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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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MY OPENING
STATEMENT
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IS THE MOST TRIVIALLY
OBVIOUS OF ALL
OBSERVATIONS
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AT ALL LEVELS …
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AND
NOTWITHSTANDING
THE SUBMARKET IN
QUESTION …
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LAW IS FAILING TO
DELIVER VALUE
COMMENSURATE
WITH THE COSTS
WE IMPOSE …
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THERE ARE MANY
REASONS FOR THE
CHALLENGES WE FACE …
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BUT I THINK THE MOST
SIMPLE EXPLANATION
IS THAT …
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THIS IS A FIELD
HISTORICALLY
CENTERED AROUND
SUBJECT MATTER
EXPERTISE
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AND *NOT*
FOCUSED ON
OPERATIONAL
EXCELLENCE
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SO OUR
CONVERSATION
IS *NOT* ABOUT
THE CONTENT OF
ANY PARTICULAR
LEGAL RULE …
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INSTEAD THIS IS
ABOUT HOW WE CAN
CONTINUE TO …
#MAKELAWBETTER
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BECAUSE
NOTWITHSTANDING
THE CHALLENGES
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IT IS NOT ALL
DOOM AND
GLOOM …
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THERE ARE
GREEN SHOOTS
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THERE ARE AN INCREASING
NUMBER OF FOLKS …
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WORKING GLOBALLY …
WORKING DOMESTICALLY …
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TO ADVANCE THE LEGAL
INNOVATION AGENDA
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I WOULD BE REMISS
IF I DID NOT MENTION THIS
EVENT WHICH RECENTLY
TOOK PLACE …
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22 COUNTRIES
40 PARTICIPATING CITIES
600+ HACKATHON TEAMS
~5000 PARTICIPANTS GLOBALLY
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I THINK IT JUST ONE OF
MANY SIGNALS THAT
INDICATE THAT THERE IS A
REAL APPETITE FOR CHANGE
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BY WAY OF
INTRODUCTION
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I AM AN
ACADEMIC
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I AM A SCIENTIST & TECHNOLOGIST
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I AM A SCIENTIST & TECHNOLOGIST
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I AM A
TEACHER
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LexPredict.com
CONSULTANT
& ADVISOR
TO THE
FORTUNE 1000,
AM LAW 200,
LEGAL TECH
STARTUPS, ETC.
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I AM IN THE
LEGAL
INNOVATION
AND VENTURE
SPACE AS AN
ADVISOR
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LexPredict.com
I AM AN
EMPLOYER
15+ TEAM
MEMBERS
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I MENTION ALL OF
THIS ONLY SO THAT
YOU MIGHT BE ABLE
TO ORIENT SOME OF
MY COMMENTARY
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AND UNDERSTAND
THAT I AM *NOT* A
MERE SPECTATOR OR
COMMENTATOR BUT
RATHER AN ACTIVE
PARTICIPANT …
#SKININTHEGAME
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SO TODAY ALLOW ME
TO SHARE SOME OF MY
NOTES FROM THE FIELD
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THE LEGAL
INNOVATION
AGENDA
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WHEN WE TALK
ABOUT
‘INNOVATION’
IN LEGAL …
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THE ROBOT
LAWYERS
NARRATIVE IS
THE FAVORITE
STORY IN THE MEDIA
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THERE IS
MUCH MORE
TO THE
LEGAL INNOVATION
CONVERSATION
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IN OTHER WORDS,
#LEGALINNOVATION
IS FAR BROADER
THAN JUST
#LEGALTECH PER SE
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LEGAL
INNOVATION
LEGAL
TECH
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LEGAL INNOVATION CAN BE
DECOMPOSED INTO AT
LEAST SIX VECTORS
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SIX VECTORS OF
LEGAL INNOVATION
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PROCESS IMPROVEMENT
A.I. + LEGAL ANALYTICS
HUMAN CAPITAL + CULTURE
INTELLIGENT MONETIZATION
MARKET(S) STRUCTURE + DYNAMICS
PRODUCTIZATION AND SCALE
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MARKET(S) STRUCTURE
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OF COURSE THERE IS
NO LEGAL ‘MARKET’
PER SE BUT RATHER A
SET OF SUBMARKETS
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(VISUAL VIA
BILL
HENDERSON)
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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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ALTHOUGH A MORE
NUANCED ACCOUNT
COULD BE OFFERED
FOR EACH SUBMARKET
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IN GENERAL, THE
