN ELEMENTS
    THAT DO ADD VALUE

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  190. WITH RESPECT TO A GIVEN
    PROCESS THERE IS OFTEN A
    SIGNIFICANT SPREAD
    Kim Craig from Seyfarth Lean Consulting

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  191. 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

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  192. LEAN, SIX SIGMA
    AND OTHER
    PROCESS IMPROVEMENT
    METHODOLOGIES

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  193. CAN HELP IMPROVE
    ALMOST EVERY
    SUBSECTOR IN LAW

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  194. THE INTELLECTUAL
    ORIGINS CAN BE TRACED
    TO A MUCH EARLIER TIME

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  195. THE INTELLECTUAL
    ORIGINS CAN BE TRACED
    TO A MUCH EARLIER TIME

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  196. the toyota
    production system
    lean ideas
    lean for
    enterprises
    (white collar, etc.)

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  197. CONVERT HIGH VOLATILITY PROCESS

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  198. CONVERT HIGH VOLATILITY PROCESS
    INTO A LOWER VOLATILITY PROCESS

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  199. WHAT YOU ARE
    LEFT WITH
    IS A VERY USEFUL
    ARTIFACT …

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  200. THE PROCESS MAP

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  201. IT CAN AID IN
    Increasing Response Times
    Predicting Resource Loads
    Coordination Across Stakeholders
    Increasing Margins on Work

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  202. I AM VERY HAPPY TO
    HAVE THE CHANCE TO
    HELP CO-TEACH THIS CLASS

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  203. View Slide

  204. SOME
    ADDITIONAL
    RESOURCES

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  205. View Slide

  206. View Slide

  207. View Slide

  208. ARTIFICIAL INTELLIGENCE
    + LEGAL ANALYTICS

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  209. THIS IS A TOPIC
    FOR WHICH I AM
    OFTEN CALLED
    UPON TO
    COMMENT

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  210. AND FOR WHICH
    A FULL FLEDGED
    PRESENTATION
    COULD BE
    OFFERED …

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  211. https://www.slideshare.net/Danielkatz/
    artificial-intelligence-and-law-a-primer
    ACCESS MORE HERE

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  212. ARTIFICIAL INTELLIGENCE IS A BROAD FIELD

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  213. LETS LOOK AT THESE SPECIFIC SUBFIELDS

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  214. data driven AI rules based AI

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  215. View Slide

  216. EXPERT
    SYSTEMS

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  217. 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

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  218. HERE ARE
    SOME MORE
    CONTEMPORARY
    EXAMPLES …

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  219. BUT THE BASIC IDEA
    IS TO ENCODE THE
    RULES THAT GOVERN
    A DECISION MAKING
    PROCESS AND TURN
    IT INTO SOFTWARE

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  220. TURBOTAX IS THE MOST
    COMMERCIALLY SUCCESSFUL
    EXPERT SYSTEM OF ALL TIME
    (30+ MILLION USERS)

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  221. (BUT WITH OTHER INCREASING
    INTERESTING CAPABILITIES)
    “DRAG + DROP A.I.”
    FOR BUILDING LEGAL
    EXPERT SYSTEMS

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  222. 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

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  223. EXPERT SYSTEMS
    WILL BECOME
    CHATBOTS
    (THUS HELPING BRIDGE THE
    DATA VS RULES DIVIDE)

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  224. View Slide

  225. DATA DRIVEN A.I.

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  226. THE ALTERNATIVE TO
    HARD CODING THE
    RULES IS TO LET DATA
    DO THE LIFTING …

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  227. DATA DRIVEN
    A.I.
    =
    MACHINE
    LEARNING
    NATURAL
    LANGUAGE
    PROCESSING

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  228. View Slide

  229. THE ULTIMATE
    GOAL IS TO PREDICT
    SOME CLASS OF
    LEGAL OUTCOMES

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  230. HERE ARE
    JUST A FEW
    USE CASES
    IN LAW

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  231. #Predict Relevant Documents
    Data Driven EDiscovery/Due Diligence
    (Predictive Coding)

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  232. #Predict Relevant Documents
    Data Driven EDiscovery/Due Diligence
    (Predictive Coding)
    #Predict Contract Terms/Outcomes
    Data Driven Transactional Work

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  233. #Predict Relevant Documents
    Data Driven EDiscovery/Due Diligence
    (Predictive Coding)
    #Predict Rogue Behavior
    Data Driven Compliance
    #Predict Contract Terms/Outcomes
    Data Driven Transactional Work

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  234. #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

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  235. #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.

