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The Legal Innovation Agenda - Pre, During and in the Post COVID Era

The Legal Innovation Agenda - Pre, During and in the Post COVID Era

The Legal Innovation Agenda - Pre, During and in the Post COVID Era

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Daniel Martin Katz
PRO

November 16, 2021
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Transcript

  1. @computational professor daniel martin katz danielmartinkatz.com computationallegalstudies.com https://bit.ly/3yxhY2e illinois tech

    - chicago kent law P R E & P O ST COV I D T H E L E G A L I N N OVAT I O N AG E N DA
  2. None
  3. H A L LO W E E N 2 0

    0 8
  4. WA S A S CA R Y T I M

    E
  5. None
  6. A N D I T WA S N ’ T

    J U ST T H E D E CO R AT I O N S …
  7. None
  8. O R E V E N T H E C

    E L E B R I TY CO ST U M E S …
  9. https://www.buzzfeed.com/whitneyjefferson/heres-what-halloween-looked-like-in-2008

  10. None
  11. I A M S U R E M A N

    Y O F YO U R E M E M B E R T H AT T H E FA L L O F 2 0 0 8
  12. WA S A S CA RY T I M E

    I N T H E G LO B A L CA P I TA L M A R K E T S
  13. T H E H O U S I N G

    B U B B L E H A D B U R ST …
  14. A N D T H E B L A ST

    S E N T S H O C K WAV E S A R O U N D T H E F I N A N C I A L WO R L D
  15. None
  16. I T WA S B E CO M I N

    G I N C R E A S I N G LY C L E A R T H E E X T E N T TO W H I C H …
  17. B A L A N C E S H E

    E T S O F M A J O R F I N A N C I A L I N ST I T U T I O N S W E R E E X P O S E D TO A VA R I E TY O F E XOT I C F I N A N C I A L I N ST R U M E N T S
  18. M O RTG AG E B AC K E D

    S E C U R I T I E S C R E D I T D E FAU LT S WA P S CO L L AT E R A L I Z E D D E B T O B L I G AT I O N S
  19. N OT J U ST ‘ TO O B I

    G TO FA I L’ B U T R E A L LY TO O CO N N E C T E D TO FA I L D E O K JA E L E E , JA E -YO U N G K I M , J E H O L E E , A N D B . KA H N G , F O R E ST- F I R E M O D E L A S A S U P E R C R I T I CA L DY N A M I C M O D E L I N F I N A N C I A L SY ST E M S , P H Y S . R E V. E 9 1 , 0 2 2 8 0 6 ( 2 0 1 5 ) https://www.federalreserve.gov/newsevents/ speech/yellen20130104a.htm
  20. T H E D E P E N D E

    N C I E S B E T W E E N F I N A N C I A L I N ST I T U T I O N S S E E E . G . VO D E N S KA I . , B E C K E R A . P. ( 2 0 1 9 ) I N T E R D E P E N D E N C E , V U L N E R A B I L I TY A N D CO N TAG I O N I N F I N A N C I A L A N D E CO N O M I C N E T WO R K S . I N : A B E R G E L F. , E T. A L . ( E D S ) N E W P E R S P E C T I V E S A N D C H A L L E N G E S I N E CO N O P H Y S I C S A N D S O C I O P H Y S I C S .
  21. O F F E R E D T H E

    P R O S P E C T O F A CA S CA D E O F FA I LU R E S A M O N G F I N A N C I A L I N ST I T U T I O N S
  22. S E P T E M B E R 7

    : T R E A S U RY N AT I O N A L I Z E S FA N N I E A N D F R E D D I E S E P T E M B E R 1 5 , 2 0 0 8 : L E H M A N B R OT H E R S B A N K R U P TCY T R I G G E R E D G LO B A L PA N I C S E P T E M B E R 1 6 , 2 0 0 8 : F E D B U Y S A I G F O R $ 8 5 B I L L I O N S E P T E M B E R 2 6 , 2 0 0 8 : WA M U G O E S B A N K R U P T S E P T E M B E R 2 9 , 2 0 0 8 : STO C K M A R K E T C R A S H E S A S B A I LO U T R E J E C T E D O C TO B E R 7 , 2 0 0 8 - $ 1 . 7 T R I L L I O N CO M M E R C I A L LOA N P R O G R A M O C TO B E R 8 A N D 1 4 , 2 0 0 8 : C E N T R A L B A N K S CO O R D I N AT E G LO B A L AC T I O N O C TO B E R 2 1 , 2 0 0 8 - F E D L E N D S $ 5 4 0 B I L L I O N TO B A I L O U T M O N E Y M A R K E T F U N D S
  23. None
  24. B U T A S I S O F T

    E N T H E CA S E …
  25. I T WA S N OT C L E A

    R AT T H E T I M E
  26. T H AT T H E R E W E

    R E OT H E R I D E A S I N P L AY
  27. W H I C H S E E N OV

    E R T H E Y E A R S T H AT WO U L D F O L LO W
  28. M I G H T E V E N P

    R OV E M O R E P I VOTA L
  29. A N E W E R A O F F

    I N A N C E WA S B E G I N N I N G TO DAW N …
  30. I N D I R E C T R E

    S P O N S E TO T H E F I S CA L P O L I CY C H O I C E S O F C E N T R A L B A N K S …
  31. B U T I T WO U L D B

    E Y E A R S B E F O R E M O ST F O L K S WO U L D CO M E TO S E E I T …
  32. P U B L I S H E D O

    N M E TZ D O W D. CO M C RY P TO G R A P H Y M A I L I N G L I ST O N O C TO B E R 3 1 , 2 0 0 8
  33. None
  34. N O W H E R E I N L

    AW L AW L A N D, T H E R E W E R E A L S O S E E D S T H AT W E R E B E I N G S O W N …
  35. W H I C H A S T H E

    AT M O S P H E R I C CO N D I T I O N S C H A N G E D …
  36. WO U L D B E G I N TO

    S P R O U T …
  37. B U T I T WO U L D B

    E Y E A R S B E F O R E M O ST F O L K S WO U L D CO M E TO R E A L LY S E E I T …
  38. A N D T H AT W I L L

    B E O N E T H E M E F O R TO DAY …
  39. None
  40. CA N W E CO N N E C T

    T H E D OT S ?
  41. CA N W E S E E A R O

    U N D T H E CO R N E R ?
  42. None
  43. SO THIS PRESENTATION IS *NOT* ABOUT THE CONTENT OF ANY

    PARTICULAR LEGAL RULE …
  44. I N ST E A D TO DAY I WO

    U L D L I K E TO O F F E R A N ACCO U N T O F T H E PAT H T H AT H A S B E E N C H A RT E D
  45. TO A F U T U R E ( B

    E T T E R ) L E G A L I N D U ST RY …
  46. None
  47. I T TA K E S O N A VA

    R I E TY O F L A B E L S
  48. # R E I N V E N T L

    AW # M A K E L AW B E T T E R # N E W L AW # L P M # L P I # L E G A L D E S I G N # L E G A LT E C H # L E G A L I N N OVAT I O N
  49. A N D T H E I D E A

    S A R E E V E N B R OA D E R T H A N J U ST L AW
  50. Fin (Legal) Tech Finance Technology Law Law of Tech Legal

    Tech Fin Tech Finance for Law Law of Finance L AW, F I N A N C E , T E C H N O LO GY T E N D TO CO - M OV E OV E R T H E M E D I U M TO LO N G T E R M
  51. AND OF COURSE REGTECH DEALTECH FINTECH INSURTECH GOVTECH ARE ALSO

    ADJACENT (AND SIMILAR AT THE MARGINS)
  52. None
  53. B U T I T C E N T E

    R S A R O U N D T H O S E W H O H AV E C H O S E N TO ‘ WO R K D I F F E R E N T LY ’
  54. None
  55. SO TODAY I WILL BEGIN BY TRYING TO DEFINE ‘THE

    LEGAL INNOVATION AGENDA’
  56. THEN I WILL TRACE THIS AGENDA THROUGH THREE PHASES …

  57. PRE COVID POST COVID DURING COVID 2009 - 2019 2023*

    - 2030 2020 - 2022* *HOPEFULLY
  58. None
  59. WHAT IS THE LEGAL INNOVATION AGENDA ?

