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@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
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H A L LO W E E N
2 0 0 8
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WA S A
S CA R Y
T I M E
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A N D I T WA S N ’ T
J U ST T H E
D E CO R AT I O N S …
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O R E V E N T H E
C E L E B R I TY
CO ST U M E S …
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https://www.buzzfeed.com/whitneyjefferson/heres-what-halloween-looked-like-in-2008
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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
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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
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T H E H O U S I N G
B U B B L E H A D
B U R ST …
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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
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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 …
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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
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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
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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
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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 .
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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
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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
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B U T A S I S
O F T E N T H E
CA S E …
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I T WA S N OT
C L E A R AT
T H E T I M E
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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
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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
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M I G H T
E V E N
P R OV E
M O R E
P I VOTA L
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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 …
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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 …
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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 …
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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
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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 …
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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 …
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WO U L D B E G I N
TO S P R O U T …
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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 …
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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 …
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CA N W E
CO N N E C T
T H E D OT S ?
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CA N W E S E E
A R O U N D T H E
CO R N E R ?
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SO THIS
PRESENTATION IS
*NOT* ABOUT
THE CONTENT OF
ANY PARTICULAR
LEGAL RULE …
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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
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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 …
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I T TA K E S O N A
VA R I E TY O F
L A B E L S
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# 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
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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
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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
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AND OF COURSE
REGTECH
DEALTECH
FINTECH
INSURTECH
GOVTECH
ARE ALSO ADJACENT
(AND SIMILAR AT THE MARGINS)
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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 ’
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SO TODAY
I WILL BEGIN BY TRYING
TO DEFINE ‘THE LEGAL
INNOVATION AGENDA’
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THEN I WILL
TRACE THIS AGENDA
THROUGH THREE
PHASES …
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PRE COVID
POST COVID
DURING COVID
2009 - 2019
2023* - 2030
2020 - 2022*
*HOPEFULLY
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WHAT IS
THE LEGAL
INNOVATION
AGENDA ?
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WHAT IS
THE SCOPE OF
THE LEGAL
INNOVATION
AGENDA ?
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L AW I N N N OVAT I O N
∩
I N T E R S E C T
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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
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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 )
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T H I S B R A N C H
CA N B E
S U B D I V I D E D
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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
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L AW Y E R S F O R
I N N OVATO R S
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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 …
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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
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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
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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
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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 …
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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 .
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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
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“ 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/
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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 ?
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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
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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
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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.”
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“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.”
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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 …
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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
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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 …
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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.”
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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)”
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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
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I N N OVAT I O N
F O R L AW
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I N N OVAT I O N
F O R L AW
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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” ?
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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
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THIS IS A FIELD
HISTORICALLY
CENTERED AROUND
SUBJECT MATTER
EXPERTISE
ALONE
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AND *NOT*
FOCUSED ON
OPERATIONAL
EXCELLENCE
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THE LEGAL
INNOVATION AGENDA
IS ABOUT BRINGING
OPERATIONAL
EXCELLENCE TO LAW
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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
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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
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W I T H CA L I B E R O F
T H E O F F E R I N G …
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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
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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
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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
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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
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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 …
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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
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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” ?
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WELL LET’S START WITH
THIS QUESTION …
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WHAT IS THE DEMAND
DRIVER FOR ‘UNITS OF
LEGAL PRODUCTION’?
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COMPLEXITY
AND
(LEGAL) RISK
MANAGEMENT
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SOCIAL, ECONOMIC AND
POLITICAL COMPLEXITY
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MANIFESTS ITSELF IN
