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jerryking : lawtech   10

Big data: legal firms play ‘Moneyball’
February 6, 2019 | Financial Times | Barney Thompson.

Is the hunt for data-driven justice a gimmick or a powerful tool to give lawyers an advantage and predict court outcomes?

In Philip K Dick’s short story The Minority Report, a trio of “precogs” plugged into a machine are used to foretell all crimes so potential felons could be arrested before they were able to strike. In real life, a growing number of legal experts and computer scientists are developing tools they believe will give lawyers an edge in lawsuits and trials. 

Having made an impact in patent cases these legal analytics companies are now expanding into a broad range of areas of commercial law. This is not about replacing judges,” says Daniel Lewis, co-founder of Ravel Law, a San Francisco lawtech company that built the database of judicial behaviour. “It is about showing how they make decisions, what they find persuasive and the patterns of how they rule.” 
analytics  data_driven  judges  law  law_firms  lawtech  lawyers  Lex_Machina  massive_data_sets  Moneyball  predictive_modeling  quantitative  tools 
february 2019 by jerryking
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
Your Lawyer May Soon Ask This AI-Powered App for Legal Help | WIRED
DAVEY ALBA BUSINESS DATE OF PUBLICATION: 08.07.15.
08.07.15

ROSS Intelligence is a voice recognition app powered by IBM Watson, the machine learning service based on the company’s Jeopardy-playing cognitive system, that doles out legal assistance.

The app is yet another example of the ways machine learning is infiltrating our everyday lives. These days, it’s not just AI algorithms themselves that have improved, but the ability to deliver them across the Internet that has made so many new applications possible.....Asking Natural Questions
Ross works much like Siri. Users can ask it any question the same way a client might—for instance, “If an employee has not been meeting sales targets and has not been able to complete the essentials of their employment, can they be terminated without notice?” The system sifts through its database of legal documents and spits out an answer paired with a confidence rating. Below the answer, a user can see the source documents from which Ross has pulled the information; if the response is accurate, you can hit a “thumbs up” button to save the source. Select “thumbs down” and Ross come up with another response.
technology  law  lawtech  lawyers  law_firms  machine_learning  voice_recognition  voice_interfaces  virtual_assistants  artificial_intelligence  Siri  IBM_Watson 
june 2016 by jerryking
How Ubernomics can transform Canada’s legal diseconomy - The Globe and Mail
MICHAEL MOTALA
Contributed to The Globe and Mail
Published Friday, Jul. 10, 2015

Technologists from other industries hope Ubernomics is a generalizable business model. This month, the MaRS Discovery District launched LegalX, an industry cluster aimed at promoting local entrepreneurship, driving industry efficiency and pioneering new business models. One of its first startups is a service called LawScout. Like Uber, it offers a simple digital platform aimed at connecting small businesses with local lawyers on a fixed-rate basis. Beagle, another product launched at the event, performs rapid contract analysis using a sophisticated algorithm, while providing a platform for social media-inspired collaboration among decision-making teams....Ubernomics is not a panacea for the legal sector. Rather than disrupt it, it will transform. Big firms are here to stay if they embrace innovation. Digital technologies promise more efficient work flows and higher productivity. The shortcomings of the consensus-driven decision-making structure, exemplified by the fall of Heenan Blaikie, suggests more strategic thinking, stronger leadership and a heavier investment in R&D is needed to make legal work more efficient and cost effective......We live in an absurd legal diseconomy. There is an ever-widening gap between supply and unmet demand. Following the Ontario government's tuition deregulation in 1998, University of Toronto law led the charge, raising tuition by 320 per cent under dean Ron Daniels. Other law schools followed suit and continue to do so. This year, U of T law is unashamed to charge incoming students more than $30,000 a year. Not to be left out, the Law Society of Upper Canada recently doubled its licensing fees. The legal academy is aggravating the access to justice crisis by imposing ever-higher rents on the most vulnerable entrants to the profession. A false and parasitic empiricism has evidently burrowed itself in the minds of our country's greatest legal thinkers.

Ubernomics is not a panacea for the legal sector. Rather than disrupt it, it will transform. Big firms are here to stay if they embrace innovation. Digital technologies promise more efficient work flows and higher productivity. The shortcomings of the consensus-driven decision-making structure, exemplified by the fall of Heenan Blaikie, suggests more strategic thinking, stronger leadership and a heavier investment in R&D is needed to make legal work more efficient and cost effective.........
Businesses like fixed-cost projections. The billable-hour model introduces a lot of uncertainty into the equation. Software such as LawScout is unlikely to undermine the legal industry’s biggest players, but it signals that an economic culture shift lies ahead.
arbitrage  billing  contracts  digital_disruption  disruption  fees_&_commissions  invoicing  law  law_firms  law_schools  lawtech  legal  sharing_economy  start_ups  Uber  unmet_demand  uToronto 
july 2015 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
reportonbusiness.com: A novel idea: the end of lawyers
February 18, 2009 G&M column by JACQUIE MCNISH. Predictions
of coming new legal technologies and new business models. Richard
Susskind, a Scottish-born, Oxford-educated lawyer and legal technology
consultant based in England. Now his futurism is rattling the profession
again, this time with a new book called The End of Lawyers? Rethinking
the Nature of Legal Services.
future  business_models  law  law_firms  lawtech  lawyers 
february 2009 by jerryking

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