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  236. View Slide

  237. IN MANY INSTANCES
    BLENDS OF
    INTELLIGENCE WILL
    OUTPERFORM A
    SINGLE STREAM OF
    INTELLIGENCE

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  238. THE PSEUDOCODE
    OF OUR TIMES …

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  239. HUMANS
    +
    MACHINES
    HUMANS
    OR
    MACHINES
    >

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  240. Professor Katz noted
    …“We believe the
    blend of experts,
    crowds, and
    algorithms is the
    secret sauce for the
    whole thing.”
    May 2nd 2017

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  241. View Slide

  242. THE STRUCTURE
    OF HOW THE
    WORK IS DONE

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  243. A.I.
    Tool
    Suite
    (Legal)
    Data
    Scientist
    Subject
    Matter
    Expert(s)
    + +

    View Slide

  244. the path
    (hint: it’s hard to skip steps)
    Current State Assessment
    Strategic
    Planning
    Tool
    Selection
    Solution
    Design
    Descriptive
    Analytics
    Diagnostics
    Forecasting

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  245. Simple Data Models
    Claim&Type& Statutes& Outcome& Payout&
    00001& Employment&–&
    Single&Plain>ff&&
    Race& Title&VII& SeCled& $10,000&
    00002& Employment&–&
    Single&Plain>ff&&
    Race& Title&VII& SeCled& $70,000&
    00003& Employment&–&
    Single&Plain>ff&&
    Age& Title&VII&
    &
    Summary&
    Judgment&
    N/A&
    00004& Employment&–&
    Single&Plain>ff&&
    Gender& Title&VII&
    &
    Dismissed& N/A&
    00005& Employment&–&
    Single&Plain>ff&&
    Age& Title&VII&
    &
    Dismissed& N/A&
    00006& Employment&–&
    Single&Plain>ff&&
    Disability& ADA&Title&III& SeCled& $21,000&
    Ma4er&No& Ma4er&Type&
    00001& Employment&–&
    Single&Plain>ff&&
    00002& Employment&–&
    Single&Plain>ff&&
    00003& Employment&–&
    Single&Plain>ff&&
    00004& Employment&–&
    Single&Plain>ff&&
    00005& Employment&–&
    Single&Plain>ff&&
    00006& Employment&–&
    Single&Plain>ff&&
    General Practice-Specific

    View Slide

  246. Complex Models Too
    Lawsuits
    Docket Record
    Related Disputes

    View Slide

  247. Fill in the gaps
    $10k
    Base
    Damages
    Claimed
    Filed in
    ‘Unfriendly’
    Jurisdiction
    Conservative
    Appointed
    Judge
    Repeat
    Plaintiff’s
    Counsel
    $6.3k
    + $3.1k
    (Yes)
    - $4.4k
    (No)
    + $4.2k
    per case
    (<= 6 cases)
    + $0.40
    per $1
    claimed
    - $1.6k
    per case
    (7 < cases)
    Claim Type
    + $2.3k
    (Disability)
    - $7k
    (Age)
    Matter
    Management
    Matter
    Management
    Matter
    Management
    Outside
    Source
    [ ]

    View Slide

  248. Practice-
    Related
    Data
    Synthesis and
    Transformation
    Interface and
    Interaction
    Task Norms
    Collaboration
    Culture
    Coordination
    PuQng&It&Together&