OUR DOMAIN AS
LEGAL COMPLEXITY
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WHILE IT IS
SOMEWHAT HARD TO
PRECISELY DEFINE …
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VIRTUALLY EVERY WAY
YOU MIGHT CONSIDER IT
LEGAL COMPLEXITY
HAS GROWN
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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
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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)
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SO THE QUESTION IS
HOW TO MATCH THAT
COMPLEXITY WITH THE
APPROPRIATE
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BUNDLES OF
TOOLS AND
(EXPERT)
PEOPLE
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BECAUSE THE LEGACY
MODEL HAS BEEN
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HIGH PRICE LABOR
TO SOLVE
HIGH COMPLEXITY
PROBLEMS
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BUT THAT DOES
NOT REALLY WORK
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FROM BOTH A PRACTICAL
AND AN ECONOMIC
STANDPOINT …
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WE ARE IN PROGRESS
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ON A PRODUCTIVITY
REVOLUTION IN LAW
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TO MEET THE
CHALLENGES OF THE
21ST CENTURY
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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
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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
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FOUR THEMES IN
LEGAL INNOVATION
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FOUR THEMES IN
LEGAL INNOVATION
LEVERAGING DATA AND
A.I. TECHNIQUES TO CREATE
LEGAL TECH SOFTWARE
#LEGALDATA #LEGALAI #LEGALNLP
#1
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FOUR THEMES IN
LEGAL INNOVATION
USING PROCESS IMPROVEMENT
AND PROJECT MANAGEMENT
METHODS TO STREAMLINE
LEGAL WORK FLOWS
#LEAN #SIXSIGMA #LPM #LPI
#PROCESSENGINEERING
#2
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FOUR THEMES IN
LEGAL INNOVATION
SOURCING LEGAL TALENT AND
SOLUTIONS FROM A MUCH
WIDER SET OF PROVIDERS
#LAWCOMPANY #ALSP #BIG4 #LPO
#OUTSOURCING #INSOURCING
#3
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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
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FOUR THEMES IN
LEGAL INNOVATION
AI / DATA / SOFTWARE
DESIGN / PROCESS
SOURCING OF LEGAL WORK
LAW < — > FINANCE
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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
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N O W B AC K TO
O U R STO R Y …
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THE LEGAL
INNOVATION
AGENDA
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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 …
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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
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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
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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
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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 …
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E N O U G H OX YG E N
TO S U STA I N L I F E
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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 …
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STARTING IN THE
AFTERMATH AND
CARRYING INTO
THE 2010’S
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THE 2010’S WERE THE
DECADE WHERE
LEGAL TECH
LEGAL INNOVATION
CAME OF AGE …
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ALTHOUGH ROBOT
LAWYERS DOMINATED
THE HEADLINES …
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NOT ONE SINGLE
DISRUPTOR PER SE
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BUT IT WAS A
SERIES OF TRENDS
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THAT
HIGHLIGHTED
THE DECADE IN
LEGAL TECH +
INNOVATION
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#LegalTech Comes of Age
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WHILE THERE WAS
CERTAINLY LEGALTECH
PRIOR TO 2010 …
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THE 2010’S SAW
#LEGALTECH GO FROM
THE HACKER
COMMUNITY
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https://legalhackers.org
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TO THE MAINSTREAM
LEGAL INDUSTRY …
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IN THE 2010’S WE SAW
SIGNIFICANT GROWTH
IN THE SHEER NUMBER
OF #LEGALTECH
STARTUPS …
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THERE ARE A VARIETY
OF DIFFERENT LISTS
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tech.law.stanford.edu
STANFORD
CODEX LIST
~1800+
COMPANIES
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LEGALTECH
WENT GLOBAL
BEYOND US + UK
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FINLAND
LEGAL TECH
RUSSIAN
LEGAL TECH
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AUSTRIAN
LEGAL TECH
SWISS
LEGAL TECH
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BELGIUM
LEGAL TECH
DUTCH
LEGAL TECH
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FRENCH
LEGAL TECH
ESTONIA
LEGAL TECH
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SPANISH
LEGAL TECH
122+ COMPANIES AS OF 2019
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AUSTRALIA
LEGAL TECH
ISRAEL
LEGAL TECH
https://techlaw.co.il/en/
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BRAZIL
LEGAL
TECH
MEXICO
LEGAL
TECH
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ARGENTINA
LEGAL TECH
PERU
LEGAL TECH
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MORE
BROADLY
IN ASIA
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https://lawgazette.com.sg/practice/tech-talk/legaltech-strategies-for-singapore-law-firms/
MORE
BROADLY
IN ASIA
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MORE
BROADLY
IN ASIA
https://bit.ly/solia2020
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AFRICAN
LEGAL
TECH
http://legaltechafrica.co/startups/
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AS THE 2010’S
PROCEEDED IT BECAME
ALOT EASIER TO RAISE
VC MONEY
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THE VAST MAJORITY
OF #LEGALTECH
PRODUCTS PURPORT
TO LEVERAGE
ARTIFICIAL
INTELLIGENCE
(AI)
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THIS IS A LARGE TOPIC
WORTHY OF A TALK
ON ITS OWN …
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SO I THINK I WOULD
SEND YOU TO THESE
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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
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BUT I WOULD
MENTION THAT THERE
HAS BEEN REAL
GROWTH WITHIN THE
AI + LAW ACADEMIC
COMMUNITY
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AND A VERY
WIDE SET OF
POTENTIALLY
ADDRESSABLE
USE CASES
(NOT ALL OF WHICH HAVE
BEEN COVERED SO FAR)
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IN THE 2010’S
VARIOUS LAW FIRMS
CREATED SOME SORT
OF A #LEGALTECH
ENGAGEMENT
FRAMEWORK(S)
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#LegalOps Emerges
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WHILE OF COURSE
LEGAL OPERATIONS
EXISTED PRIOR TO 2010
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IN THE 2010’S WE SAW
SIGNIFICANT INCREASE
IN OPERATIONS
PROFESSIONALS
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INCLUDING OF COURSE
CLOC
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MANY ORGANIZATIONS
BEGAN THEIR LEGAL
OPS JOURNEY IN THE
2010’S
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THIS WAS SORT
OF FIRST WAVE
OF IMPOSING
SOME LEVEL OF
OPERATIONAL
DISCIPLINE
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AND WRESTLING
CONTROL OF THE
SUPPLY CHAIN AWAY
FROM THE
TRADITIONAL
PROVIDERS
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OVERALL IN THE 2010’S
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IT IS FAIR TO SAY THAT
THE LEGAL SUPPLY CHAIN
WAS FINALLY DISRUPTED
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MANY MORE PLAYERS
ENTER THE MARKET …
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WHAT WAS ONCE
LARGELY A DECISION OF
LAW FIRM
A
LAW FIRM
B
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GIVES WAY TO A SERIES
OF PLAYERS …
LAW FIRM
BIG 4
LAW COMPANIES
LEGALTECH
INSOURCING
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WHETHER DIRECTED
INTERNALLY BY
CORPORATE COUNSEL,
LEGAL OPS OR EVEN
PROCUREMENT …
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OR ASSEMBLED BY
OUTSIDE FIRMS
AND/OR
VENDORS
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WE ARE ALL TRYING
TO BECOME
LAW COMPANIES
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WE ARE ALL TRYING
TO BUILD OPTIMAL
{PRODUCT, SERVICE}
BUNDLES FOR VARIOUS
LEGAL / BUSINESS
PROBLEMS
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AND ONE OF THOSE
WAYS TO SUPPORT THE
OPTIMIZATION IS BY
THREADING THE
{PRODUCT, SERVICE}
TOGETHER WITH A
PROCESS MAP
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WE SAW #LPM #LPI BEGIN
TO MAKE INROADS IN
THE 2010’S
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LEAN, SIX SIGMA
AND OTHER
PROCESS
IMPROVEMENT
METHODOLOGIES
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WITH RESPECT TO A GIVEN LEGAL
PROCESS THERE IS OFTEN A
SIGNIFICANT SPREAD
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THE PROCESS MAP
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http://
www.seyfarth.com/
dir_docs/
publications/
LITDecJan2014LeanS
ixSigma.pdf
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I HAVE LEARNED A
TREMENDOUS AMOUNT
FROM OUR COURSE ON
LEGAL PROCESS
IMPROVEMENT
LEGAL PROJECT
IMPROVEMENT
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THANKS TO OUR
COLLEAGUES FROM
SEYFARTH !
