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jerryking : e-discovery   5

A.I. Is Doing Legal Work. But It Won’t Replace Lawyers, Yet. - The New York Times
By STEVE LOHR MARCH 19, 2017

An artificial intelligence technique called natural language processing has proved useful in scanning and predicting what documents will be relevant to a case, for example. Yet other lawyers’ tasks, like advising clients, writing legal briefs, negotiating and appearing in court, seem beyond the reach of computerization, for a while......Highly paid lawyers will spend their time on work on the upper rungs of the legal task ladder. Other legal services will be performed by nonlawyers — the legal equivalent of nurse practitioners — or by technology.

Corporate clients often are no longer willing to pay high hourly rates to law firms for junior lawyers to do routine work. Those tasks are already being automated and outsourced, both by the firms themselves and by outside suppliers like Axiom, Thomson Reuters, Elevate and the Big Four accounting firms.....So major law firms, sensing the long-term risk, are undertaking initiatives to understand the emerging technology and adapt and exploit it.

Dentons, a global law firm with more than 7,000 lawyers, established an innovation and venture arm, Nextlaw Labs, in 2015. Besides monitoring the latest technology, the unit has invested in seven legal technology start-ups.

“Our industry is being disrupted, and we should do some of that ourselves, not just be a victim of it,” John Fernandez, chief innovation officer of Dentons, said.....Artificial intelligence has stirred great interest, but law firms today are using it mainly in “search-and-find type tasks” in electronic discovery, due diligence and contract review,
artificial_intelligence  automation  contracts  corporate_investors  Dentons  e-discovery  IBM_Watson  law  lawtech  lawyers  legal  NLP  start_ups  Steve_Lohr  technology 
march 2017 by jerryking
Why Your Target's Is a Good Read
Sept. 2004 | | Mergers & Acquisitions: The Dealermaker's Journal, 00260010, , Vol. 39, Issue 9 | By:David K. Thornquist

Traditional due diligence focuses on reviewing board minutes, reports, financials, sales forecasts, and other writings that are fully vetted. This is supplemented by interviews with managers who answer questions to the best of their ability, but with the caveat that management can't have complete knowledge of everything and everyone under their watch. And individual managers may have a host of motives and objectives that prompt answers that are not fully candid.
Uncovering the real story

Traditional due diligence, however, typically ignores email, the lifeblood of an efficiently run business. The spontaneous and unpolished nature of e-mail presents the most candid view of what is really going on in a company. It provides context. It also can fly in the face of the fully vetted printed record offered by a company under the due diligence microscope.
due_diligence  M&A  e-mail  e-discovery  scuttlebutt  unstructured_data  tacit_data  contextual 
march 2012 by jerryking
Law firms: A less gilded future
May 5, 2011 | The Economist | Anonymous. Not all the trends
that have hit the legal industry are cyclical. Some are here to stay
even as the economy recovers. One is clients’ determination to keep
their bills down. Feeling that they've overpaid vastly for green
trainees, they began refusing to have routine work billed to 1st- and
2nd-yr associates (ie, lawyers who are not yet partners). A second
trend is globalization. For lawyers, it holds both promise and peril.
Booming emerging markets, especially in Asia, are leading NYC &
London firms to extend their reach. But the growth of outsourcing to
places like India is not lost on money-conscious clients, some of whom
are demanding that their lawyers pass certain routine work to cheaper
contractors. A 3rd trend is the growth of technology in an industry long
synonymous with trained human judgment. Software that can perform tasks
like “e-discovery”, sorting through e-mails and other digital records
for evidence, is saving firms $.
e-discovery  globalization  law_firms  lawtech  Outsourcing  overpaid  trends 
may 2011 by jerryking
Armies of Expensive Lawyers, Replaced by Cheaper Software - NYTimes.com
By JOHN MARKOFF
Published: March 4, 2011
thanks to advances in artificial intelligence, “e-discovery” software
can analyze documents in a fraction of the time for a fraction of the
cost.

Software is also making its way into tasks that were the exclusive
province of human decision makers, like loan and mortgage officers and
tax accountants.
automation  e-discovery  law_firms  lawtech  staffing  software  Outsourcing  artificial_intelligence 
march 2011 by jerryking

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