INCUMBENTS ARE
UNDER ATTACK FROM
VARIOUS DIRECTIONS …
#DEATHBY1000CUTS
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NOT ONE SINGLE
‘DISRUPTOR’ BUT
RATHER THE SUM
OF VARIOUS
DISRUPTIVE TRENDS
#DEATHBY1000CUTS
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OBVIOUSLY LAW
FIRMS ARE ALWAYS
COMPETING AGAINST
OTHER LAW FIRMS …
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THE (OTHER)
COMPETITORS
(i.e. the entities folks might not see)
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BIG 4
LPO’S
#LEGALTECH
CLIENTS
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BIG 4
LPO’S
#LEGALTECH
CLIENTS
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"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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It has $300+ million in revenue in 2016
The equivalent of an AMLaw 100 Law Firm
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2000+
total
employees
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LABOR ARBITRAGE
PROCESS ARBITRAGE
DATA / TECHNOLOGY
INTEGRATION
LADDER
TO A FULL
PLATFORM
SOLUTION
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BIG 4
LPO’S
#LEGALTECH
CLIENTS
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LEX.STARTUP
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OVER THE PAST FEW
YEARS, WE HAVE SEEN
SIGNIFICANT GROWTH
IN THE SHEER NUMBER
OF STARTUPS …
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THERE ARE A VARIETY
OF DIFFERENT LISTS
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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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tech.law.stanford.edu
STANFORD
CODEX LIST
790+ COMPANIES
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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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THINGS ARE
HEATING UP ON THE
CONTINENT AS WELL
BEYOND US + UK
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FRENCH
LEGAL TECH
GERMAN
LEGAL TECH
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BELGIUM
LEGAL TECH
DUTCH
LEGAL TECH
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AND BEYOND …
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AUSTRALIA
LEGAL TECH
ISRAEL
LEGAL TECH
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AFRICAN
LEGAL
TECH
http://legaltechafrica.co/startups/
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BRAZIL
LEGAL
TECH
MEXICO
LEGAL
TECH
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ALTHOUGH LEGAL IS A
RELATIVELY SMALL
SECTOR OF THE
ECONOMY
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WE HAVE HAD
SOME WAVES OF
VENTURE FUNDING …
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HERE ARE JUST
A FEW EXAMPLES …
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5.8M SERIES A
2M SEED
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8.7M
SERIES A
4.3M
SEED ROUND
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12M SERIES B
7M SERIES A
1.8M SEED
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10.25M+
RAISED
THUS
FAR
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1M SERIES A
150K SEED
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20M SERIES C
7M
PRIOR
ROUNDS
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125M+
RAISED
THUS
FAR
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OF COURSE
WE HAVE HAD A
NUMBER OF FAILED
COMPANIES
#PARFORTHECOURSE
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BUT WE HAVE ALSO
SEEN A NUMBER OF
NOTABLE EXITS
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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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COLLECTIVELY THESE
ENTITIES ARE DOING
THE LION’S SHARE OF
LEGAL INDUSTRY
R + D
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AND THERE IS
STILL PLENTY
TO PLAY FOR …
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SIGNIFICANT
AMOUNTS OF CAPITAL
ARE COMING INTO
THE MARKET IN JUST
THE PAST MONTHS
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BIG 4
LPO’S
#LEGALTECH
CLIENTS
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EVERY
CUSTOMER IN
ANY SECTOR
FACES THE
DIY VS BUY
DECISION
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~450 ~1200+
Number of Attendees Number of Attendees
2016 2017
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#cloc2017
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#cloc2018
2200+
Attendees
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Legal
Operations
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Legal
Operations
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Legal
Operations
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SOME OTHER
RELATED
EXAMPLES
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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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34!