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WHAT ABOUT THE
FINANCIAL SIDE OF
LEGAL INNOVATION?
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IN THE 2010’S LAW
FIRMS INCREASING
TRIED TO FIGURE OUT
(SLOWLY) HOW TO
TRANSITION THEIR
BUSINESS MODEL
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IN THE 2020’S SOME OF
THE FIRMS ARE ACTUALLY
GOING TO GET REALLY
GOOD AT THE
{PRODUCT, SERVICE}
BUNDLE
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I THINK THIS WILL
LEAD TO A PUSH
FOR CAPITAL …
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AND BE THE DRIVER
FOR MORE AND
MORE FIRMS TO DO
SOME FORM OF
PUBLIC (AIM)
LISTING
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2018 Revenue of £236m
and a Valuation of £366m
= ~1.6x times Revenue
MARCH 2019
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COMING SOON ?
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SPEAKING OF
FINANCIALIZATION
THERE WERE MANY
EFFORTS IN THE
2010’S WHICH
TREATED
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LAW AS FINANCE
( insurance as well )
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https://www.ozy.com/the-new-and-the-next/why-
artificial-intelligence-might-replace-your-lawyer/75435/
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LAW AS INSURANCE
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https://www.wsj.com/articles/hidden-
in-plain-sight-a-powerful-way-to-
beat-the-market-1497367597
FT Big Read
Feb 7, 2019
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LITIGATION FUNDING
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LITIGATION FUNDING
(SIGNIFICANT RETURNS NOTWITHSTANDING
THE MUDDY WATERS SHORT ATTACK)
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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
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Law.edu (slowly)
tries to adapt ?
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I SPEND MUCH OF MY
TIME IN LAW.EDU
WHICH HAS ALL OF
THE HEADWINDS OF
CHANGE WE SEE IN
THE REST OF LAW
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BUT ALSO
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ACTUAL LIFETIME TENURE …
IN THE HANDS OF THE
DECISION MAKERS
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OBVIOUSLY THAT IS NOT
A RECIPE FOR RAPID
INNOVATION
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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)
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NOTWITHSTANDING
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THERE HAVE BEEN SOME
NOTABLE EFFORTS TO
INJECT LEGAL
INNOVATION INTO
LEGAL EDUCATION
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HERE ARE JUST A FEW IN
WHICH I AM INVOLVED…
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POLYTECHNIC
LEGAL EDUCATION
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SUMMARY OF THE
PRE-COVID ERA
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THESE ARE JUST SOME OF
THE ASSOCIATED EFFORTS
TO #MAKELAWBETTER OVER
THE 2010’S
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I JUST WANT TO
REMIND EVERYONE IF I
TOLD THEM IN 2010 BY
THE END OF THE
DECADE …
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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
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ALMOST NO ONE
WOULD HAVE
BELIEVED EVEN ONE
OF THESE THINGS
WOULD OCCUR …
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AND THEY ALL
HAPPENED ….
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THE LEGAL
INNOVATION
AGENDA
THE COVID ERA
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THE LEGAL INNOVATION
AGENDA WAS COOKING …
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PROGRESS WAS SLOWLY
BUT SURELY BEING MADE …
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AND THEN THE
WORLD SHUT
DOWN …
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CHINA
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ITALY
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NYC
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EVERYWHERE BY
MARCH 2020
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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
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AND IN EVEN
DISCUSSING THIS
I WANT TO
ACKNOWLEDGE
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THAT MANY FOLKS
AROUND THE
WORLD LOST
FRIENDS AND
FAMILY MEMBERS
IN THIS CRISIS …
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AND IT IS NOT
OVER YET …
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BUT PANDEMICS DO
EVENTUALLY END …
https://www.bbc.co.uk/news/resources/idt-876f42ae-5e44-41c0-ba2d-d6fd537aadfe
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AND EVEN IF THERE ARE
ADDITIONAL CHAPTERS
TO THE STORY
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THIS TOO SHALL PASS …
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THE QUESTION AT
HAND IS TO THINK
ABOUT THE WORLD
AS IT WILL BE
THEREAFTER …
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AND TO SUPPORT
THAT I WOULD LIKE
TO SUMMARIZE
SOME OF THE
THEMES THAT
APPEAR TO BE
EMERGING …
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SHORT TERM
VS
MEDIUM TERM
IN DISCUSSING THE COVID
ERA, LETS CONSIDER …
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EARLY DAYS OF
THE COVID ERA
(SHORT TERM)
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SHORT TERM
MARKET CHAOS
OIL FUTURES
TURN NEGATIVE
STOCK MARKET
CIRCUIT
BREAKERS ARE
TRIPPED S&P GOES UNDER 2300
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CORPORATIONS HOARD CASH
SHORT TERM
CORPORATE LEGAL FACES
BUDGET CUTS
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LAW FIRMS CUT STAFF, ROLL
BACK SALARIES, IMPOSE
HIRING FREEZES AND
HOARD CASH
SHORT TERM
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WHILE NOT TYPICALLY
REPORTED IN THE LEGAL
MEDIA
SHORT TERM
MANY LEGAL TECH
STARTUPS ARE
UNDER EXTREME
PRESSURE AS CASH
TIGHTENS
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FOR MANY
LAWYERS, THE
EARLY DAYS OF
THE PANDEMIC
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WERE AN EXERCISE IN
CRISIS LAWYERING …
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FORCE MAJEURE
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POLICY/PROCEDURES
FOR WORK AT HOME
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OVERNIGHT WE
MOVED TO
ONLINE COURTS
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MANY
INDIVIDUALS AND
ORGANIZATIONS
STRUGGLED TO
TRANSITION TO
WORK AT HOME
(ON THE FUNNY SIDE )
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ON THE SERIOUS SIDE, MANY
INDIVIDUALS AND
ORGANIZATIONS STRUGGLED TO
TRANSITION TO WORK AT HOME
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MEDIUM TERM
THEMES IN THE
COVID ERA
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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
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MEDIUM TERM
THE K SHAPED
ECONOMIC RECOVERY
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BIG LAW ULTIMATELY
THRIVES IN THE
COVID CRISIS
MEDIUM TERM
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RECORD FUNDING
IPOS, PE, ETC.