  60. WHAT IS THE SCOPE OF THE LEGAL INNOVATION AGENDA ?

  61. L AW I N N N OVAT I O N

    ∩ I N T E R S E C T
  62. L AW + I N N OVAT I O N

    H A S B E E N U S E D TO M E A N S E V E R A L D I F F E R E N T T H I N G S
  63. Antoine Masson Gavin Robinson Editors Mapping Legal Innovation Trends and

    Perspectives Masson · Robinson Eds. Mapping Legal Innovation Antoine Masson · Gavin Robinson Editors Mapping Legal Innovation Trends and Perspectives The legal sector is being hit by profound economic and technological changes (digitalization, open data, blockchain, artificial intelligence ...) forcing law firms and legal departments to become ever more creative in order to demonstrate their added value. To help lawyers meet this challenge, this book draws on the perspectives of lawyers and creative specialists to analyze the concept and life cycle of legal innovations, techniques and services, whether related to legislation, legal engineering, legal services, or legal strategies, as well as the role of law as a source of creativity and interdisciplinary collaboration. ISBN 978-3-030-47446-1 9 7 8 3 0 3 0 4 7 4 4 6 1 DA N I E L M A RT I N KATZ , L E G A L I N N OVAT I O N ( B O O K F O R WA R D ) I N M A P P I N G L E G A L I N N OVAT I O N : T R E N D S A N D P E R S P E C T I V E S ( S P R I N G E R ) ( A N TO I N E M A S S O N & G AV I N R O B I N S O N , E D S . ) ( 2 0 2 1 )
  64. T H I S B R A N C H

    CA N B E S U B D I V I D E D
  65. L AW Y E R S F O R I

    N N OVATO R S L AW Y E R S A S D O C T R I N A L I N N OVATO R S L AW F O R I N N OVAT I O N
  66. L AW Y E R S F O R I

    N N OVATO R S
  67. L AW Y E R S F O R I

    N N OVATO R S L AW Y E R S W H O R E P R E S E N T I N N OVATO R S A N D P R OV I D E S E RV I C E S S U C H A S T H E F O L LO W I N G …
  68. L AW Y E R S F O R I

    N N OVATO R S L AW Y E R S W H O R E P R E S E N T I N N OVATO R S A N D P R OV I D E S E RV I C E S S U C H A S T H E F O L LO W I N G … I N T E L L E C T UA L P R O P E RTY B U S I N E S S F O R M AT I O N L A B O R / E M P LOY M E N T R E G U L ATO R Y CO M P L I A N C E E TC . CA P I TA L M KT S / M & A
  69. None
  70. L AW Y E R S A S D O

    C T R I N A L I N N OVATO R S L AW Y E R S W H O H E L P S H A P E T H E ‘ PAT H O F T H E L AW ’ A S I T T R I E S TO A DA P T TO N E W C I R C U M STA N C E S
  71. L AW Y E R S A S D O

    C T R I N A L I N N OVATO R S P O I S O N P I L L - “ T H E M O ST I M P O RTA N T I N N OVAT I O N I N CO R P O R AT E L AW S I N C E S A M U E L CA LV I N TAT E D O D D I N V E N T E D T H E T R U ST F O R J O H N D. R O C K E F E L L E R A N D STA N DA R D O I L I N 1 8 7 9 ” R O N A L D G I L S O N CO LU M B I A L AW S C H O O L
  72. M O R E B R OA D LY T

    H E R E A R E C U R R E N T E X A M P L E S O F S U B STA N T I V E L E G A L I N N OVAT I O N I N W I D E VA R I E TY O F D O M A I N S …
  73. L AW Y E R S A S D O

    C T R I N A L I N N OVATO R S C RY P TO, 3 D P R I N T I N G , D R I V E R L E S S CA R S , M E TAV E R S E , DATA B R E AC H , DATA P R I VACY, D R O N E S , I N T E R N E T O F T H I N G S , SY N T H E T I C B I O LO GY, E TC .
  74. None
  75. I T S H O U L D A L

    S O B E N OT E D T H AT S U C H I D E A S CA N E X I ST AT T H E L E V E L O F A J U R I S D I C T I O N
  76. “ M O R E T H A N 6

    6 % O F T H E F O RT U N E 5 0 0 H AV E C H O S E N D E L AWA R E A S T H E I R L E G A L H O M E ” B A I N B R I D G E , ST E P H E N M . , I M A N A N A B TAW I , S U N G H U I K I M , A N D JA M E S PA R K , E D S . CA N D E L AWA R E B E D E T H R O N E D ? : E VA LUAT I N G D E L AWA R E ' S D O M I N A N C E O F CO R P O R AT E L AW. CA M B R I D G E U N I V E R S I TY P R E S S , 2 0 1 8 . https://corp.delaware.gov/aboutagency/
  77. H T T P S : / / S L

    AT E . CO M / T E C H N O LO GY / 2 0 2 1 / 0 6 / W YO M I N G - C RY P TO C U R R E N CY- L AW S . H T M L H T T P S : / / W W W. F O R B E S . CO M / S I T E S / CA I T L I N LO N G / 2 0 1 9 / 0 3 / 0 4 / W H AT- D O - W YO M I N G S - N E W- B LO C KC H A I N - L AW S - M E A N H T T P S : / / W W W. M A R K E T WATC H . CO M / STO RY / H O W- W YO M I N G - B E CA M E -T H E - P R O M I S E D - L A N D - F O R - B I TCO I N - I N V E STO R S - 1 1 6 1 9 2 0 1 1 8 2 W YO M I N G A S K I N G O F C RY P TO ?
  78. O R AT T H E L E V E

    L O F A N E N T I R E CO U N T R Y
  79. L AW A S A N E X P O

    RT A S S E T O F A CO U N T R Y
  80. https://www.ft.com/content/e2e3c1e2-1e5c-4341-9901-d45aad16ab7b “There is another platform which sits hidden within nearly

    every piece of infrastructure in the UK economy — and many beyond our borders. It is called English law. English law is an asset of enormous value. It underpins the UK’s place at the heart of a number of global markets, among them those for derivatives, commodities, energy and trade finance. English law is selected because it is trusted to deal with complex outcomes in a fair manner; this trust is taken for granted.”
  81. “Due to the globalisation and digitisation of business models, an

    increasing proportion of transactions and contracts are now internationally mobile—i.e. their governing law and the jurisdiction to which they are subject are chosen by those transacting based on their attractiveness to those parties. Historically, English law has been a popular choice of governing law for many types of internationally mobile transactions. In 2019, it governed around £250bn of global mergers and acquisitions, and 40% of global corporate arbitrations. The most successful platforms of the 21st century have been digital platforms, and their value is directly related to the size of their user base. However, English law suffers from a market failure known as the free-rider problem where no entity acts as the ‘platform operator’ to grow the user base of English law and maximise the benefits. Such a ‘platform operator’ should invest in growing the user base and consider how to monetise the value of the platform. This can be delivered through a combination of technological, judicial, professional and industry expertise, alongside government involvement.”
  82. T H I S I S PA RT O F

    W H AT I S G O I N G O N H E R E …
  83. https://35z8e83m1ih83drye280o9d1- wpengine.netdna-ssl.com/wp-content/uploads/ 2019/11/6.6056_JO_Cryptocurrencies_Statement _FINAL_WEB_111119-1.pdf https:// www.lawgazette.co.uk/ law/cryptoassets-and- smart-contracts-valid-in- english-law/5102211.article

  84. B U T I T I S N OT J

    U ST T H E U K W I T H T H I S S O RT O F A N I N D U ST R I A L ST R AT E GY …
  85. https://www.difccourts.ae/ “The Dubai International Financial Centre (DIFC) is designed to

    be a financial free zone offering a unique, independent legal and regulatory framework in order to create an environment for growth, progress and economic development in the UAE and the wider region.”
  86. S I N G A P O R E A

    S A G LO B A L H U B F O R A R B I T R AT I O N http://www.arbitration.qmul.ac.uk/research/2018/ “The 2018 Queen Mary University of London and White & Case International Arbitration Survey ranked Singapore as the third most preferred international arbitration seat in Asia seat (and 3rd Globally)”
  87. None
  88. I S A V E R Y VA L I