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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" un
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PRODUCTIZATION AND SCALE
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HISTORICALLY -
LAW HAS BEEN A
SERVICE BUSINESS
THROUGH WHICH
SUBJECT MATTER
EXPERTISE IS
DELIVERED
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HOWEVER,
IT IS (SLOWLY)
BECOMING
MUCH MORE …
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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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The Nature of the Offering
THE
MARKET(S)
in LAW
Type
of
Client
(Prototypical)
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PRODUCTIZATION OF
LEGAL KNOWLEDGE
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PRODUCTIZED
KNOWLEDGE
IS WHAT THE
BIG 4 DO BEST
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AMONG OTHER
THINGS, PRODUCTS
HELP WITH THE ‘JUST
IN TIME’ IMPERATIVE
(LABOR CANNOT SCALE
INSTANTANEOUSLY)
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PRODUCTS
ALSO HELP YOU
CROSS-SELL
SERVICES
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PRODUCTS MAKE
YOU HARD TO GET
RID OF …
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PRODUCT BUSINESS
WILL TYPICALLY
HAVE A HIGHER
MULTIPLE
(THAT IS NOT BY ACCIDENT)
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SO WHY DON’T WE
SEE MORE SCALABLE
TECHNOLOGY
OFFERINGS CREATED
BY LAW FIRMS ?
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TECH IS A
CAPITAL
INTENSIVE
FIELD
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LAW FIRMS ARE
PARTNERSHIPS AND
GIVEN RULE 5.4
FIRMS CANNOT
SHARE PROFITS WITH
#NONLAWYERS
WHERE #NONLAWYERS = HUMANS
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THIS IS THE
ORIGINAL SIN
OF LAW AS A
BUSINESS …
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LAW FIRMS HAVE
(1) NO REAL ASSETS
(2) CASH ACCOUNTING
THIS HAS LIMITED SCALE
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THIS HAS MADE
ACCESS TO
CAPITAL FAR
MORE DIFFICULT
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THESE ARE THE
HEADWINDS …
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HOWEVER,
NOTWITHSTANDING
EACH OF THESE ENTITIES
(AS WELL AS OTHERS)
ARE UNDERTAKING SOME
SORT OF R+D OPERATION
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THE RACE IS ON …
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GIVEN MICRO-
INCENTIVES
MIGHT NEED TO
CREATE A
SEPARATE
CAPITAL FUNDED
R+D OPERATION
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WITH SOME NOTABLE
EXCEPTIONS …
THERE ARE SIMILAR
SCALABILITY ISSUES IN
OTHER SUBMARKETS
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PROCESS IMPROVEMENT
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THE
INDUSTRIALIZATION
OF THE
ARTISAN
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ACROSS THE ECONOMY
THERE ARE MANY
EFFORTS TO CONVERT AN
ARTISANAL PROCESS
INTO AN INDUSTRIAL
PROCESS
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WE WANT TO ENSURE
THAT WE CAN MAINTAIN
THE ARTISAN ELEMENTS
THAT DO ADD VALUE
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WITH RESPECT TO A GIVEN
PROCESS THERE IS OFTEN A
SIGNIFICANT SPREAD
Kim Craig from Seyfarth Lean Consulting
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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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LEAN, SIX SIGMA
AND OTHER
PROCESS IMPROVEMENT
METHODOLOGIES
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CAN HELP IMPROVE
ALMOST EVERY
SUBSECTOR IN LAW
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THE INTELLECTUAL
ORIGINS CAN BE TRACED
TO A MUCH EARLIER TIME
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THE INTELLECTUAL
ORIGINS CAN BE TRACED
TO A MUCH EARLIER TIME
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the toyota
production system
lean ideas
lean for
enterprises
(white collar, etc.)