MEDIUM TERM
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THE FINAL HISTORY OF
LEGAL INNOVATION IN
THE COVID ERA IS YET
TO BE DRAFTED …
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THINGS DO NOT ALWAYS
WORK OUT QUITE AS
INITIALLY EXPECTED
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WORK AT HOME ?
LEGALTECH CONSOLIDATION
LAW FIRMS AS PORTFOLIOS
THREE THOUGHTS
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LAW FIRMS AS PORTFOLIOS
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“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 …”
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WHAT IS IT ABOUT BIG
LAW WHICH ALLOWS
MANY TO THRIVE
DURING THE
PANDEMIC ?
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A LARGE LAW FIRM IS LIKE
A STOCK PORTFOLIO …
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https://www.thelawlabchannel.com/tim-mohan-a-
portfolio-theory-of-law-firm-success
DISCUSSING LAW FIRMS AS
STOCK PORTFOLIOS
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AND WHAT DOES YOUR
BROKER TELL YOU ?
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DIVERSIFY YOUR ASSETS
(BIG LAW IS PRETTY
DIVERSIFIED)
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ALIGN OR ROTATE YOUR
PORTFOLIO TOWARD
AREAS THAT ARE
GROWING …
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Slide 339 text
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
Slide 340
Slide 340 text
AFTER THE FISCAL
POLICY OF ~0% GLOBAL
INTEREST RATES AND
MASSIVE STIMULUS …
Slide 341
Slide 341 text
EVERYONE IS OUT
THERE CHASING A
RETURN …
(ASPIRATIONAL INVESTING ? )
Slide 342
Slide 342 text
CAPITAL MARKETS
PRACTICE BONANZA …
SPAC FRENZY
MASSIVE AMOUNTS
OF M&A ACTIVITY
Slide 343
Slide 343 text
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
Slide 344
Slide 344 text
IN THE END,
THE BIGGEST
OF BIG LAW
SEEM TO HAVE
WON THE
COVID ERA
(AT LEAST SO FAR)
Slide 345
Slide 345 text
No content
Slide 346
Slide 346 text
LEGALTECH CONSOLIDATION
AND FOMO INVESTING
Slide 347
Slide 347 text
LEGAL TECH BUBBLE?
(OR THE LOGICAL CONSEQUENCE
OF CURRENT MONETARY POLICY?)
Slide 348
Slide 348 text
EVEN PRIOR TO THE
COVID CRISIS …
Slide 349
Slide 349 text
CAPITAL MARKETS
(VC AND PE) IN
PARTICULAR
HAVE BEEN
PRETTY LOOSE
Slide 350
Slide 350 text
WE SAW MONEY
POURING INTO
#LEGALTECH
Slide 351
Slide 351 text
https://abovethelaw.com/2019/11/is-there-a-legaltech-vc-bubble/
Slide 352
Slide 352 text
ME IN NOVEMBER 2019
Slide 353
Slide 353 text
No content
Slide 354
Slide 354 text
NOW ADD TRILLIONS
OF DOLLARS TO THE
CAPITAL MARKETS
AND WATCH INTEREST
RATES GO TO ~0%
Slide 355
Slide 355 text
AND WE SEE LOTS OF
MONEY CHASING A FINITE
NUMBER OF DEALS
Slide 356
Slide 356 text
AND WE SEE SOME EYE
POPPING VALUATIONS
Slide 357
Slide 357 text
NOTHING
WRONG WITH
THE COMPANY
… JUST THE
VALUATION
~50 BILLION MKT CAP
~1.5 BILLION REVENUE
$0 EARNINGS PER SHARE
35X REVENUE
Slide 358
Slide 358 text
BUT WE ALSO SEE
THESE SORT OF EYE
POPPING NUMBER IN
THE VC SIDE OF THIS
Slide 359
Slide 359 text
I AM *NOT* GOING TO
NAME INDIVIDUAL
COMPANIES …
Slide 360
Slide 360 text
BUT
SILICON VALLEY 101
== DONT TAKE TOO
MUCH MONEY…
#DOWNROUND
#LOSSOFCONTROL
Slide 361
Slide 361 text
MOST OF THE VC’S WHO
HAVE INVESTED IN
LEGALTECH DO NOT
HAVE DEEP EXPERIENCE
IN THE DOMAIN
Slide 362
Slide 362 text
FOMO
LEGAL
TECH?