    View Slide

  249. View Slide

  250. View Slide

  251. LET ME OFFER
    JUST A FEW OTHER
    OBSERVATIONS ON
    THE STATE OF
    A.I. AND LAW

    View Slide

  252. WE NEED MORE
    PEER REVIEWED
    VALIDATION
    STUDIES
    (1)

    View Slide

  253. AND LESS
    MARKETING
    MATERIAL

    View Slide

  254. THERE ARE AN
    INCREASING NUMBER
    OF RELEVANT
    ACADEMIC PAPERS
    (AND IN SOME CASES
    ASSOCIATED COMPANIES)

    View Slide

  255. View Slide

  256. View Slide

  257. View Slide

  258. View Slide

  259. “…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.”

    View Slide

  260. 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.

    View Slide

  261. View Slide

  262. (2)
    ECONOMICS ASSOCIATED
    WITH LEGAL A.I. ARE
    RAPIDLY CHANGING

    View Slide

  263. MACHINE LEARNING
    AS A SERVICE
    #MLaaS
    +
    ENTERPRISE OPEN
    SOURCE MOVEMENT

    View Slide

  264. ARE
    FUNDAMENTALLY
    CHANGING
    THE POSSIBILITY
    FRONTIER

    View Slide

  265. WE ARE GETTING A
    BROADER MENU

    View Slide

  266. WE ARE
    GETTING MORE
    STANDARDIZATION

    View Slide

  267. I WORK THIS OUT
    FURTHER HERE …

    View Slide

  268. https://www.slideshare.net/Danielkatz/
    machine-learning-as-a-service-mlaas-open-
    source-and-the-future-of-legal-analytics-by-
    daniel-martin-katz-michael-j-bommarito-ii

    View Slide

  269. BUT SUFFICE TO SAY
    IS NO LONGER THE
    ONLY GAME IN TOWN

    View Slide

  270. Machine Learning as a Service
    #MLaaS

    View Slide

  271. Machine Learning as a Service
    #MLaaS

    View Slide

  272. Machine
    Learning as
    a Service
    #MLaaS

    View Slide

  273. Machine Learning as a Service
    #MLaaS

    View Slide

  274. View Slide

  275. (3)
    WE WILL GO THE
    WAY OF THE WORLD
    AND SEE MORE
    OPEN SOURCE
    OFFERINGS IN LEGAL

    View Slide

  276. WE NEED MORE
    #OPENSOURCE
    IN LAW

    View Slide

  277. I AM
    PRACTICING
    WHAT I PREACH

    View Slide

  278. View Slide

  279. contraxsuite.com

    View Slide

  280. https://github.com/LexPredict/lexpredict-contraxsuite

    View Slide

  281. View Slide

  282. View Slide

  283. INTELLIGENT MONETIZATION

    View Slide

  284. ONE OF THE
    CHALLENGES
    THAT LEGAL
    INNOVATORS
    HAVE FACED
    IS PROBLEM
    SELECTION

    View Slide

  285. PERFORMANCE
    PEDIGREE >
    HISTORICALLY IN LAW

    View Slide

  286. PERFORMANCE
    IS *NOT*
    RIGOROUSLY
    MEASURED …

    View Slide

  287. INDEED, ALMOST
    EVERY TIME WE
    BENCHMARK
    EXPERTS THEY ARE
    NOT NEARLY AS
    GOOD AS WE THINK

    View Slide

  288. EVEN IF YOU
    HAVE A BETTER
    MOUSETRAP …

    View Slide

  289. IF YOU ARE
    5% OR 10%+
    BETTER AT
    SOMETHING

    View Slide

  290. YOU NEED TO
    FIND A CUSTOMER
    (CLIENT) WHO
    ACTUALLY CARES

    View Slide

  291. View Slide

  292. SOMETIMES IT IS
    WAY EASIER TO SELL
    #LEGALINNOVATION
    TYPE IDEAS

    View Slide

  293. TO OTHER
    SECTORS
    IMPACTED BY
    LEGAL DECISIONS
    OR LEGAL RISK

    View Slide

  294. IN OTHER WORDS,
    ACROSS THE
    ENTIRE ECONOMY …

    View Slide

  295. THE BOUNDARIES
    BETWEEN MARKET
    SECTORS ARE
    BEGINNING TO
    EVAPORATE …

    View Slide

  296. LEGALTECH
    REGTECH
    FINTECH
    INSURTECH
    ON THE MARGINS THERE IS NO
    REAL DIFFERENCE BETWEEN
    THE FOLLOWING FIELDS -