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CONVERT HIGH VOLATILITY PROCESS
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CONVERT HIGH VOLATILITY PROCESS
INTO A LOWER VOLATILITY PROCESS
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WHAT YOU ARE
LEFT WITH
IS A VERY USEFUL
ARTIFACT …
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THE PROCESS MAP
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IT CAN AID IN
Increasing Response Times
Predicting Resource Loads
Coordination Across Stakeholders
Increasing Margins on Work
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I AM VERY HAPPY TO
HAVE THE CHANCE TO
HELP CO-TEACH THIS CLASS
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SOME
ADDITIONAL
RESOURCES
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ARTIFICIAL INTELLIGENCE
+ LEGAL ANALYTICS
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THIS IS A TOPIC
FOR WHICH I AM
OFTEN CALLED
UPON TO
COMMENT
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AND FOR WHICH
A FULL FLEDGED
PRESENTATION
COULD BE
OFFERED …
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https://www.slideshare.net/Danielkatz/
artificial-intelligence-and-law-a-primer
ACCESS MORE HERE
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ARTIFICIAL INTELLIGENCE IS A BROAD FIELD
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LETS LOOK AT THESE SPECIFIC SUBFIELDS
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data driven AI rules based AI
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EXPERT
SYSTEMS
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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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HERE ARE
SOME MORE
CONTEMPORARY
EXAMPLES …
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BUT THE BASIC IDEA
IS TO ENCODE THE
RULES THAT GOVERN
A DECISION MAKING
PROCESS AND TURN
IT INTO SOFTWARE
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TURBOTAX IS THE MOST
COMMERCIALLY SUCCESSFUL
EXPERT SYSTEM OF ALL TIME
(30+ MILLION USERS)
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(BUT WITH OTHER INCREASING
INTERESTING CAPABILITIES)
“DRAG + DROP A.I.”
FOR BUILDING LEGAL
EXPERT SYSTEMS
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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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EXPERT SYSTEMS
WILL BECOME
CHATBOTS
(THUS HELPING BRIDGE THE
DATA VS RULES DIVIDE)
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DATA DRIVEN A.I.
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THE ALTERNATIVE TO
HARD CODING THE
RULES IS TO LET DATA
DO THE LIFTING …
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DATA DRIVEN
A.I.
=
MACHINE
LEARNING
NATURAL
LANGUAGE
PROCESSING
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THE ULTIMATE
GOAL IS TO PREDICT
SOME CLASS OF
LEGAL OUTCOMES
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HERE ARE
JUST A FEW
USE CASES
IN LAW
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#Predict Relevant Documents
Data Driven EDiscovery/Due Diligence
(Predictive Coding)
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#Predict Relevant Documents
Data Driven EDiscovery/Due Diligence
(Predictive Coding)
#Predict Contract Terms/Outcomes
Data Driven Transactional Work
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#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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#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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#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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IN MANY INSTANCES
BLENDS OF
INTELLIGENCE WILL
OUTPERFORM A
SINGLE STREAM OF
INTELLIGENCE
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THE PSEUDOCODE
OF OUR TIMES …
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HUMANS
+
MACHINES
HUMANS
OR
MACHINES
>
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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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No content
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THE STRUCTURE
OF HOW THE
WORK IS DONE
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A.I.
Tool
Suite
(Legal)
Data
Scientist
Subject
Matter
Expert(s)
+ +
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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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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
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Complex Models Too
Lawsuits
Docket Record
Related Disputes
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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
[ ]
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Practice-
Related
Data
Synthesis and
Transformation
Interface and
Interaction
Task Norms
Collaboration
Culture
Coordination
PuQng&It&Together&
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LET ME OFFER
JUST A FEW OTHER
OBSERVATIONS ON
THE STATE OF
A.I. AND LAW
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WE NEED MORE
PEER REVIEWED
VALIDATION
STUDIES
(1)
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AND LESS
MARKETING
MATERIAL
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THERE ARE AN
INCREASING NUMBER
OF RELEVANT
ACADEMIC PAPERS
(AND IN SOME CASES
ASSOCIATED COMPANIES)
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“…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.”
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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.