https://blog.mobilehelix.com/2021/11/06/we-
have-fomo-in-legal-tech-%f0%9f%a6%84/
Slide 363
Slide 363 text
No content
Slide 364
Slide 364 text
I DO NOT THINK
THAT THE
AGGREGATE
INVESTMENT
IS OUT OF LINE
Slide 365
Slide 365 text
BUT I DO HAVE SOME
QUESTIONS FOR THE
VALUATIONS OF THE
INDIVIDUAL COMPANIES
Slide 366
Slide 366 text
MONEY IS GOING
TO (EVENTUALLY)
GET TIGHT
Slide 367
Slide 367 text
(WHICH IS FINE BY ME
BECAUSE IT WILL LEAD TO
GREATER DISCIPLINE)
Slide 368
Slide 368 text
STAY
TUNED!
Slide 369
Slide 369 text
No content
Slide 370
Slide 370 text
IN THE MEANTIME,
MONEY IS FLOWING
AND ACQUISITIONS
ARE HAPPENING AT A
VERY RAPID PACE …
Slide 371
Slide 371 text
AND THE ROLLUP AND
CONSOLIDATION IS
GOING TO CONTINUE …
Slide 372
Slide 372 text
No content
Slide 373
Slide 373 text
No content
Slide 374
Slide 374 text
No content
Slide 375
Slide 375 text
No content
Slide 376
Slide 376 text
No content
Slide 377
Slide 377 text
ALSP
Slide 378
Slide 378 text
AND OF COURSE NO ONE
HAS HAD MORE DEAL
FLOW THAN LITERA …
Slide 379
Slide 379 text
POWERED BY
PRIVATE EQUITY FIRM
HG CAPITAL
Slide 380
Slide 380 text
FOUNDATION
SOFTWARE GROUP
ALLEGORY
DOCSCORP
DOXLY
BESTPRACTIX
KIRA SYSTEMS
CONCEP
WORKSHARE
OBJECTIVE MANAGER
CLOCKTIMIZER
+1-2 MORE
10+ ACQUISITIONS
IN PAST FEW
YEARS
Slide 381
Slide 381 text
WE WILL ALL BE
WORKING FOR
LITERA SOON ;)
Slide 382
Slide 382 text
No content
Slide 383
Slide 383 text
WORK AT HOME
Slide 384
Slide 384 text
ALMOST OVERNIGHT
MOST ORGANIZATIONS
(LEGAL OR OTHERWISE)
Slide 385
Slide 385 text
BECAME REMOTE WORK
ORGANIZATIONS …
Slide 386
Slide 386 text
AS NOTED EARLIER THE
TRANSITION WAS NOT
EXACTLY SEAMLESS …
Slide 387
Slide 387 text
BUT AS TIME MOVED
FORWARD …
Slide 388
Slide 388 text
FOLKS BEGAN TO
FIND THEIR WAY …
Slide 389
Slide 389 text
THE PANDEMIC
REVEALED THE ART
OF THE POSSIBLE …
Slide 390
Slide 390 text
No content
Slide 391
Slide 391 text
THE PANDEMIC
HAS REFLECTED A
HARD RESET IN
LIVES OF MANY
AT THE PERSONAL LEVEL
Slide 392
Slide 392 text
WHETHER THEY
WANTED IT OR NOT -
MANY HAD THE
OPPORTUNITY TO
EXPLORE ANOTHER
WAY OF LIVING AND
WORKING
Slide 393
Slide 393 text
AND IN THE END IT
SEEMS LIKE MANY
FOLKS DID LIKE IT …
Slide 394
Slide 394 text
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.”
Slide 395
Slide 395 text
AND JUST ABOUT
WHEN THERE WAS
MAYBE (PERHAPS?)
GOING TO BE A
‘RETURN TO OFFICE’
Slide 396
Slide 396 text
MANY ORGS HAD
TO EXTEND WORK
FROM HOME …
(PRECISE DELTA TIMELINE PLAYED OUT
DIFFERENTLY ACROSS THE GLOBE …)
Slide 397
Slide 397 text
No content
Slide 398
Slide 398 text
SO IT SEEMS LIKE
THIS IS GOING TO BE
DIVIDING POINT IN
THE CULTURE OF LAW
Slide 399
Slide 399 text
No content
Slide 400
Slide 400 text
No content
Slide 401
Slide 401 text
https://news.bloomberglaw.com/business-and-practice/big-
laws-great-resignation-why-i-dont-believe-the-hype
Slide 402
Slide 402 text
https://www.wsj.com/articles/covid-19-law-firm-work-from-home-11628254526
Slide 403
Slide 403 text
VS
THE GREAT
RESIGNATION AND
THE WAR FOR TALENT
RETURN TO NORMAL
Slide 404
Slide 404 text
“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)
Slide 405
Slide 405 text
SO THAT
BRINGS US
AROUND …
TO NOW
LOOK INTO
THE FUTURE
Slide 406
Slide 406 text
No content
Slide 407
Slide 407 text
THE LEGAL
INNOVATION
AGENDA
THE ‘NEXT’ NORMAL
Slide 408
Slide 408 text
FIVE THEMES FOR
THE POST COVID ERA
Slide 409
Slide 409 text
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
Slide 410
Slide 410 text
No content
Slide 411
Slide 411 text
HYBRID
ORGANIZATIONS ?