    D A N D WO RT H W H I L E TO P I C … B U T * N OT * T H E F O C U S O F T H I S P R E S E N TAT I O N L AW F O R I N N OVAT I O N
  89. I N N OVAT I O N F O R

    L AW
  90. I N N OVAT I O N F O R

    L AW
  91. S O YO U M I G H T S

    AY W H Y I S T H E R E A N E E D F O R “A L E G A L I N N OVAT I O N AG E N DA” ?
  92. I F W E O B S E RV E

    T H E L E G A L I N D U ST R Y F R O M A H I STO R I CA L ( E V E N C U R R E N T ) P E R S P E C T I V E
  93. THIS IS A FIELD HISTORICALLY CENTERED AROUND SUBJECT MATTER EXPERTISE

    ALONE
  94. AND *NOT* FOCUSED ON OPERATIONAL EXCELLENCE

  95. THE LEGAL INNOVATION AGENDA IS ABOUT BRINGING OPERATIONAL EXCELLENCE TO

    LAW
  96. None
  97. W H E T H E R I T I

    S A L A R G E CO R P O R AT I O N O R A N I N D I V I D UA L S E E K I N G TO N AV I G AT E A L E G A L P R O C E S S
  98. I T H I N K T H E *

    E N D U S E R S * O F L AW A R E N OT S AT I S F I E D
  99. W I T H CA L I B E R

    O F T H E O F F E R I N G …
  100. A N D A M O N G S O

    M E I N T H E L AW WO R L D T H E R E I S D E N I A L A N D R AT I O N A L I Z AT I O N
  101. A N D O F CO U R S E

    S O M E CO M P L A I N T S A R E M O R E VA L I D T H A N OT H E R S
  102. TO O E X P E N S I V

    E TO O T I M E CO N S U M I N G U N C L E A R N OT F I T F O R P U R P O S E I N 2 1 ST C E N T U RY
  103. None
  104. G I V E N T H E CO M

    M E R C I A L L AW N AT U R E O F T H I S P R E S E N TAT I O N
  105. I W I L L F O C U S

    M O R E O F M Y AT T E N T I O N O N T H E E N T E R P R I S E S P H E R E …
  106. F R O M A G LO B A L

    P E R S P E C T I V E M U C H CA N B E S A I D A B O U T T H E G E N E R A L D E L I V E RY O F J U ST I C E # A 2 J # ACC E S STOJ U ST I C E
  107. None
  108. B U T R E A L LY W H

    AT I S AT T H E CO R E O F T H E N E E D F O R “A L E G A L I N N OVAT I O N AG E N DA” ?
  109. WELL LET’S START WITH THIS QUESTION …

  110. WHAT IS THE DEMAND DRIVER FOR ‘UNITS OF LEGAL PRODUCTION’?

  111. COMPLEXITY AND (LEGAL) RISK MANAGEMENT

  112. SOCIAL, ECONOMIC AND POLITICAL COMPLEXITY

  113. MANIFESTS ITSELF IN OUR DOMAIN AS LEGAL COMPLEXITY

  114. WHILE IT IS SOMEWHAT HARD TO PRECISELY DEFINE …

  115. None
  116. VIRTUALLY EVERY WAY YOU MIGHT CONSIDER IT LEGAL COMPLEXITY HAS

    GROWN
  117. DANIEL MARTIN KATZ, CORINNA COUPETTE, JANIS BECKEDORF & DIRK HARTUNG,

    COMPLEX SOCIETIES AND THE GROWTH OF THE LAW, 10 SCIENTIFIC REPORTS 18737 (2020) HIGHLIGHTS GROWTH IN STATUTORY COMPLEXITY IN USA + GERMANY
  118. HIGHLIGHTS GROWTH IN REGULATORY COMPLEXITY IN USA + GERMANY CORINNA

    COUPETTE, JANIS BECKEDORF, DIRK HARTUNG, MICHAEL BOMMARITO, & DANIEL MARTIN KATZ, MEASURING LAW OVER TIME: A NETWORK ANALYTICAL FRAMEWORK WITH AN APPLICATION TO STATUTES AND REGULATIONS IN THE UNITED STATES AND GERMANY, FRONT. PHYS. (2021)
  119. None
  120. SO THE QUESTION IS HOW TO MATCH THAT COMPLEXITY WITH

    THE APPROPRIATE
  121. BUNDLES OF TOOLS AND (EXPERT) PEOPLE

  122. BECAUSE THE LEGACY MODEL HAS BEEN

  123. HIGH PRICE LABOR TO SOLVE HIGH COMPLEXITY PROBLEMS

  124. BUT THAT DOES NOT REALLY WORK

  125. FROM BOTH A PRACTICAL AND AN ECONOMIC STANDPOINT …

  126. WE ARE IN PROGRESS

  127. ON A PRODUCTIVITY REVOLUTION IN LAW

  128. TO MEET THE CHALLENGES OF THE 21ST CENTURY

  129. None
  130. M U C H CO U L D B E

    S A I D A B O U T E AC H O F T H E S E A S P E C T S O F T H E L E G A L I N N OVAT I O N AG E N DA
  131. A N D C E RTA I N LY A

    N A LT E R N AT I V E G R O U P I N G / TA XO N O M Y CO U L D B E P O S I T E D
  132. FOUR THEMES IN LEGAL INNOVATION

  133. FOUR THEMES IN LEGAL INNOVATION LEVERAGING DATA AND A.I. TECHNIQUES

    TO CREATE LEGAL TECH SOFTWARE #LEGALDATA #LEGALAI #LEGALNLP #1
  134. FOUR THEMES IN LEGAL INNOVATION USING PROCESS IMPROVEMENT AND PROJECT

    MANAGEMENT METHODS TO STREAMLINE LEGAL WORK FLOWS #LEAN #SIXSIGMA #LPM #LPI #PROCESSENGINEERING #2
  135. FOUR THEMES IN LEGAL INNOVATION SOURCING LEGAL TALENT AND SOLUTIONS

    FROM A MUCH WIDER SET OF PROVIDERS #LAWCOMPANY #ALSP #BIG4 #LPO #OUTSOURCING #INSOURCING #3
  136. FOUR THEMES IN LEGAL INNOVATION TREATING LEGAL RISK MANAGEMENT AS

    RISK MANAGEMENT / SOLVING LEGAL INDUSTRY ACCESS TO CAPITAL CHALLENGES #LITFUNDING #LAW=FINANCE #EXOTICFINANCE #LEGALRISKMGMT #4
  137. FOUR THEMES IN LEGAL INNOVATION AI / DATA / SOFTWARE

    DESIGN / PROCESS SOURCING OF LEGAL WORK LAW < — > FINANCE
  138. S O T H AT I S T H E

    B R OA D C H A R AC T E R I Z AT I O N O F T H E L E G A L I N N OVAT I O N AG E N DA
  139. None
  140. N O W B AC K TO O U R

    STO R Y …
  141. THE LEGAL INNOVATION AGENDA

  142. None
  143. None
  144. None
  145. None
  146. A S T H E I N T R O

    H I G H L I G H T S O U R STO RY STA RT S H E R E …
  147. None
  148. W H I L E T H I S I

    S N OT T H E B E G I N N I N G O F A L L O F T H E S E I D E A S
  149. T H I S WA S T H E B

    E G I N N I N G O F S O CA L L E D # N E W L AW
  150. A LT H O U G H P L E

    N TY O F F O L K S H A D I D E A S A B O U T H O W TO # R E I N V E N T L AW
  151. I T WA S T H E C H A

    N G E S I N B U Y E R B E H AV I O R W H I C H G AV E L I F E TO T H E # N E W L AW U P STA RT S …
  152. E N O U G H OX YG E N

    TO S U STA I N L I F E
  153. W H E R E E CO N O M

    I C ‘ L I F E ’ H E R E WA S E N O U G H A D O P T I O N TO A L LO W T H E M TO P R O C E E D TO 2 0 1 0 A N D B E YO N D …
  154. None
  155. STARTING IN THE AFTERMATH AND CARRYING INTO THE 2010’S