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(2)
ECONOMICS ASSOCIATED
WITH LEGAL A.I. ARE
RAPIDLY CHANGING
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MACHINE LEARNING
AS A SERVICE
#MLaaS
+
ENTERPRISE OPEN
SOURCE MOVEMENT
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ARE
FUNDAMENTALLY
CHANGING
THE POSSIBILITY
FRONTIER
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WE ARE GETTING A
BROADER MENU
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WE ARE
GETTING MORE
STANDARDIZATION
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I WORK THIS OUT
FURTHER HERE …
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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
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BUT SUFFICE TO SAY
IS NO LONGER THE
ONLY GAME IN TOWN
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Machine Learning as a Service
#MLaaS
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Machine Learning as a Service
#MLaaS
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Machine
Learning as
a Service
#MLaaS
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Machine Learning as a Service
#MLaaS
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No content
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(3)
WE WILL GO THE
WAY OF THE WORLD
AND SEE MORE
OPEN SOURCE
OFFERINGS IN LEGAL
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WE NEED MORE
#OPENSOURCE
IN LAW
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I AM
PRACTICING
WHAT I PREACH
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contraxsuite.com
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https://github.com/LexPredict/lexpredict-contraxsuite
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INTELLIGENT MONETIZATION
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ONE OF THE
CHALLENGES
THAT LEGAL
INNOVATORS
HAVE FACED
IS PROBLEM
SELECTION
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PERFORMANCE
PEDIGREE >
HISTORICALLY IN LAW
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PERFORMANCE
IS *NOT*
RIGOROUSLY
MEASURED …
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INDEED, ALMOST
EVERY TIME WE
BENCHMARK
EXPERTS THEY ARE
NOT NEARLY AS
GOOD AS WE THINK
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EVEN IF YOU
HAVE A BETTER
MOUSETRAP …
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IF YOU ARE
5% OR 10%+
BETTER AT
SOMETHING
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YOU NEED TO
FIND A CUSTOMER
(CLIENT) WHO
ACTUALLY CARES
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SOMETIMES IT IS
WAY EASIER TO SELL
#LEGALINNOVATION
TYPE IDEAS
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TO OTHER
SECTORS
IMPACTED BY
LEGAL DECISIONS
OR LEGAL RISK
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IN OTHER WORDS,
ACROSS THE
ENTIRE ECONOMY …
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THE BOUNDARIES
BETWEEN MARKET
SECTORS ARE
BEGINNING TO
EVAPORATE …
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LEGALTECH
REGTECH
FINTECH
INSURTECH
ON THE MARGINS THERE IS NO
REAL DIFFERENCE BETWEEN
THE FOLLOWING FIELDS -
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WHICH IS JUST A WAY
OF IDENTIFYING THAT
ASPECTS OF ‘LAW’ ARE
ACTUALLY JUST
FINANCE, INSURANCE
IN THE FIRST PLACE …
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LITIGATION FUNDING
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LITIGATION FUNDING
+1568% in 4 years
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LAW AS INSURANCE
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EVENT DRIVEN LEGAL TRADING
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LEGAL SIGNAL PROCESSING
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No content
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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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HUMAN CAPITAL + CULTURE
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THE
DEMOGRAPHIC
REALITY …
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WE ARE ABOUT TO
HAVE THE LARGEST
GENERATIONAL
TRANSFER IN
HUMAN HISTORY
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THIS IS A MAJOR
CHALLENGE TO
EVERY
ORGANIZATION
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ORGANIZATIONS
NEED DIFFERENT
(BETTER) HUMAN
CAPITAL IN ORDER
TO SUPPORT ALL
OF THESE TRENDS
HIGHLIGHTED
HEREIN
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AND THIS SHOULD
BE REFLECTED IN
THE CONTENT OF
LEGAL EDUCATION
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LIBERAL ARTS LEGAL.EDU
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POLYTECHNIC LEGAL.EDU
LIBERAL ARTS LEGAL.EDU
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Daniel Martin Katz, The MIT School of Law? A Perspective on Legal
Education in the 21st Century, University of Illinois Law Review (2014)
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I OUTLINE IN THIS PAPER
MY VISION FOR WHAT
LAW.EDU COULD BE ...
(AND I AM NOT ALONE IN THIS VIEW)
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SO WITH THAT
UNDERSTANDING
OF THE CURRENT
INPUTS, DYNAMICS
AND CONSTRAINTS
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I WOULD LIKE TO LOOK OVER
THE #LEGALHORIZON …
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FROM
CHAOS + COMPLEXITY
TO REINVENTION
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BLOCKCHAINLAWCLASS.COM
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FROM HUNTER
GATHERER SOCIETIES
TO A HIGHLY COMPLEX
GLOBAL ECONOMIC
SYSTEM(S)
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ECONOMIC HISTORY TO DATE
CAN BE SEEN AS A QUEST TO
SCALE TRUST AND LOWER
TRANSACTION COSTS
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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
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THERE ARE A VARIETY
OF DIFFERENT WAYS
TO DIVIDE UP
RECENT HISTORY
AND PROJECT
FORWARD …
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WE COULD DIVIDE UP THE
PAST ~150 YEARS INTO
THREE SEPARATE ERAS
ANALOG
ERA
DIGITAL
ERA
COMPUTATIONAL
ERA
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EACH ERA LAYERS UPON
THE PRIOR PERIODS …
ANALOG
ERA
DIGITAL
ERA
COMPUTATIONAL
ERA
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THE WORLD ECONOMIC
FORUM CALLS THIS THE
‘FOURTH INDUSTRIAL
REVOLUTION’
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I WOULD CALL IT THE
COMPUTATIONAL AGE …
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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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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
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SOME OF THE KEY
INGREDIENTS OF THE
COMPUTATIONAL ERA …
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CRYPTO
INFRASTRUCTURE
INTERNET
OF THINGS
ARTIFICIAL
INTELLIGENCE
+
+
ETC.