< 1 >
Slide 412
Slide 412 text
AS THE GREAT
RESIGNATION GIVES
WAY TO MORE STABLE
LABOR MARKETS …
Slide 413
Slide 413 text
WHAT WILL BE THE
STRUCTURE OF LEGAL
LABOR MARKETS ?
Slide 414
Slide 414 text
WHERE WILL THAT
WORK TAKE PLACE ?
Slide 415
Slide 415 text
AS LEAST AS OF TODAY …
IF IT WERE UP TO
INDIVIDUAL LAWYERS …
Slide 416
Slide 416 text
https://news.bloomberglaw.com/bloomberg-
law-analysis/analysis-rto-or-work-from-
home-surveyed-lawyers-weigh-in
Slide 417
Slide 417 text
I GUESS THE QUESTION IS
IF YOU ARE COMPETING
FOR TALENT …
Slide 418
Slide 418 text
AND FLEX IS WHAT
TALENT WANTS …
Slide 419
Slide 419 text
SOUNDS LIKE YOU
BETTER EXPLORE HOW
TO MAKE IT HAPPEN …
Slide 420
Slide 420 text
THERE IS THE BUSINESS
OPPORTUNITY HERE …
Slide 421
Slide 421 text
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)
Slide 422
Slide 422 text
OR MAYBE IN DECENTERLAND …
Slide 423
Slide 423 text
No content
Slide 424
Slide 424 text
IN THE PRECOVID WORLD,
ALSP / LPO / LAW COMPANIES
TOOK ADVANTAGE OF THE
LACK OF FLEX WITHIN THE
BROADER LEGAL INDUSTRY …
Slide 425
Slide 425 text
BUT NOW MANY OTHER
ORGS NOW HAVE HAD TO
OFFER FLEX …
(SOUNDS LIKE ALSP/LPO NEED ANOTHER
DIMENSION OF COMPETITION)
Slide 426
Slide 426 text
https://www.mckinsey.com/featured-insights/future-of-
work/the-future-of-work-after-covid-19
Slide 427
Slide 427 text
No content
Slide 428
Slide 428 text
SO HOW TO BUILD OR
CONVERT ORGANIZATIONS
TO THRIVE IN A WORLD OF
INCREASING HYBRID OR
REMOTE WORK
Slide 429
Slide 429 text
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 )
Slide 430
Slide 430 text
TAKE THAT TECH
TOGETHER WITH A
ECONOMIC MODEL
WHICH WOULD ALLOW
FOR FLEX WORK ON AT
LEAST A HYBRID BASIS …
Slide 431
Slide 431 text
ORGS NEED TO CLEARLY
IDENTIFY THE VALUE
ASSOCIATED WITH
PARTICULAR TASKS
BEING CONDUCTED IN
PHYSICAL OFFICES …
Slide 432
Slide 432 text
AND MAKE SURE THIS IS
ACTUAL USE OF THOSE HOURS
/ TIMES IN THE OFFICE
Slide 433
Slide 433 text
FOCUS ON BETTER
MEASURES OF QUALITY AND
PRODUCTIVITY TO HELP …
Slide 434
Slide 434 text
SOLVE FOR THE
CONCERNS
EXPRESSED BY THOSE
WHO SUPPORT FULL
TIME IN PERSON …
Slide 435
Slide 435 text
No content
Slide 436
Slide 436 text
THE MARCH OF
LEGAL COMPLEXITY
< 2 >
Slide 437
Slide 437 text
I HAVE SPENT LOTS OF TIME
STUDYING LEGAL COMPLEXITY
Slide 438
Slide 438 text
THERE IS LITTLE
REASON TO BELIEVE
THAT MARCH OF
LEGAL COMPLEXITY
WILL NOT CONTINUE
Slide 439
Slide 439 text
No content
Slide 440
Slide 440 text
THIS IS GOING TO
LEAD TO AN
ONGOING NEED TO
BUILD
{PRODUCT, SERVICE}
BUNDLES
Slide 441
Slide 441 text
ARE ECONOMIC
SUBSTITUTES FOR LABOR
TECHNOLOGY
PROCESS IMPROVEMENT
BECAUSE IN CRAFTING
SOLUTIONS
Slide 442
Slide 442 text
WE WILL CONTINUE TO
SEE MORE PROCESS
ENGINEERING AND
PROJECT MANAGEMENT
Slide 443
Slide 443 text
TO HELP MANAGE
LEGAL COMPLEXITY
Slide 444
Slide 444 text
BTW THESE PROCESS
MAPS ARE KEY INPUTS IN
SOFTWARE DEVELOPMENT
Slide 445
Slide 445 text
CONSULTANTS LITERALLY
GO OUT AND DO
‘REQUIREMENTS
GATHERING’
Slide 446
Slide 446 text
AND PART OF THAT
OUTPUT IS OFTEN
SOMETHING AKIN TO
A PROCESS MAP …
Slide 447
Slide 447 text
SO I EXPECT A
CONVERGENCE
BETWEEN #LPM #LPI
TALENT AND
LEGALTECH TALENT …
Slide 448
Slide 448 text
BTW …
SPEAKING OF SOFTWARE
Slide 449
Slide 449 text
No content
Slide 450
Slide 450 text
THE SHIFTING ECONOMICS
OF A.I. / SOFTWARE
< 3 >
Slide 451
Slide 451 text
AS A LAW PROFESSOR,
I HAVE MET MANY A
LAWYER …
Slide 452
Slide 452 text
WHO THINKS THAT
THEY HAVE DRAFTED
— SAY THE GREATEST
CONTRACT KNOWN
TO MANKIND
Slide 453
Slide 453 text
AS A TECHNOLOGIST, I
HAVE ENCOUNTERED
MANY A PROGRAMMER
Slide 454
Slide 454 text
WHO THINKS THAT THEY
HAVE DRAFTED — SAY THE
GREATEST CODEBASE
KNOWN TO MANKIND
Slide 455
Slide 455 text
No content
Slide 456
Slide 456 text
THERE ARE ECONOMIC
CHANGES UNFOLDING
IN #AI #ML #TECH
Slide 457
Slide 457 text
HANDCRAFTED CODE
VS
STANDARDIZED PARTS
Slide 458
Slide 458 text
MACHINE LEARNING AS A SERVICE
Slide 459
Slide 459 text
MACHINE LEARNING AS A SERVICE
PAINT BY NUMBERS A.I. ?