  156. THE 2010’S WERE THE DECADE WHERE LEGAL TECH LEGAL INNOVATION

    CAME OF AGE …
  157. None
  158. ALTHOUGH ROBOT LAWYERS DOMINATED THE HEADLINES …

  159. None
  160. NOT ONE SINGLE DISRUPTOR PER SE

  161. BUT IT WAS A SERIES OF TRENDS

  162. THAT HIGHLIGHTED THE DECADE IN LEGAL TECH + INNOVATION

  163. None
  164. #LegalTech Comes of Age

  165. WHILE THERE WAS CERTAINLY LEGALTECH PRIOR TO 2010 …

  166. THE 2010’S SAW #LEGALTECH GO FROM THE HACKER COMMUNITY

  167. None
  168. https://legalhackers.org

  169. TO THE MAINSTREAM LEGAL INDUSTRY …

  170. None
  171. IN THE 2010’S WE SAW SIGNIFICANT GROWTH IN THE SHEER

    NUMBER OF #LEGALTECH STARTUPS …
  172. THERE ARE A VARIETY OF DIFFERENT LISTS

  173. tech.law.stanford.edu STANFORD CODEX LIST ~1800+ COMPANIES

  174. LEGALTECH WENT GLOBAL BEYOND US + UK

  175. FINLAND LEGAL TECH RUSSIAN LEGAL TECH

  176. AUSTRIAN LEGAL TECH SWISS LEGAL TECH

  177. BELGIUM LEGAL TECH DUTCH LEGAL TECH

  178. FRENCH LEGAL TECH ESTONIA LEGAL TECH

  179. SPANISH LEGAL TECH 122+ COMPANIES AS OF 2019

  180. AUSTRALIA LEGAL TECH ISRAEL LEGAL TECH https://techlaw.co.il/en/

  181. BRAZIL LEGAL TECH MEXICO LEGAL TECH

  182. ARGENTINA LEGAL TECH PERU LEGAL TECH

  183. None
  184. MORE BROADLY IN ASIA

  185. https://lawgazette.com.sg/practice/tech-talk/legaltech-strategies-for-singapore-law-firms/ MORE BROADLY IN ASIA

  186. MORE BROADLY IN ASIA https://bit.ly/solia2020

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

  188. AS THE 2010’S PROCEEDED IT BECAME ALOT EASIER TO RAISE

    VC MONEY
  189. None
  190. None
  191. None
  192. THE VAST MAJORITY OF #LEGALTECH PRODUCTS PURPORT TO LEVERAGE ARTIFICIAL

    INTELLIGENCE (AI)
  193. THIS IS A LARGE TOPIC WORTHY OF A TALK ON

    ITS OWN …
  194. SO I THINK I WOULD SEND YOU TO THESE

  195. https://www.slideshare.net/Danielkatz/ artificial-intelligence-and-law-a-primer 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

  196. BUT I WOULD MENTION THAT THERE HAS BEEN REAL GROWTH

    WITHIN THE AI + LAW ACADEMIC COMMUNITY
  197. AND A VERY WIDE SET OF POTENTIALLY ADDRESSABLE USE CASES

    (NOT ALL OF WHICH HAVE BEEN COVERED SO FAR)
  198. None
  199. IN THE 2010’S VARIOUS LAW FIRMS CREATED SOME SORT OF

    A #LEGALTECH ENGAGEMENT FRAMEWORK(S)
  200. None
  201. None
  202. None
  203. None
  204. None
  205. None
  206. None
  207. None
  208. None
  209. None
  210. None
  211. None
  212. None
  213. None
  214. None
  215. #LegalOps Emerges

  216. WHILE OF COURSE LEGAL OPERATIONS EXISTED PRIOR TO 2010

  217. IN THE 2010’S WE SAW SIGNIFICANT INCREASE IN OPERATIONS PROFESSIONALS

  218. INCLUDING OF COURSE CLOC

  219. None
  220. None
  221. None
  222. MANY ORGANIZATIONS BEGAN THEIR LEGAL OPS JOURNEY IN THE 2010’S

  223. THIS WAS SORT OF FIRST WAVE OF IMPOSING SOME LEVEL

    OF OPERATIONAL DISCIPLINE
  224. AND WRESTLING CONTROL OF THE SUPPLY CHAIN AWAY FROM THE

    TRADITIONAL PROVIDERS
  225. None
  226. OVERALL IN THE 2010’S

  227. IT IS FAIR TO SAY THAT THE LEGAL SUPPLY CHAIN

    WAS FINALLY DISRUPTED
  228. MANY MORE PLAYERS ENTER THE MARKET …

  229. WHAT WAS ONCE LARGELY A DECISION OF LAW FIRM A

    LAW FIRM B
  230. GIVES WAY TO A SERIES OF PLAYERS … LAW FIRM

    BIG 4 LAW COMPANIES LEGALTECH INSOURCING
  231. WHETHER DIRECTED INTERNALLY BY CORPORATE COUNSEL, LEGAL OPS OR EVEN

    PROCUREMENT …
  232. OR ASSEMBLED BY OUTSIDE FIRMS AND/OR VENDORS

  233. WE ARE ALL TRYING TO BECOME LAW COMPANIES

  234. WE ARE ALL TRYING TO BUILD OPTIMAL {PRODUCT, SERVICE} BUNDLES

    FOR VARIOUS LEGAL / BUSINESS PROBLEMS
  235. None
  236. AND ONE OF THOSE WAYS TO SUPPORT THE OPTIMIZATION IS

    BY THREADING THE {PRODUCT, SERVICE} TOGETHER WITH A PROCESS MAP
  237. WE SAW #LPM #LPI BEGIN TO MAKE INROADS IN THE

    2010’S
  238. LEAN, SIX SIGMA AND OTHER PROCESS IMPROVEMENT METHODOLOGIES

  239. WITH RESPECT TO A GIVEN LEGAL PROCESS THERE IS OFTEN

    A SIGNIFICANT SPREAD
  240. THE PROCESS MAP

  241. http:// www.seyfarth.com/ dir_docs/ publications/ LITDecJan2014LeanS ixSigma.pdf

  242. None
  243. None
  244. I HAVE LEARNED A TREMENDOUS AMOUNT FROM OUR COURSE ON

    LEGAL PROCESS IMPROVEMENT LEGAL PROJECT IMPROVEMENT
  245. THANKS TO OUR COLLEAGUES FROM SEYFARTH !

  246. None
  247. WHAT ABOUT THE FINANCIAL SIDE OF LEGAL INNOVATION?

  248. IN THE 2010’S LAW FIRMS INCREASING TRIED TO FIGURE OUT

    (SLOWLY) HOW TO TRANSITION THEIR BUSINESS MODEL
  249. IN THE 2020’S SOME OF THE FIRMS ARE ACTUALLY GOING

    TO GET REALLY GOOD AT THE {PRODUCT, SERVICE} BUNDLE
  250. I THINK THIS WILL LEAD TO A PUSH FOR CAPITAL

  251. AND BE THE DRIVER FOR MORE AND MORE FIRMS TO

    DO SOME FORM OF PUBLIC (AIM) LISTING
  252. None
  253. 2018 Revenue of £236m and a Valuation of £366m =

    ~1.6x times Revenue MARCH 2019
  254. COMING SOON ?

  255. None
  256. SPEAKING OF FINANCIALIZATION THERE WERE MANY EFFORTS IN THE 2010’S

    WHICH TREATED
  257. LAW AS FINANCE ( insurance as well )

  258. https://www.ozy.com/the-new-and-the-next/why- artificial-intelligence-might-replace-your-lawyer/75435/

  259. LAW AS INSURANCE

  260. https://www.wsj.com/articles/hidden- in-plain-sight-a-powerful-way-to- beat-the-market-1497367597 FT Big Read Feb 7, 2019

  261. LITIGATION FUNDING

  262. LITIGATION FUNDING (SIGNIFICANT RETURNS NOTWITHSTANDING THE MUDDY WATERS SHORT ATTACK)

  263. https://computationallegalstudies.com/ 2017/10/24/10-legal-tech-lessons-dollars- doughnuts-fin-legal-tech-via-aba-journal/ https://www.youtube.com/watch? v=nBeL6MBzSY8 Fin Legal Tech Lecture Bucerius

    Law School 2017 2018 Fin Legal Tech Conference Illinois Tech - Chicago Kent Law School
  264. None
  265. Law.edu (slowly) tries to adapt ?