+
{ }
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THESE PHASES MAP
REASONABLY WELL ON TO
WHAT WE HAVE SEEN (AND
WILL LIKELY SOON SEE) IN
THE FIELD OF LEGAL
INNOVATION
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ANALOG
DIGITAL
COMPUTATIONAL
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COMPUTATIONAL
Chaos +
Complexity
Process +
Predictability
Reinvention +
Value Creation
ANALOG
DIGITAL
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A FEW EXAMPLES
OF THE PATH TO
REINVENTION …
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(1)
CONTRACTS /
TRANSACTIONS
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CHAOS +
COMPLEXITY
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CHAOS +
COMPLEXITY
PROCESS +
PREDICTABILITY
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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
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WHILE THIS IS A
HELPFUL STEP IT IS
NOT REINVENTION
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AN EXAMPLE OF
REINVENTION
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https://medium.com/aigang-network/the-synergy-
between-insurance-and-blockchain-77da2849c211
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“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/
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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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EARLY EXAMPLES
IN LAW-LAW LAND
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No content
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No content
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No content
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No content
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No content
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(2)
DISCOVERY
COMPLIANCE
CONVERGENCE
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THE DISCOVERY +
COMPLIANCE
CONVERGENCE
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No content
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No content
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THE GOAL SHOULD
BE PREVENTION
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BEHAVIORAL
PATTERNS
AND
SIGNALS
INTELLIGENCE
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#DOLESSLAW
http://www.reinventlawchannel.com/ron-friedmann-do-less-law/
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(3)
LEGAL RISK
MANAGEMENT
BECOMES
INSURANCE
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TODAY WE USE
LAWYERS AS THE
COMPUTERS OF
LEGAL RISKS
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BUT IN THE OTHER
APPLICATIONS
WE USE
UNDERWRITING
AND RISK
TRANSFER
VEHICLES
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THIS IS JUST ONE
EXAMPLE OF HOW
WE (PARTIALLY)
DELAWYERED A
LEGAL PROCESS
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LAW AS INSURANCE
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HERE WE ALMOST
FULL DELAWYERED
THE TRANSACTION
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THERE IS MORE
WHERE THAT CAME
FROM …
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LITIGATION FUNDING
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LITIGATION FUNDING
+1568% in 4 years
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WHERE
LAW IS FINANCE
LAW WILL LOOK
MORE LIKE
FINANCE
#PROPTRADING
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CLAIM
MOST OF TODAY’S
LEGAL AI BUYERS
SELECT ON THE BASIS
OF UI/UX NOT ACTUAL
PERFORMANCE
SIZZLE > STEAK
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“... 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/
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No content
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(4)
PLATFORMS AND
THE LEGAL INFO
ECONOMY
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TWO YEARS AGO
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MICHAEL SKAPINKER
FROM THE FT
WROTE THE
FOLLOWING
Slide 387
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APRIL 11
2016
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AMONG OTHER THINGS
THE ARTICLE EXPLORED
CHANGES IN THE
BUSINESS OF LAW
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INCLUDING THE
POSSIBILITY OF AN
‘UBER MOMENT’
FOR LAWYERS
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THERE HAVE BEEN
MANY OTHER
ARTICLES ALSO
EXPLORING THESE
DYNAMICS …
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AND IT SEEMS THAT
THIS IDEA IS …
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VERY MUCH IN
THE ZEITGEIST
(IN ONE FORM OR ANOTHER)
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Slide 393 text
WHETHER IN LAW OR
IN ANOTHER SECTOR
OF THE ECONOMY …
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Slide 394 text
THE DIGITAL PLATFORM
IS ONE OF THE
DEFINING FEATURES OF
THE POST INTERNET