    View Slide

  297. WHICH IS JUST A WAY
    OF IDENTIFYING THAT
    ASPECTS OF ‘LAW’ ARE
    ACTUALLY JUST
    FINANCE, INSURANCE
    IN THE FIRST PLACE …

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  298. LITIGATION FUNDING

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  299. LITIGATION FUNDING
    +1568% in 4 years

    View Slide

  300. LAW AS INSURANCE

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  301. EVENT DRIVEN LEGAL TRADING

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  302. LEGAL SIGNAL PROCESSING

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  303. View Slide

  304. https://www.slideshare.net/Danielkatz/fin-legal-tech-laws-future-from-
    finances-past-some-thoughts-about-the-financialization-of-the-law-
    professors-daniel-martin-katz-michael-j-bommarito

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  305. View Slide

  306. HUMAN CAPITAL + CULTURE

    View Slide

  307. THE
    DEMOGRAPHIC
    REALITY …

    View Slide

  308. WE ARE ABOUT TO
    HAVE THE LARGEST
    GENERATIONAL
    TRANSFER IN
    HUMAN HISTORY

    View Slide

  309. THIS IS A MAJOR
    CHALLENGE TO
    EVERY
    ORGANIZATION

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  310. View Slide

  311. ORGANIZATIONS
    NEED DIFFERENT
    (BETTER) HUMAN
    CAPITAL IN ORDER
    TO SUPPORT ALL
    OF THESE TRENDS
    HIGHLIGHTED
    HEREIN

    View Slide

  312. AND THIS SHOULD
    BE REFLECTED IN
    THE CONTENT OF
    LEGAL EDUCATION

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  313. LIBERAL ARTS LEGAL.EDU

    View Slide

  314. POLYTECHNIC LEGAL.EDU
    LIBERAL ARTS LEGAL.EDU

    View Slide

  315. Daniel Martin Katz, The MIT School of Law? A Perspective on Legal
    Education in the 21st Century, University of Illinois Law Review (2014)

    View Slide

  316. I OUTLINE IN THIS PAPER
    MY VISION FOR WHAT
    LAW.EDU COULD BE ...
    (AND I AM NOT ALONE IN THIS VIEW)

    View Slide

  317. View Slide

  318. View Slide

  319. View Slide

  320. SO WITH THAT
    UNDERSTANDING
    OF THE CURRENT
    INPUTS, DYNAMICS
    AND CONSTRAINTS

    View Slide

  321. I WOULD LIKE TO LOOK OVER
    THE #LEGALHORIZON …

    View Slide

  322. FROM
    CHAOS + COMPLEXITY
    TO REINVENTION

    View Slide

  323. BLOCKCHAINLAWCLASS.COM

    View Slide

  324. FROM HUNTER
    GATHERER SOCIETIES
    TO A HIGHLY COMPLEX
    GLOBAL ECONOMIC
    SYSTEM(S)

    View Slide

  325. ECONOMIC HISTORY TO DATE
    CAN BE SEEN AS A QUEST TO
    SCALE TRUST AND LOWER
    TRANSACTION COSTS

    View Slide

  326. 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

    View Slide

  327. THERE ARE A VARIETY
    OF DIFFERENT WAYS
    TO DIVIDE UP
    RECENT HISTORY
    AND PROJECT
    FORWARD …

    View Slide

  328. WE COULD DIVIDE UP THE
    PAST ~150 YEARS INTO
    THREE SEPARATE ERAS
    ANALOG
    ERA
    DIGITAL
    ERA
    COMPUTATIONAL
    ERA