  266. I SPEND MUCH OF MY TIME IN LAW.EDU WHICH HAS

    ALL OF THE HEADWINDS OF CHANGE WE SEE IN THE REST OF LAW
  267. BUT ALSO

  268. ACTUAL LIFETIME TENURE … IN THE HANDS OF THE DECISION

    MAKERS
  269. OBVIOUSLY THAT IS NOT A RECIPE FOR RAPID INNOVATION

  270. IF WE COULD ONLY START OVER … https://www.slideshare.net/Danielkatz/the-mit- school-of-law-presentation-version-102-101411 Daniel

    Martin Katz, The MIT School of Law? A Perspective on Legal Education in the 21st Century, 2014 Illinois Law Review 1431 (2014)
  271. NOTWITHSTANDING

  272. THERE HAVE BEEN SOME NOTABLE EFFORTS TO INJECT LEGAL INNOVATION

    INTO LEGAL EDUCATION
  273. HERE ARE JUST A FEW IN WHICH I AM INVOLVED…

  274. POLYTECHNIC LEGAL EDUCATION

  275. None
  276. None
  277. SUMMARY OF THE PRE-COVID ERA

  278. THESE ARE JUST SOME OF THE ASSOCIATED EFFORTS TO #MAKELAWBETTER

    OVER THE 2010’S
  279. I JUST WANT TO REMIND EVERYONE IF I TOLD THEM

    IN 2010 BY THE END OF THE DECADE …
  280. WE WOULD HAVE ~2000 LEGAL TECH COMPANIES ACROSS THE WORLD

    A BUNCH OF LAW FIRMS WOULD HAVE TECH INCUBATORS LEGAL OPS WOULD GROW EXPONENTIALLY TOP 25 BRITISH LAW FIRM WOULD BE LISTED A NUMBER OF LAW SCHOOLS WOULD HAVE PROGRAMS, CERTIFICATES AND DEGREES IN LEGAL INNOVATION
  281. ALMOST NO ONE WOULD HAVE BELIEVED EVEN ONE OF THESE

    THINGS WOULD OCCUR …
  282. AND THEY ALL HAPPENED ….

  283. None
  284. THE LEGAL INNOVATION AGENDA THE COVID ERA

  285. None
  286. THE LEGAL INNOVATION AGENDA WAS COOKING …

  287. PROGRESS WAS SLOWLY BUT SURELY BEING MADE …

  288. AND THEN THE WORLD SHUT DOWN …

  289. None
  290. CHINA

  291. ITALY

  292. NYC

  293. EVERYWHERE BY MARCH 2020

  294. SOME COUNTRIES WERE EARLY TO SHUT DOWN https://www.weforum.org/ agenda/2020/03/singapore- response-contained-

    coronavirus-covid19-outbreak AND SOME UNFORTUNATELY WAITED TOO LONG
  295. None
  296. AND IN EVEN DISCUSSING THIS I WANT TO ACKNOWLEDGE

  297. THAT MANY FOLKS AROUND THE WORLD LOST FRIENDS AND FAMILY

    MEMBERS IN THIS CRISIS …
  298. AND IT IS NOT OVER YET …

  299. None
  300. BUT PANDEMICS DO EVENTUALLY END … https://www.bbc.co.uk/news/resources/idt-876f42ae-5e44-41c0-ba2d-d6fd537aadfe

  301. AND EVEN IF THERE ARE ADDITIONAL CHAPTERS TO THE STORY

  302. THIS TOO SHALL PASS …

  303. THE QUESTION AT HAND IS TO THINK ABOUT THE WORLD

    AS IT WILL BE THEREAFTER …
  304. AND TO SUPPORT THAT I WOULD LIKE TO SUMMARIZE SOME

    OF THE THEMES THAT APPEAR TO BE EMERGING …
  305. None
  306. SHORT TERM VS MEDIUM TERM IN DISCUSSING THE COVID ERA,

    LETS CONSIDER …
  307. EARLY DAYS OF THE COVID ERA (SHORT TERM)

  308. SHORT TERM MARKET CHAOS OIL FUTURES TURN NEGATIVE STOCK MARKET

    CIRCUIT BREAKERS ARE TRIPPED S&P GOES UNDER 2300
  309. CORPORATIONS HOARD CASH SHORT TERM CORPORATE LEGAL FACES BUDGET CUTS

  310. LAW FIRMS CUT STAFF, ROLL BACK SALARIES, IMPOSE HIRING FREEZES

    AND HOARD CASH SHORT TERM
  311. WHILE NOT TYPICALLY REPORTED IN THE LEGAL MEDIA SHORT TERM

    MANY LEGAL TECH STARTUPS ARE UNDER EXTREME PRESSURE AS CASH TIGHTENS
  312. None
  313. FOR MANY LAWYERS, THE EARLY DAYS OF THE PANDEMIC

  314. WERE AN EXERCISE IN CRISIS LAWYERING …

  315. FORCE MAJEURE

  316. POLICY/PROCEDURES FOR WORK AT HOME

  317. OVERNIGHT WE MOVED TO ONLINE COURTS

  318. MANY INDIVIDUALS AND ORGANIZATIONS STRUGGLED TO TRANSITION TO WORK AT

    HOME (ON THE FUNNY SIDE )
  319. ON THE SERIOUS SIDE, MANY INDIVIDUALS AND ORGANIZATIONS STRUGGLED TO

    TRANSITION TO WORK AT HOME
  320. None
  321. MEDIUM TERM THEMES IN THE COVID ERA

  322. MEDIUM TERM FISCAL STIMULUS QUANTITATIVE EASING == QE INFINITY ?

    FED FUNDS RATE IS NEARLY ZERO CENTRAL BANKS TAKE ACTION S&P 4600+ 103% INCREASE FROM 03.20.20
  323. MEDIUM TERM THE K SHAPED ECONOMIC RECOVERY

  324. BIG LAW ULTIMATELY THRIVES IN THE COVID CRISIS MEDIUM TERM

  325. RECORD FUNDING IPOS, PE, ETC. MEDIUM TERM

  326. None
  327. THE FINAL HISTORY OF LEGAL INNOVATION IN THE COVID ERA

    IS YET TO BE DRAFTED …
  328. THINGS DO NOT ALWAYS WORK OUT QUITE AS INITIALLY EXPECTED

  329. None
  330. WORK AT HOME ? LEGALTECH CONSOLIDATION LAW FIRMS AS PORTFOLIOS

    THREE THOUGHTS
  331. LAW FIRMS AS PORTFOLIOS

  332. “I THINK THERE WAS A LOT OF DOOM AND GLOOM—FIRM

    CHAIRS SPEAKING TO PARTNERS AND TELLING THEM TO EXPECT 15% TO 25% DECLINES IN PROFITS. AND LO AND BEHOLD, THE YEAR DIDN’T PLAY OUT THAT WAY …”
  333. WHAT IS IT ABOUT BIG LAW WHICH ALLOWS MANY TO

    THRIVE DURING THE PANDEMIC ?
  334. A LARGE LAW FIRM IS LIKE A STOCK PORTFOLIO …

  335. https://www.thelawlabchannel.com/tim-mohan-a- portfolio-theory-of-law-firm-success DISCUSSING LAW FIRMS AS STOCK PORTFOLIOS

  336. AND WHAT DOES YOUR BROKER TELL YOU ?

  337. DIVERSIFY YOUR ASSETS (BIG LAW IS PRETTY DIVERSIFIED)

  338. ALIGN OR ROTATE YOUR PORTFOLIO TOWARD AREAS THAT ARE GROWING

  339. IN THE EARLY PANDEMIC, PRACTICE AREAS SUCH AS BANKRUPTCY /

    RESTRUCTURING WORK WERE HOT https://www.mckinsey.com/industries/financial-services/our- insights/covid-19-implications-for-law-firms
  340. AFTER THE FISCAL POLICY OF ~0% GLOBAL INTEREST RATES AND

    MASSIVE STIMULUS …
  341. EVERYONE IS OUT THERE CHASING A RETURN … (ASPIRATIONAL INVESTING

    ? )
  342. CAPITAL MARKETS PRACTICE BONANZA … SPAC FRENZY MASSIVE AMOUNTS OF

    M&A ACTIVITY
  343. https://today.westlaw.com/Document/ I3e58e58035b811eb833efae3e6dfd874/View/FullText.html “BOTH THE WELLS FARGO AND CITI REPORTS FOUND