Slide 460
Slide 460 text
MACHINE LEARNING AS A SERVICE
#MLAAS
+
ENTERPRISE OPEN SOURCE
MOVEMENT
#OPENSOURCE
Slide 461
Slide 461 text
ENTERPRISE OPEN SOURCE
MOVEMENT
WHICH IS A PRE
COVID TREND
WHICH IS
CONTINUING
TO MARCH
Slide 462
Slide 462 text
https://techcrunch.com/2019/01/12/how-
open-source-software-took-over-the-world/
https://devops.com/how-open-source-software-
powers-digital-innovation/
Slide 463
Slide 463 text
Historically one needed to
build the full stack (i.e end to
end) for an application
Slide 464
Slide 464 text
Unique Domain
Specific Offering
Off the Shelf
#MLaaS, etc.
(perhaps with some
configuration
and/or customization)
Slide 465
Slide 465 text
NOW WHAT ABOUT ON THE
TALENT / LABOR SIDE OF
THE EQUATION …
Slide 466
Slide 466 text
PAIR PROGRAMMING IS
COMMON AMONG
DEVELOPERS …
Slide 467
Slide 467 text
WHAT IF YOUR PAIR
PROGRAMMER WAS
NOT A PERSON ?
https://www.linkedin.com/posts/bommarito_statistics-
datascience-copilot-activity-6861302897796284416-yzfZ
Slide 468
Slide 468 text
AS THE 2020’S ROLL ON
THE ECONOMICS OF
CUSTOM CODE WILL
CONTINUE TO CHANGE …
Slide 469
Slide 469 text
AND THOSE
CHANGES WILL
FAVOR CERTAIN
TYPES OF TEAMS
AND TALENT …
Slide 470
Slide 470 text
AND IT MEANS
THAT LEGALTECH
IS GOING TO
BECOME CHEAPER
TO PRODUCE …
Slide 471
Slide 471 text
MY BET IS THAT THE
REAL COMPETITION
WILL BE ON
TEACHING
MACHINES THE
LEGAL LANGUAGE
OF LAW …
Slide 472
Slide 472 text
BECAUSE LAW IS SO
LANGUAGE /
DOCUMENT CENTRIC
Slide 473
Slide 473 text
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.
Slide 474
Slide 474 text
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
Slide 475
Slide 475 text
WE ARE ALL WORKING TO
TRY BREAK THE LEGAL
LANGUAGE BARRIER … :)
Slide 476
Slide 476 text
No content
Slide 477
Slide 477 text
DIGITAL TRANSFORMATION /
4TH INDUSTRIAL REVOLUTION
< 4 >
Slide 478
Slide 478 text
THE WORLD ECONOMIC
FORUM CALLS THIS THE
‘FOURTH INDUSTRIAL
REVOLUTION’
Slide 479
Slide 479 text
No content
Slide 480
Slide 480 text
WE WOULD CALL IT THE
COMPUTATIONAL AGE …
Slide 481
Slide 481 text
IN OTHER WORDS, THIS
IS NO LONGER THE
DIGITAL AGE BUT
RATHER THE EARLY
COMPUTATIONAL AGE
Slide 482
Slide 482 text
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
Slide 483
Slide 483 text
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/
Slide 484
Slide 484 text
No content
Slide 485
Slide 485 text
THERE IS A
THEORETICAL
IDEA OF
LAW AS CODE
Slide 486
Slide 486 text
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
Slide 487
Slide 487 text
OR AT A MINIMUM
WHAT LAW CAN
LEARN FROM
COMPUTER
SCIENCE ?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3943378
Slide 488
Slide 488 text
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
Slide 489
Slide 489 text
https://law.stanford.edu/codex-the-stanford-center-for-legal-informatics/
Slide 490
Slide 490 text
https://www.globallegalpost.com/news/singapore-
government-commits-11m-to-fund-legal-tech-research-
programme-77990850
https://github.com/smucclaw
Slide 491
Slide 491 text
No content
Slide 492
Slide 492 text
SOME OF THE
INGREDIENTS OF THE
COMPUTATIONAL ERA …
Slide 493
Slide 493 text
CRYPTO
INFRASTRUCTURE
INTERNET
OF THINGS
ARTIFICIAL
INTELLIGENCE
+
+
ETC.