    View Slide

  329. EACH ERA LAYERS UPON
    THE PRIOR PERIODS …
    ANALOG
    ERA
    DIGITAL
    ERA
    COMPUTATIONAL
    ERA

    View Slide

  330. THE WORLD ECONOMIC
    FORUM CALLS THIS THE
    ‘FOURTH INDUSTRIAL
    REVOLUTION’

    View Slide

  331. View Slide

  332. I WOULD CALL IT THE
    COMPUTATIONAL AGE …

    View Slide

  333. INDEED HERE IS
    OUR BLOG
    WHICH HAS BEEN
    RUN SINCE 2009
    (FEEL FREE TO SET
    THIS AS YOUR
    HOMEPAGE)
    HTTPS://COMPUTATIONALLEGALSTUDIES.COM/

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  334. 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

    View Slide

  335. SOME OF THE KEY
    INGREDIENTS OF THE
    COMPUTATIONAL ERA …

    View Slide

  336. CRYPTO
    INFRASTRUCTURE
    INTERNET
    OF THINGS
    ARTIFICIAL
    INTELLIGENCE
    +
    +
    ETC.
    +
    { }

    View Slide

  337. View Slide

  338. THESE PHASES MAP
    REASONABLY WELL ON TO
    WHAT WE HAVE SEEN (AND
    WILL LIKELY SOON SEE) IN
    THE FIELD OF LEGAL
    INNOVATION

    View Slide

  339. ANALOG
    DIGITAL
    COMPUTATIONAL

    View Slide

  340. COMPUTATIONAL
    Chaos +
    Complexity
    Process +
    Predictability
    Reinvention +
    Value Creation
    ANALOG
    DIGITAL

    View Slide

  341. View Slide

  342. A FEW EXAMPLES
    OF THE PATH TO
    REINVENTION …

    View Slide

  343. (1)
    CONTRACTS /
    TRANSACTIONS

    View Slide

  344. CHAOS +
    COMPLEXITY

    View Slide

  345. CHAOS +
    COMPLEXITY
    PROCESS +
    PREDICTABILITY

    View Slide

  346. 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

    View Slide

  347. WHILE THIS IS A
    HELPFUL STEP IT IS
    NOT REINVENTION

    View Slide

  348. AN EXAMPLE OF
    REINVENTION

    View Slide

  349. https://medium.com/aigang-network/the-synergy-
    between-insurance-and-blockchain-77da2849c211

    View Slide

  350. “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/

    View Slide

  351. 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

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  352. EARLY EXAMPLES
    IN LAW-LAW LAND