    THAT THE LARGEST LAW FIRMS ARE SEEING REVENUES RISE FASTER THAN THEIR SMALLER AND MORE REGIONAL COUNTERPARTS” ECONOMIC SUCCESS WAS NOT EVENLY DISTRIBUTED
  344. IN THE END, THE BIGGEST OF BIG LAW SEEM TO

    HAVE WON THE COVID ERA (AT LEAST SO FAR)
  345. None
  346. LEGALTECH CONSOLIDATION AND FOMO INVESTING

  347. LEGAL TECH BUBBLE? (OR THE LOGICAL CONSEQUENCE OF CURRENT MONETARY

    POLICY?)
  348. EVEN PRIOR TO THE COVID CRISIS …

  349. CAPITAL MARKETS (VC AND PE) IN PARTICULAR HAVE BEEN PRETTY

    LOOSE
  350. WE SAW MONEY POURING INTO #LEGALTECH

  351. https://abovethelaw.com/2019/11/is-there-a-legaltech-vc-bubble/

  352. ME IN NOVEMBER 2019

  353. None
  354. NOW ADD TRILLIONS OF DOLLARS TO THE CAPITAL MARKETS AND

    WATCH INTEREST RATES GO TO ~0%
  355. AND WE SEE LOTS OF MONEY CHASING A FINITE NUMBER

    OF DEALS
  356. AND WE SEE SOME EYE POPPING VALUATIONS

  357. NOTHING WRONG WITH THE COMPANY … JUST THE VALUATION ~50

    BILLION MKT CAP ~1.5 BILLION REVENUE $0 EARNINGS PER SHARE 35X REVENUE
  358. BUT WE ALSO SEE THESE SORT OF EYE POPPING NUMBER

    IN THE VC SIDE OF THIS
  359. I AM *NOT* GOING TO NAME INDIVIDUAL COMPANIES …

  360. BUT SILICON VALLEY 101 == DONT TAKE TOO MUCH MONEY…

    #DOWNROUND #LOSSOFCONTROL
  361. MOST OF THE VC’S WHO HAVE INVESTED IN LEGALTECH DO

    NOT HAVE DEEP EXPERIENCE IN THE DOMAIN
  362. FOMO LEGAL TECH? https://blog.mobilehelix.com/2021/11/06/we- have-fomo-in-legal-tech-%f0%9f%a6%84/

  363. None
  364. I DO NOT THINK THAT THE AGGREGATE INVESTMENT IS OUT

    OF LINE
  365. BUT I DO HAVE SOME QUESTIONS FOR THE VALUATIONS OF

    THE INDIVIDUAL COMPANIES
  366. MONEY IS GOING TO (EVENTUALLY) GET TIGHT

  367. (WHICH IS FINE BY ME BECAUSE IT WILL LEAD TO

    GREATER DISCIPLINE)
  368. STAY TUNED!

  369. None
  370. IN THE MEANTIME, MONEY IS FLOWING AND ACQUISITIONS ARE HAPPENING

    AT A VERY RAPID PACE …
  371. AND THE ROLLUP AND CONSOLIDATION IS GOING TO CONTINUE …

  372. None
  373. None
  374. None
  375. None
  376. None
  377. ALSP

  378. AND OF COURSE NO ONE HAS HAD MORE DEAL FLOW

    THAN LITERA …
  379. POWERED BY PRIVATE EQUITY FIRM HG CAPITAL

  380. FOUNDATION SOFTWARE GROUP ALLEGORY DOCSCORP DOXLY BESTPRACTIX KIRA SYSTEMS CONCEP

    WORKSHARE OBJECTIVE MANAGER CLOCKTIMIZER +1-2 MORE 10+ ACQUISITIONS IN PAST FEW YEARS
  381. WE WILL ALL BE WORKING FOR LITERA SOON ;)

  382. None
  383. WORK AT HOME

  384. ALMOST OVERNIGHT MOST ORGANIZATIONS (LEGAL OR OTHERWISE)

  385. BECAME REMOTE WORK ORGANIZATIONS …

  386. AS NOTED EARLIER THE TRANSITION WAS NOT EXACTLY SEAMLESS …

  387. BUT AS TIME MOVED FORWARD …

  388. FOLKS BEGAN TO FIND THEIR WAY …

  389. THE PANDEMIC REVEALED THE ART OF THE POSSIBLE …

  390. None
  391. THE PANDEMIC HAS REFLECTED A HARD RESET IN LIVES OF

    MANY AT THE PERSONAL LEVEL
  392. WHETHER THEY WANTED IT OR NOT - MANY HAD THE

    OPPORTUNITY TO EXPLORE ANOTHER WAY OF LIVING AND WORKING
  393. AND IN THE END IT SEEMS LIKE MANY FOLKS DID

    LIKE IT …
  394. LIFE IS SHORT https://www.2civility.org/the-aba-profile-of-the-legal- profession-explores-covid-19s-lasting-impact/ Some responses from senior lawyers

    included: “The pandemic ‘made me realize life is short, perhaps I should pull the plug while I can.’” “Because it became more apparent that I could work remotely, I think it has made me more likely to just slow down a bit rather than retire.”
  395. AND JUST ABOUT WHEN THERE WAS MAYBE (PERHAPS?) GOING TO

    BE A ‘RETURN TO OFFICE’
  396. MANY ORGS HAD TO EXTEND WORK FROM HOME … (PRECISE

    DELTA TIMELINE PLAYED OUT DIFFERENTLY ACROSS THE GLOBE …)
  397. None
  398. SO IT SEEMS LIKE THIS IS GOING TO BE DIVIDING

    POINT IN THE CULTURE OF LAW
  399. None
  400. None
  401. https://news.bloomberglaw.com/business-and-practice/big- laws-great-resignation-why-i-dont-believe-the-hype

  402. https://www.wsj.com/articles/covid-19-law-firm-work-from-home-11628254526

  403. VS THE GREAT RESIGNATION AND THE WAR FOR TALENT RETURN

    TO NORMAL
  404. “There is a war for talent and attorneys have more

    leverage than ever. For most attorneys I speak with, being allowed to work remotely has become critical and, for many, their employer’s impending return-to-office policy is motivating them to make a move. That said, with client demands at an all-time high, law firms have been creative and aggressive when it comes to creating incentives to attract and retain talent (e.g. compensation increases, significant bonuses, and long-term flexible working arrangements).” https://www.natlawreview.com/article/changes-law-firms- are-adopting-amid-covid-19-trends-remote-work-litigation Michelle Fivel, Major, Lindsey, & Africa (A Leading Legal Recruiting Firm)
  405. SO THAT BRINGS US AROUND … TO NOW LOOK INTO

    THE FUTURE
  406. None
  407. THE LEGAL INNOVATION AGENDA THE ‘NEXT’ NORMAL

  408. FIVE THEMES FOR THE POST COVID ERA

  409. HYBRID ORGANIZATIONS? THE MARCH OF LEGAL COMPLEXITY FROM POINT SOLUTIONS

    TO ENTERPRISE LEGAL MANAGEMENT PLATFORMS DIGITAL TRANSFORMATION / 4TH INDUSTRIAL REVOLUTION THE FRONTIER IN A.I. / SOFTWARE ECONOMICS ARE CHANGING
  410. None
  411. HYBRID ORGANIZATIONS ? < 1 >

  412. AS THE GREAT RESIGNATION GIVES WAY TO MORE STABLE LABOR

    MARKETS …
  413. WHAT WILL BE THE STRUCTURE OF LEGAL LABOR MARKETS ?