ECONOMY
Slide 395
Slide 395 text
‘DIGITAL PLATFORMS ARE
COMPLICATED MIXTURES OF
SOFTWARE, HARDWARE,
OPERATIONS, AND
NETWORKS’
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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)
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PLATFORMS AND THE
BUSINESS OF LAW
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APPLYING A SOMEWHAT
LOOSE DEFINITION …
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Slide 399 text
THE LAW FIRM COULD BE
CALLED THE ORIGINAL
‘PLATFORM’ IN LAW
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ENTREPRENEURIALLY
MINDED LAW FIRM
LEADERS WERE ABLE
TO ASSEMBLE TEAMS
OF EXPERTS
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PARTICULARLY ACROSS THE
20TH CENTURY THE LAW FIRM
REPLACED A MUCH MORE
DECENTRALIZED FORM OF
INDUSTRIAL ORGANIZATION
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WHILE AN ANALOG FORM OF
PLATFORM, THE LAW FIRM
ALLOWED FOR A DIFFUSE SET
OF EXPERTISE TO BE BUNDLED
AND SOLD TO A CLIENT
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OTHERWISE THE CLIENT
HAD TO ORGANIZE THE
NECESSARY EXPERTS AND
ASSOCIATED LABOR TO
SUPPORT THEIR SPECIFIC
LEGAL TASKS …
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THE CLIENTS THEMSELVES
ARE WORKING TO
DEVELOP PLATFORMS
AND ECOSYSTEMS
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NIKE ALLIANCE
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GE LAWYER
RATING SYSTEM
“YELP FOR LAW’ ?
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ON THE RETAIL SIDE OF
THE BUSINESS …
LEGALZOOM, CLIO, AVVO
ARE ALL MAKING
PLATFORM PLAYS
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THERE ARE SEVERAL
VERSIONS OF
‘UBER FOR LAWSUIT
FUNDING’
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AND THERE ARE MANY
OTHER VERSIONS OF
‘UBER FOR LAWYERS’
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ON THE TECH SIDE OF
THE LEGAL BUSINESS …
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THERE IS ALSO
MOVEMENT TOWARD
PLATFORM OFFERINGS …
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No content
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No content
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THIS WILL BE A BIG PART
OF THE LAW BUSINESS OF
THE 2020’S …
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(5)
SCALABLE JUSTICE
AND THE MODRIA
OF EVERYTHING
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WHY DO HAVE TO
‘GO TO COURT’ ?
Slide 418
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CAN’T WE HAVE
MORE SCALABLE
VERSION OF THE
JUSTICE SYSTEM?
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EBAY
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Slide 420 text
CAN WE USE VASTLY
ALTERNATIVE
DELIVERY MODELS?
Slide 421
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FIRST WE WILL
GET CHATBOTS …
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No content
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?
Meet Ellie a Virtual Therapist developed at USC
THE TRUE ROBOT LAWYER
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No content
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CLOSING
ARGUMENT
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LEGAL INNOVATION IS A
5000 YEAR OLD FIELD
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BUT AS NOTED EARLIER
WE SORT OF STALLED
OUT SOMEWHERE
ALONG THE WAY …
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Slide 428 text
WE ARE GETTING
THINGS BACK ON
TRACK …
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Slide 429 text
I AM BULLISH ON
THE FUTURE …
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Slide 430 text
NOT BECAUSE I
AM AN OPTIMIST
Slide 431
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BUT RATHER
BECAUSE OF
TRENDS THAT
ARE IN PLAY
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AND THE
OPPORTUNITIES
THAT LIE AHEAD
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TO THE LEGAL
INNOVATORS …
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I SAY —
STAY THE COURSE
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THE LEGAL
INNOVATION
AGENDA
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IS GLOBAL
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Slide 438 text
IS GLOBAL
IS GROWING
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IS GLOBAL
IS GROWING
AND IS
SLOWLY
WINNING
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No content
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No content
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ComputationalLegalStudies.com
BLOG
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@ computational
Slide 446
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Daniel Martin Katz
@ computational
computationallegalstudies.com
lexpredict.com
danielmartinkatz.com
illinois tech - chicago kent college of law
@
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