- The EY/Riverview deal continues to reverberate throughout the legal industry, and it seems EY isn’t going to gently move things along. According to LegalFutures this morning: “Riverview Law is set for a huge global expansion over the next five years once EY completes its acquisition, the partner who is to head the new business has said. Chris Price, EY global head of alliances – tax, told Legal Futures that the plan was to increase staff numbers from 100 to 3,000.”
And from Accountancy Daily, “EY is to plough an additional $1bn (£784m) into new technology solutions, client services, innovation and the firm’s ‘ecosystem’ over the next two financial years.” “Additionally, Nicola Morini Bianzino has joined as EY global chief client technology officer (CCTO) and Steve George as EY global chief information officer (CIO). They join Barbara O’Neill, EY global chief information & security officer (CISO).”
- Artificial Lawyer has launched their AL 100 Legal Tech Directory to meet this need: “People want to have some idea of what all these companies (providers of ‘progressive legal tech’) are offering, who they are and who runs the company, how do they price their software, what security standards do they meet, what markets do they operate in, and what makes their application special? In short, people want some detail.” I won’t try to offer a complete description. Check this out!
- Here’s a real world example of AI at use in litigation: Legal Week Innovation Awards 2018 – AI Innovation: Bryan Cave Leighton Paisner. “Not only was the outcome a success, it also saved the client a considerable sum of money on a traditional document review (estimated to be about two-and-a-half times more expensive).”
- From Finnegan‘s Susan Y. Tull and Paula E. Miller in The Journal of Robotics, Artificial Intelligence & Law. Patenting Artificial Intelligence: Issues of Obviousness, Inventorship, and Patent Eligibility.
- Artificial intelligence in the legal industry: AI’s broader role in law – Part 2. “This is the second article in a three part series looking at artificial intelligence’s growing presence in the legal industry. Here, Information Age looks at AI’s broader role within the law firm, with specific case studies from Perkins Coie and Hogan Lovells.” Like Part One, worth your time.
- Not AI per se, but “Californian law firm, Keesal, Young & Logan (KYL), and legal tech company, Mitratech, have together announced today the formation of a ‘TAP Workflow Automation partnership’ that is aimed at helping clients improve their legal processes.” More from Artificial Lawyer here.
- From Drinker Biddle: President Trump Signs New National Security Legislation Governing Foreign Investments in the United States: How the New Law May Affect You. The post includes: “‘Critical technology’ includes any technology subject to U.S. export control lists (i.e., the U.S. Munitions List and Commerce Control List) as well as yet-to-be-defined “emerging and foundational technologies.” These “emerging and foundational technologies” will be defined by U.S. export control authorities and may include certain new technologies that are not currently subject to significant export controls, such as Artificial Intelligence, some forms of quantum computing and advanced materials, as well as more traditional technologies deemed fundamental to the U.S. industrial base, such as chemicals, energy, metallurgy and transportation.”
- From K&L Gates: Blockchain Energizer – Volume 33. “Four New York Utilities Will Collaborate to Develop “Transformative” Use Cases for ‘Shared Blockchain Infrastructure.'”
- “The Commonwealth Bank of Australia (CBA) is claiming the world’s first bond transaction delivered solely using blockchain, having been charged with the honour by the World Bank.” “The “$AUD Kangaroo bond”, Blockchain Offered New Debt Instrument (bond-i), which uses a private Ethereum blockchain, has been developed alongside the Northern Trust, QBE, and Treasury Corporation of Victoria.” More here.
- “The UK’s Financial Conduct Authority (FCA) has, in collaboration with 11 financial regulators and related organisations including America’s Bureau of Consumer Financial Protection, created a Global Financial Innovation Network (GFIN), which will support a ‘global sandbox’ to test out new technology such as AI and blockchain.” More here from Artificial Lawyer.
- Blockchain and AI “could underpin” future law firms. “A future where law firms are ‘distributed entities’ based on blockchain and smart contracts, and lawyers will add value by being “stronger” trusted advisers assisted by artificial intelligence, has been mapped out by futurologists. The paper was co-authored by leading UK legal academic Professor John Flood, currently working at Griffith University in Australia, and his colleague at the Law Futures Centre there, Lachlan Robb.” “Lawyers’ main activity could still be as a ‘trusted adviser’, but with enhanced value, they argued. This time, the lawyer will not only be imbued with the expertise gained from experience and knowledge – but also augmented with the power of machine learning. Our traditional conception of the lawyer does not disappear but reappears in a stronger form.”