  414. WHERE WILL THAT WORK TAKE PLACE ?

  415. AS LEAST AS OF TODAY … IF IT WERE UP

    TO INDIVIDUAL LAWYERS …
  416. https://news.bloomberglaw.com/bloomberg- law-analysis/analysis-rto-or-work-from- home-surveyed-lawyers-weigh-in

  417. I GUESS THE QUESTION IS IF YOU ARE COMPETING FOR

    TALENT …
  418. AND FLEX IS WHAT TALENT WANTS …

  419. SOUNDS LIKE YOU BETTER EXPLORE HOW TO MAKE IT HAPPEN

  420. THERE IS THE BUSINESS OPPORTUNITY HERE …

  421. PERHAPS IT WILL OR WILL NOT BE IN THE METAVERSE*

    *NOTE THE METAVERSE IS WIDER SET OF IDEAS THAN JUST THE ONE OFFERED BY FACEBOOK (META)
  422. OR MAYBE IN DECENTERLAND …

  423. None
  424. IN THE PRECOVID WORLD, ALSP / LPO / LAW COMPANIES

    TOOK ADVANTAGE OF THE LACK OF FLEX WITHIN THE BROADER LEGAL INDUSTRY …
  425. BUT NOW MANY OTHER ORGS NOW HAVE HAD TO OFFER

    FLEX … (SOUNDS LIKE ALSP/LPO NEED ANOTHER DIMENSION OF COMPETITION)
  426. https://www.mckinsey.com/featured-insights/future-of- work/the-future-of-work-after-covid-19

  427. None
  428. SO HOW TO BUILD OR CONVERT ORGANIZATIONS TO THRIVE IN

    A WORLD OF INCREASING HYBRID OR REMOTE WORK
  429. I BELIEVE COLLABORATION TECHNOLOGIES WILL IMPROVE AS A FUNCTION OF

    POST COVID INVESTMENTS IN THAT SPACE #COLLABORATIONTECH (MANY OF WHICH HAVE NOT COME TO FRUITION) (AS THE TIME FROM INVESTMENT TO COMMERCIAL LAUNCH TYPICALLY TAKES SEVERAL YEARS - PARTICULARLY IN LARGE ENTERPRISES )
  430. TAKE THAT TECH TOGETHER WITH A ECONOMIC MODEL WHICH WOULD

    ALLOW FOR FLEX WORK ON AT LEAST A HYBRID BASIS …
  431. ORGS NEED TO CLEARLY IDENTIFY THE VALUE ASSOCIATED WITH PARTICULAR

    TASKS BEING CONDUCTED IN PHYSICAL OFFICES …
  432. AND MAKE SURE THIS IS ACTUAL USE OF THOSE HOURS

    / TIMES IN THE OFFICE
  433. FOCUS ON BETTER MEASURES OF QUALITY AND PRODUCTIVITY TO HELP

  434. SOLVE FOR THE CONCERNS EXPRESSED BY THOSE WHO SUPPORT FULL

    TIME IN PERSON …
  435. None
  436. THE MARCH OF LEGAL COMPLEXITY < 2 >

  437. I HAVE SPENT LOTS OF TIME STUDYING LEGAL COMPLEXITY

  438. THERE IS LITTLE REASON TO BELIEVE THAT MARCH OF LEGAL

    COMPLEXITY WILL NOT CONTINUE
  439. None
  440. THIS IS GOING TO LEAD TO AN ONGOING NEED TO

    BUILD {PRODUCT, SERVICE} BUNDLES
  441. ARE ECONOMIC SUBSTITUTES FOR LABOR TECHNOLOGY PROCESS IMPROVEMENT BECAUSE IN

    CRAFTING SOLUTIONS
  442. WE WILL CONTINUE TO SEE MORE PROCESS ENGINEERING AND PROJECT

    MANAGEMENT
  443. TO HELP MANAGE LEGAL COMPLEXITY

  444. BTW THESE PROCESS MAPS ARE KEY INPUTS IN SOFTWARE DEVELOPMENT

  445. CONSULTANTS LITERALLY GO OUT AND DO ‘REQUIREMENTS GATHERING’

  446. AND PART OF THAT OUTPUT IS OFTEN SOMETHING AKIN TO

    A PROCESS MAP …
  447. SO I EXPECT A CONVERGENCE BETWEEN #LPM #LPI TALENT AND

    LEGALTECH TALENT …
  448. BTW … SPEAKING OF SOFTWARE

  449. None
  450. THE SHIFTING ECONOMICS OF A.I. / SOFTWARE < 3 >

  451. AS A LAW PROFESSOR, I HAVE MET MANY A LAWYER

  452. WHO THINKS THAT THEY HAVE DRAFTED — SAY THE GREATEST

    CONTRACT KNOWN TO MANKIND
  453. AS A TECHNOLOGIST, I HAVE ENCOUNTERED MANY A PROGRAMMER

  454. WHO THINKS THAT THEY HAVE DRAFTED — SAY THE GREATEST

    CODEBASE KNOWN TO MANKIND
  455. None
  456. THERE ARE ECONOMIC CHANGES UNFOLDING IN #AI #ML #TECH

  457. HANDCRAFTED CODE VS STANDARDIZED PARTS

  458. MACHINE LEARNING AS A SERVICE

  459. MACHINE LEARNING AS A SERVICE PAINT BY NUMBERS A.I. ?

  460. MACHINE LEARNING AS A SERVICE #MLAAS + ENTERPRISE OPEN SOURCE

    MOVEMENT #OPENSOURCE
  461. ENTERPRISE OPEN SOURCE MOVEMENT WHICH IS A PRE COVID TREND

    WHICH IS CONTINUING TO MARCH
  462. https://techcrunch.com/2019/01/12/how- open-source-software-took-over-the-world/ https://devops.com/how-open-source-software- powers-digital-innovation/

  463. Historically one needed to build the full stack (i.e end

    to end) for an application
  464. Unique Domain Specific Offering Off the Shelf #MLaaS, etc. (perhaps

    with some configuration and/or customization)
  465. NOW WHAT ABOUT ON THE TALENT / LABOR SIDE OF

    THE EQUATION …
  466. PAIR PROGRAMMING IS COMMON AMONG DEVELOPERS …

  467. WHAT IF YOUR PAIR PROGRAMMER WAS NOT A PERSON ?

    https://www.linkedin.com/posts/bommarito_statistics- datascience-copilot-activity-6861302897796284416-yzfZ
  468. AS THE 2020’S ROLL ON THE ECONOMICS OF CUSTOM CODE

    WILL CONTINUE TO CHANGE …
  469. AND THOSE CHANGES WILL FAVOR CERTAIN TYPES OF TEAMS AND

    TALENT …
  470. AND IT MEANS THAT LEGALTECH IS GOING TO BECOME CHEAPER

    TO PRODUCE …
  471. MY BET IS THAT THE REAL COMPETITION WILL BE ON

    TEACHING MACHINES THE LEGAL LANGUAGE OF LAW …
  472. BECAUSE LAW IS SO LANGUAGE / DOCUMENT CENTRIC

  473. WORKED ON THIS BOTH COMMERCIALLY BOMMARITO II, MICHAEL J., DANIEL

    MARTIN KATZ, AND ERIC M. DETTERMAN, "LEXNLP: NATURAL LANGUAGE PROCESSING AND INFORMATION EXTRACTION FOR LEGAL AND REGULATORY TEXTS." RESEARCH HANDBOOK ON BIG DATA LAW. EDWARD ELGAR PUBLISHING, 2021.
  474. AND IN MY ACADEMIC LIFE ILIAS CHALKIDIS, ABHIK JANA, DIRK

    HARTUNG, MICHAEL BOMMARITO, ION ANDROUTSOPOULOS, DANIEL MARTIN KATZ & NIKOLAOS ALETRAS, LEXGLUE: A BENCHMARK DATASET FOR LEGAL LANGUAGE UNDERSTANDING IN ENGLISH
  475. WE ARE ALL WORKING TO TRY BREAK THE LEGAL LANGUAGE

    BARRIER … :)
  476. None
  477. DIGITAL TRANSFORMATION / 4TH INDUSTRIAL REVOLUTION < 4 >

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

  479. None
  480. WE WOULD CALL IT THE COMPUTATIONAL AGE …

  481. IN OTHER WORDS, THIS IS NO LONGER THE DIGITAL AGE

    BUT RATHER THE EARLY COMPUTATIONAL AGE
  482. 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 ARTIFICAL INTELLIGENCE AUTOMOBILE CREDIT CARDS CHARGE CARDS
  483. INDEED HERE IS THE KATZ, BOMMARITO + ZELNER BLOG WHICH

    HAS BEEN RUN SINCE 2009 (FEEL FREE TO SET THIS AS YOUR HOMEPAGE) HTTPS://COMPUTATIONALLEGALSTUDIES.COM/
  484. None
  485. THERE IS A THEORETICAL IDEA OF LAW AS CODE

