I’ve said it before and it bears repeating, with AI, it’s all about the data: clean, connected, current, comprehensive. Once you select a use for AI, your data is your crucial next step.
How much data? I haven’t checked this stat from “Information To Insights: Why Business Needs Artificial Intelligence,” but I wouldn’t be surprised: “If you gathered all of the data created in just one day and burned it onto DVDs, you could stack those disks on top of each other and reach the moon — twice.”
- MUST READ: Bob Ambrogi’s ten recommendations to address the A2J crisis (and generally get lawyers up to speed re tech). Really — read this.
- There’s more and more coming out of this week’s Legaltech. For instance:
– From law.com: “(AI is)_the defining buzzword of this year’s conference, but the legal profession is still parsing what it means and how it will affect what lawyers do. Here are three takeaways:
1. AI excels at discreet tasks. And it’s only as good as your data.
2. The legal technology industry is still trying to build lawyer trust.
3. AI will put pressure on law firms. But not in the way you think.
– There have been a host of AI-related product announcements. Here, from Caroline Hill, editor in chief of Legal IT Insider, is a good summary. (I won’t even try to cover them all.)
– Here’s an interesting interview by Bob Ambrogi of Bahar Ansari, founder and CEO of Case.one (“case one”), about their pricing model and how to facilitate client relationship management via AI. There’s an Alexa interface! (12 minutes)
- Fraud prevention: Nuance announced that its voice biometrics solution has hit a milestone for adoption of its authentication and fraud-prevention platform … with over 300 million consumers making more than five billion successful voice authentication(s)….” Users include, “The Australian Taxation Office, ICICI Bank, Royal Bank of Canada, Santander, TalkTalk, and Vodafone Turkey….”
- From Allen & Overy: “In an age of artificial intelligence and robotics and where electric cars are now a reality, restrictive covenants in employment contracts are essential armour for any employer.” Details and how to manage the risk here.
- I have reported several times on Bird & Bird’s interest and involvement in AI. Now, “Bird & Bird has chosen Luminance’s artificial intelligence platform to assist with its contract review for M&A due diligence. The announcement of the deal follows a successful trial of the technology across the firm’s London and Stockholm offices.”
- From The Christian Science Monitor, here’s a good summary of where we stand re “Artificial intelligence plays budding role in courtroom bail decisions.”
- From Bloomberg Law, three posts about voice recognition:
Gordon Healiss, of leading transcription company Accuro, describes how modern transcription services work and what features of the service to look out for;
Norma Laming, who works in local government, describes the key features of voice recognition; and
Greig Duncan of leading document assembly company HotDocs describes automated document assembly and how this is reaching into artificial intelligence.
- eDiscovery was the first widespread application of AI in the legal space, but according to this release from McDermott, there are still improvements to be made: “International law firm McDermott Will & Emery announced today it is enhancing its eDiscovery service, combining the most advanced artificial intelligence-driven technology with one of the most experienced eDiscovery legal teams in the world.” Their offering is “powered by NexLP’s Story Engine. This AI-driven platform helps legal professionals uncover the most important documents faster than traditional Technology Assisted Review solutions while leveraging a unique continuous active learning workflow to achieve an even faster, more efficient data classification process.”
- More on healthcare regulations from Jones Day: “Artificial Intelligence and Health Care—Key Regulatory Considerations for U.S. Operations.”
- I never know on which continent Luminance’s will land its next client. From Artificial Lawyer, “Legal AI Co. Luminance Opens in Singapore; Bags Bird & Bird.”
- From Reed Smith: “Four months until the GDPR: Which EU countries have already implemented local GDPR laws? Is there anything relevant in these laws?”
- Regarding our inability to explain how AI reaches any given decision, I recently posted the wonderfully title article, “Don’t Make AI Artificially Stupid in the Name of Transparency.” Along those lines, this from Quartz: ““Human-constructed models aim at reducing the variables to a set small enough for our intellects to understand,” “Machine learning models can construct models that work — for example, they accurately predict the probability of medical conditions — but that cannot be reduced enough for humans to understand or to explain them.”
- This story has been widely reported: “A group of quantitative hedge fund traders long dreamed of bringing their artificial intelligence strategies to all. And now they have with the first exchange-traded fund to combine the worlds of AI and blockchain. The fund tracks the Innovation Labs Blockchain Innovators Index. The gauge, which was created by Innovation Labs Ltd., uses “natural language processing” to scan news sources in order to determine sentiment and spot keywords so it can create a portfolio of as many as 60 stocks.”