    View Slide

  353. View Slide

  354. View Slide

  355. View Slide

  356. View Slide

  357. View Slide

  358. View Slide

  359. View Slide

  360. (2)
    DISCOVERY
    COMPLIANCE
    CONVERGENCE

    View Slide

  361. THE DISCOVERY +
    COMPLIANCE
    CONVERGENCE

    View Slide

  362. View Slide

  363. View Slide

  364. View Slide

  365. View Slide

  366. THE GOAL SHOULD
    BE PREVENTION

    View Slide

  367. BEHAVIORAL
    PATTERNS
    AND
    SIGNALS
    INTELLIGENCE

    View Slide

  368. #DOLESSLAW
    http://www.reinventlawchannel.com/ron-friedmann-do-less-law/

    View Slide

  369. View Slide

  370. (3)
    LEGAL RISK
    MANAGEMENT
    BECOMES
    INSURANCE

    View Slide

  371. TODAY WE USE
    LAWYERS AS THE
    COMPUTERS OF
    LEGAL RISKS

    View Slide

  372. BUT IN THE OTHER
    APPLICATIONS
    WE USE
    UNDERWRITING
    AND RISK
    TRANSFER
    VEHICLES

    View Slide

  373. THIS IS JUST ONE
    EXAMPLE OF HOW
    WE (PARTIALLY)
    DELAWYERED A
    LEGAL PROCESS

    View Slide

  374. LAW AS INSURANCE

    View Slide

  375. HERE WE ALMOST
    FULL DELAWYERED
    THE TRANSACTION

    View Slide

  376. View Slide

  377. THERE IS MORE
    WHERE THAT CAME
    FROM …

    View Slide

  378. LITIGATION FUNDING

    View Slide

  379. LITIGATION FUNDING
    +1568% in 4 years

    View Slide

  380. WHERE
    LAW IS FINANCE
    LAW WILL LOOK
    MORE LIKE
    FINANCE
    #PROPTRADING

    View Slide

  381. CLAIM
    MOST OF TODAY’S
    LEGAL AI BUYERS
    SELECT ON THE BASIS
    OF UI/UX NOT ACTUAL
    PERFORMANCE
    SIZZLE > STEAK

    View Slide

  382. “... 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/

    View Slide

  383. View Slide

  384. (4)
    PLATFORMS AND
    THE LEGAL INFO
    ECONOMY

    View Slide

  385. TWO YEARS AGO

    View Slide

  386. MICHAEL SKAPINKER
    FROM THE FT
    WROTE THE
    FOLLOWING

    View Slide

  387. APRIL 11
    2016

    View Slide

  388. AMONG OTHER THINGS
    THE ARTICLE EXPLORED
    CHANGES IN THE
    BUSINESS OF LAW

    View Slide

  389. INCLUDING THE
    POSSIBILITY OF AN
    ‘UBER MOMENT’
    FOR LAWYERS

    View Slide

  390. THERE HAVE BEEN
    MANY OTHER
    ARTICLES ALSO
    EXPLORING THESE
    DYNAMICS …

    View Slide

  391. AND IT SEEMS THAT
    THIS IDEA IS …

    View Slide

  392. VERY MUCH IN
    THE ZEITGEIST
    (IN ONE FORM OR ANOTHER)

    View Slide

  393. WHETHER IN LAW OR
    IN ANOTHER SECTOR
    OF THE ECONOMY …

    View Slide

  394. THE DIGITAL PLATFORM
    IS ONE OF THE
    DEFINING FEATURES OF
    THE POST INTERNET
    ECONOMY

    View Slide

  395. ‘DIGITAL PLATFORMS ARE
    COMPLICATED MIXTURES OF
    SOFTWARE, HARDWARE,
    OPERATIONS, AND
    NETWORKS’

    View Slide

  396. FREELANCE LABOR
    (UPWORK, ELANCE, TASK RABBIT)
    SOCIAL NETWORKING
    (FACEBOOK, LINKEDIN)
    INTERNET BASED RETAIL
    (AMAZON, EBAY, ANGIE’S LIST)
    FINANCIAL / HR FUNCTIONS
    (WORKDAY, WORKFUSION)
    TRANSPORTATION
    (UBER, LYFT, SIDECAR)
    MOBILE PAYMENT
    (MAHALA, SQUARE)

    View Slide

  397. PLATFORMS AND THE
    BUSINESS OF LAW

    View Slide

  398. APPLYING A SOMEWHAT
    LOOSE DEFINITION …

    View Slide

  399. THE LAW FIRM COULD BE
    CALLED THE ORIGINAL
    ‘PLATFORM’ IN LAW

    View Slide

  400. ENTREPRENEURIALLY
    MINDED LAW FIRM
    LEADERS WERE ABLE
    TO ASSEMBLE TEAMS
    OF EXPERTS

    View Slide

  401. PARTICULARLY ACROSS THE
    20TH CENTURY THE LAW FIRM
    REPLACED A MUCH MORE
    DECENTRALIZED FORM OF
    INDUSTRIAL ORGANIZATION

    View Slide

  402. WHILE AN ANALOG FORM OF
    PLATFORM, THE LAW FIRM
    ALLOWED FOR A DIFFUSE SET
    OF EXPERTISE TO BE BUNDLED
    AND SOLD TO A CLIENT