  486. EVEN MORE COMPELLING IS CODE AS LAW https://www.slideshare.net/mjbommar/university- of-houston-law-and-computation-workshop #COMPUTATIONALLAW

    #IMPLEMENTATION #ENGINEERING (PRIVATE LAW OR PUBLIC LAW) A 2011 Talk by Mike Bommarito
  487. OR AT A MINIMUM WHAT LAW CAN LEARN FROM COMPUTER

    SCIENCE ? https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3943378
  488. STILL EARLY DAYS BUT COMPUTATIONAL LAW IS GETTING SOME TRACTION

    https://www.thelawlabchannel.com/eric- wood-contracts-code-and-automation ERIC WOOD CHAPMAN AND CUTLER
  489. https://law.stanford.edu/codex-the-stanford-center-for-legal-informatics/

  490. https://www.globallegalpost.com/news/singapore- government-commits-11m-to-fund-legal-tech-research- programme-77990850 https://github.com/smucclaw

  491. None
  492. SOME OF THE INGREDIENTS OF THE COMPUTATIONAL ERA …

  493. CRYPTO INFRASTRUCTURE INTERNET OF THINGS ARTIFICIAL INTELLIGENCE + + ETC.

    + { }
  494. ANALOG DIGITAL COMPUTATIONAL

  495. THESE PHASES MAP REASONABLY WELL ON TO WHAT WE HAVE

    SEEN (AND WILL LIKELY SOON SEE) IN THE FIELD OF LEGAL INNOVATION
  496. COMPUTATIONAL Chaos + Complexity Process + Predictability Reinvention + Value

    Creation ANALOG DIGITAL
  497. CONTRACTS / TRANSACTIONS

  498. CHAOS + COMPLEXITY

  499. CHAOS + COMPLEXITY PROCESS + PREDICTABILITY

  500. 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 Inputed 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
  501. WHILE THIS IS A HELPFUL STEP IT IS NOT REINVENTION

  502. AN EXAMPLE OF REINVENTION

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

  504. “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/
  505. INSURANCE CONTRACT CONTINGENCY STORED ON BLOCKCHAIN RAW SENSOR DATA (PRIVATE

    OR PUBLIC) PREPROCESSED AND SERVED UP AI BOT REGULARLY CHECK FOR CONTINGENCY SATISFACTION IF CONTINGENCY IS SATISFIED INITIATE PAYMENT OR START AUDIT PROTOCOL OR PROCEED TO FINAL HUMAN APPROVAL
  506. None
  507. THERE IS A BROADER WAVE OF DIGITAL TRANSFORMATION COMING TO

    BUSINESS
  508. THIS WILL IMPACT THE WORLD’S LARGEST LAW DEPARTMENTS (AND THEN

    EVERYONE ELSE)
  509. I THINK CONTRACTS IN PARTICULAR ARE GOING TO HAVE A

    SPECIAL PLACE
  510. BECAUSE EVEN TODAY THEY ARE ANALOG OBJECTS STORED IN A

    DIGITAL MEDIUM
  511. None
  512. CONTRACTS

  513. CONTRACTS FEATURE DATA, RULES, COMPUTATIONS, OBLIGATIONS …

  514. https://www.sec.gov/Archives/edgar/data/1599947/000156761917002200/s001920x1_ex10-1.htm

  515. https://www.bls.gov/cpi/ The explicit rules are the computations called for in

    the text The implicit rules are the ones that the human reasoner used to ‘entail’ or link the passages of text (internal to document) as well as recognize that the CPI was a ‘named entity’ external to the document
  516. CONTRACTS WANT TO BE COMPUTABLE …

  517. CONTRACTS WANT TO BE ABLE TO PUSH AND PULL DATA

    …. stored legal work product
  518. IF CONTRACTS WERE STRUCTURED DATA OBJECTS THEN THINGS LIKE THIS

    WOULD NOT BE SO DIFFICULT …
  519. r-bank%Offered%Rate%is%the% st%rates%es9mated%by%each% nks%in%London%that%it%would% it%to%borrow%from%other% y%abbreviated%to%LIBOR,%or% %ICE%LIBOR%(for% Exchange%Libor).”% t%is%LIBOR?%

  520. None
  521. FROM POINT SOLUTIONS TO ENTERPRISE LEGAL MANAGEMENT PLATFORMS < 5

    >
  522. SO ALTHOUGH ‘DIGITAL TRANSFORMATION’ IS THE BUZZWORD DU JOUR IN

    LEGAL CONSULTING …
  523. THERE IS NO DIGITAL TRANSFORMATION WITHOUT DATA …

  524. THERE IS NO DIGITAL TRANSFORMATION WITHOUT A MORE HARMONIOUS I.T.

    ENVIRONMENT
  525. IT IS NOT GOING TO BROUGHT TO LIFE WITHOUT A

    FOCUS ON I.T. ARCHITECTURE (I.E. MAKE SURE YOUR ‘DIGITAL TRANSFORMATION’ EXPERT HAS ACTUAL SOFTWARE ENGINEERING / I.T. ARCHITECTURE EXPERIENCE)
  526. None
  527. SO GLOBALLY WE HAVE HAD 2000+ POINTS SOLUTIONS BLOOM …

  528. EVEN THOUGH MANY CALL THEMSELVES PRODUCTS OR PLATFORMS …

  529. THE VAST MAJORITY OF THESE OFFERINGS ARE POINT SOLUTIONS DESIGNED

    TO SOLVE RELATIVELY NARROW PROBLEMS
  530. https://www.pcmag.com/encyclopedia/term/49447/point-solution

  531. AND AS NOTED … THERE IS UNDOUBTABLY GOING TO CONTINUE

    TO BE A ROLLUP …
  532. ACQUISITIONS BANKRUPTCIES PLATFORM ECONOMICS

  533. None
  534. ONE BIG DRIVER TOWARD PLATFORMS …

  535. INFOSEC AND ASSOCIATED PROCUREMENT ISSUES ARE A HUGE BARRIER TO

    THE COST OF SALE
  536. None
  537. None
  538. APP STORE FOR LEGAL?

  539. None
  540. ANOTHER DRIVER TOWARD PLATFORMS

  541. IS THE ABILITY TO OVERCOME SOME MAJOR I.T. HURDLES WHICH

    FRUSTRATE THOSE WHO WANT TO LEVERAGE LEGAL DATA
  542. AS A FIELD WE DO NOT HAVE COMMON DATA MODEL

    OR DATA STANDARDS …
  543. MAKE THE MARGINAL COST OF EACH EFFORT MUCH HIGHER THAN

    IT WOULD OTHERWISE NEED TO BE …
  544. DATA IS LAW LIVES IN MANY INDEPENDENT AND SILOED I.T.

    SYSTEMS
  545. SO WHEN PEOPLE WANT TO “LEVERAGE A.I.”

  546. THEY BECOME FRUSTRATED WITH THE I.T. SOUP

  547. NECESSARY TO ANSWER RELATIVELY STRAIGHT FORWARD QUESTIONS …

  548. THREE MAJOR I.T. ISSUES INTEROPERABILITY COMMON DATA MODEL EXTENSIBILITY

  549. THE CONSOLIDATION WILL CONTINUE FROM POINT SOLUTIONS TO PLATFORMS

  550. HELPS SOLVE ORGS WITH THEIR DATA PROBLEM EASIER TO BUY

    AS BUYER THAN ONE MODULE AT A TIME
  551. THIS WAS ALWAYS GOING TO END IN A PLATFORM PLAY

  552. None
  553. CLOSING STATEMENT

  554. SO THAT IS A JOURNEY ACROSS THE WORLD OF LEGAL

    INNOVATION …
  555. I AM VERY BULLISH ON THE FUTURE …

  556. AS WE WORK COLLECTIVELY TO SUPPORT …

  557. A PRODUCTIVITY REVOLUTION IN LAW !

  558. None
  559. @computational professor daniel martin katz danielmartinkatz.com computationallegalstudies.com https://bit.ly/3yxhY2e illinois tech

    - chicago kent law P R E & P O ST COV I D T H E L E G A L I N N OVAT I O N AG E N DA