@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
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
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
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 .
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
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
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 )
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 …
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
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
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
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 …
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 .
“ 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/
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 ?
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.”
“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.”
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.”
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)”
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
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
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)
FOUR THEMES IN LEGAL INNOVATION USING PROCESS IMPROVEMENT AND PROJECT MANAGEMENT METHODS TO STREAMLINE LEGAL WORK FLOWS #LEAN #SIXSIGMA #LPM #LPI #PROCESSENGINEERING #2
FOUR THEMES IN LEGAL INNOVATION SOURCING LEGAL TALENT AND SOLUTIONS FROM A MUCH WIDER SET OF PROVIDERS #LAWCOMPANY #ALSP #BIG4 #LPO #OUTSOURCING #INSOURCING #3
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
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
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)
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
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
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
“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 …”
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
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
FOUNDATION SOFTWARE GROUP ALLEGORY DOCSCORP DOXLY BESTPRACTIX KIRA SYSTEMS CONCEP WORKSHARE OBJECTIVE MANAGER CLOCKTIMIZER +1-2 MORE 10+ ACQUISITIONS IN PAST FEW YEARS
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.”
“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)
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
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 )
WHAT IF YOUR PAIR PROGRAMMER WAS NOT A PERSON ? https://www.linkedin.com/posts/bommarito_statistics- datascience-copilot-activity-6861302897796284416-yzfZ
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.
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
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
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/
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
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
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
“WEATHER INDEXED INSURANCE IS BASED ON LOCAL WEATHER INDICES. PAYOUTS ARE TRIGGERED BY THE SPECIFIED COMPONENTS OF THE INDEX RATHER THAN CROP YIELDS” https://wrma.org/weather-risk-by-application/agriculture/
INSURANCE CONTRACT CONTINGENCY STORED ON BLOCKCHAIN RAW SENSOR DATA (PRIVATE OR PUBLIC) PREPROCESSED AND SERVED UP AI BOT REGULARLY CHECK FOR CONTINGENCY SATISFACTION IF CONTINGENCY IS SATISFIED INITIATE PAYMENT OR START AUDIT PROTOCOL OR PROCEED TO FINAL HUMAN APPROVAL
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
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)
@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
danielkatz
onecareer_tech
iamshunta
tomoaki25
rilmayer
kojira
akiroom
yamamuteki
codenote
mraible
hygradme
chumajin
k1low
shpigford
addyosmani
tammyeverts
reverentgeek
colly
ammeep
eitanlees
rmw
bryan
samlambert
gr2m
jasonvnalue