+
{ }
Slide 494
Slide 494 text
ANALOG
DIGITAL
COMPUTATIONAL
Slide 495
Slide 495 text
THESE PHASES MAP
REASONABLY WELL ON TO
WHAT WE HAVE SEEN (AND
WILL LIKELY SOON SEE) IN
THE FIELD OF LEGAL
INNOVATION
Slide 496
Slide 496 text
COMPUTATIONAL
Chaos +
Complexity
Process +
Predictability
Reinvention +
Value Creation
ANALOG
DIGITAL
Slide 497
Slide 497 text
CONTRACTS /
TRANSACTIONS
Slide 498
Slide 498 text
CHAOS +
COMPLEXITY
Slide 499
Slide 499 text
CHAOS +
COMPLEXITY
PROCESS +
PREDICTABILITY
Slide 500
Slide 500 text
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
Slide 501
Slide 501 text
WHILE THIS IS A
HELPFUL STEP IT IS
NOT REINVENTION
Slide 502
Slide 502 text
AN EXAMPLE OF
REINVENTION
Slide 503
Slide 503 text
https://medium.com/aigang-network/the-synergy-
between-insurance-and-blockchain-77da2849c211
Slide 504
Slide 504 text
“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/
Slide 505
Slide 505 text
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
Slide 506
Slide 506 text
No content
Slide 507
Slide 507 text
THERE IS A BROADER
WAVE OF DIGITAL
TRANSFORMATION
COMING TO
BUSINESS
Slide 508
Slide 508 text
THIS WILL IMPACT
THE WORLD’S
LARGEST LAW
DEPARTMENTS
(AND THEN EVERYONE ELSE)
Slide 509
Slide 509 text
I THINK CONTRACTS
IN PARTICULAR ARE
GOING TO HAVE A
SPECIAL PLACE
Slide 510
Slide 510 text
BECAUSE EVEN TODAY
THEY ARE ANALOG
OBJECTS STORED IN A
DIGITAL MEDIUM
Slide 511
Slide 511 text
No content
Slide 512
Slide 512 text
CONTRACTS
Slide 513
Slide 513 text
CONTRACTS
FEATURE DATA,
RULES,
COMPUTATIONS,
OBLIGATIONS …
Slide 514
Slide 514 text
https://www.sec.gov/Archives/edgar/data/1599947/000156761917002200/s001920x1_ex10-1.htm
Slide 515
Slide 515 text
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
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CONTRACTS WANT TO
BE COMPUTABLE …
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CONTRACTS WANT TO
BE ABLE TO PUSH AND
PULL DATA ….
stored
legal
work
product
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IF CONTRACTS
WERE
STRUCTURED
DATA OBJECTS
THEN THINGS
LIKE THIS
WOULD NOT BE
SO DIFFICULT …
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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?%
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FROM POINT
SOLUTIONS TO
ENTERPRISE LEGAL
MANAGEMENT
PLATFORMS
< 5 >
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SO ALTHOUGH ‘DIGITAL
TRANSFORMATION’ IS THE
BUZZWORD DU JOUR IN
LEGAL CONSULTING …
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THERE IS NO DIGITAL
TRANSFORMATION
WITHOUT DATA …
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THERE IS NO DIGITAL
TRANSFORMATION
WITHOUT A MORE
HARMONIOUS I.T.
ENVIRONMENT
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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)
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SO GLOBALLY WE HAVE
HAD 2000+ POINTS
SOLUTIONS BLOOM …
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EVEN THOUGH MANY
CALL THEMSELVES
PRODUCTS OR
PLATFORMS …
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THE VAST MAJORITY OF
THESE OFFERINGS ARE
POINT SOLUTIONS
DESIGNED TO SOLVE
RELATIVELY NARROW
PROBLEMS
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https://www.pcmag.com/encyclopedia/term/49447/point-solution
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AND AS NOTED …
THERE IS
UNDOUBTABLY
GOING TO
CONTINUE TO BE
A ROLLUP …
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ACQUISITIONS
BANKRUPTCIES
PLATFORM
ECONOMICS
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ONE
BIG DRIVER
TOWARD
PLATFORMS …
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INFOSEC AND
ASSOCIATED
PROCUREMENT
ISSUES ARE A HUGE
BARRIER TO THE
COST OF SALE
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APP
STORE
FOR
LEGAL?
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ANOTHER
DRIVER TOWARD
PLATFORMS
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IS THE ABILITY TO
OVERCOME SOME
MAJOR I.T. HURDLES
WHICH FRUSTRATE
THOSE WHO WANT TO
LEVERAGE LEGAL DATA
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AS A FIELD WE
DO NOT HAVE
COMMON DATA
MODEL OR DATA
STANDARDS …
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MAKE THE
MARGINAL COST
OF EACH EFFORT
MUCH HIGHER
THAN IT WOULD
OTHERWISE
NEED TO BE …
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DATA IS LAW LIVES IN
MANY INDEPENDENT AND
SILOED I.T. SYSTEMS
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SO WHEN PEOPLE WANT
TO “LEVERAGE A.I.”
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THEY BECOME
FRUSTRATED WITH
THE I.T. SOUP
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NECESSARY TO
ANSWER RELATIVELY
STRAIGHT FORWARD
QUESTIONS …
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THREE MAJOR I.T. ISSUES
INTEROPERABILITY
COMMON DATA MODEL
EXTENSIBILITY
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THE CONSOLIDATION
WILL CONTINUE
FROM POINT
SOLUTIONS TO
PLATFORMS
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HELPS SOLVE ORGS
WITH THEIR DATA
PROBLEM
EASIER TO BUY AS
BUYER THAN ONE
MODULE AT A TIME
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THIS WAS ALWAYS
GOING TO END IN A
PLATFORM PLAY …
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CLOSING STATEMENT
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SO THAT IS A JOURNEY
ACROSS THE WORLD OF
LEGAL INNOVATION …
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I AM VERY BULLISH ON
THE FUTURE …
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AS WE WORK
COLLECTIVELY TO
SUPPORT …
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A PRODUCTIVITY
REVOLUTION IN LAW !
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@computational
professor daniel martin katz danielmartinkatz.com
computationallegalstudies.com https://bit.ly/3yxhY2e
illinois tech - chicago kent law
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