    View Slide

  403. OTHERWISE THE CLIENT
    HAD TO ORGANIZE THE
    NECESSARY EXPERTS AND
    ASSOCIATED LABOR TO
    SUPPORT THEIR SPECIFIC
    LEGAL TASKS …

    View Slide

  404. THE CLIENTS THEMSELVES
    ARE WORKING TO
    DEVELOP PLATFORMS
    AND ECOSYSTEMS

    View Slide

  405. NIKE ALLIANCE

    View Slide

  406. GE LAWYER
    RATING SYSTEM
    “YELP FOR LAW’ ?

    View Slide

  407. ON THE RETAIL SIDE OF
    THE BUSINESS …
    LEGALZOOM, CLIO, AVVO
    ARE ALL MAKING
    PLATFORM PLAYS

    View Slide

  408. THERE ARE SEVERAL
    VERSIONS OF
    ‘UBER FOR LAWSUIT
    FUNDING’

    View Slide

  409. AND THERE ARE MANY
    OTHER VERSIONS OF
    ‘UBER FOR LAWYERS’

    View Slide

  410. ON THE TECH SIDE OF
    THE LEGAL BUSINESS …

    View Slide

  411. THERE IS ALSO
    MOVEMENT TOWARD
    PLATFORM OFFERINGS …

    View Slide

  412. View Slide

  413. View Slide

  414. View Slide

  415. THIS WILL BE A BIG PART
    OF THE LAW BUSINESS OF
    THE 2020’S …

    View Slide

  416. (5)
    SCALABLE JUSTICE
    AND THE MODRIA
    OF EVERYTHING

    View Slide

  417. WHY DO HAVE TO
    ‘GO TO COURT’ ?

    View Slide

  418. CAN’T WE HAVE
    MORE SCALABLE
    VERSION OF THE
    JUSTICE SYSTEM?

    View Slide

  419. EBAY

    View Slide

  420. CAN WE USE VASTLY
    ALTERNATIVE
    DELIVERY MODELS?

    View Slide

  421. FIRST WE WILL
    GET CHATBOTS …

    View Slide

  422. View Slide

  423. ?
    Meet Ellie a Virtual Therapist developed at USC
    THE TRUE ROBOT LAWYER

    View Slide

  424. View Slide

  425. CLOSING
    ARGUMENT

    View Slide

  426. LEGAL INNOVATION IS A
    5000 YEAR OLD FIELD

    View Slide

  427. BUT AS NOTED EARLIER
    WE SORT OF STALLED
    OUT SOMEWHERE
    ALONG THE WAY …

    View Slide

  428. WE ARE GETTING
    THINGS BACK ON
    TRACK …

    View Slide

  429. I AM BULLISH ON
    THE FUTURE …

    View Slide

  430. NOT BECAUSE I
    AM AN OPTIMIST

    View Slide

  431. BUT RATHER
    BECAUSE OF
    TRENDS THAT
    ARE IN PLAY

    View Slide

  432. AND THE
    OPPORTUNITIES
    THAT LIE AHEAD

    View Slide

  433. View Slide

  434. TO THE LEGAL
    INNOVATORS …

    View Slide

  435. I SAY —
    STAY THE COURSE

    View Slide

  436. THE LEGAL
    INNOVATION
    AGENDA

    View Slide

  437. IS GLOBAL

    View Slide

  438. IS GLOBAL
    IS GROWING

    View Slide

  439. IS GLOBAL
    IS GROWING
    AND IS
    SLOWLY
    WINNING

    View Slide

  440. View Slide

  441. View Slide

  442. View Slide

  443. View Slide

  444. ComputationalLegalStudies.com
    BLOG

    View Slide

  445. @ computational

    View Slide

  446. Daniel Martin Katz
    @ computational
    computationallegalstudies.com
    lexpredict.com
    danielmartinkatz.com
    illinois tech - chicago kent college of law
    @
    thelawlab.com

    View Slide