The College of Law Practice Management just announced the winners of this year’s InnovAction Awards: LawGeex for its contract review automation and NetApp, Inc. for its process automation bot. Congrats to both for winning this very competitive award! (The ceremony will be at this year’s Futures Conference, October 25-26 in Boston.)
- From DWF: Big data, big opportunities. “The adoption of data analytics has grown exponentially, but concerns over security and privacy remain. Read the second in our series of articles that explores how technology is being harnessed to drive the transport of the future.” There’s a link to a “full report” discussing the results of a survey, but there is no information at all about the methodology, even in that “full report”.
- More extraordinary fundraising news: ‘Not to be outdone by Kira Systems’ piddly $50m fundraising last week, Justin Kan’s one-year-old legal tech startup Atrium yesterday (10 September) announced that it has raised $65m and says it is making good progress in realising its vision of transforming the legal industry, or, as TechCrunch’s headline puts it somewhat hysterically, replacing lawyers with machine learning.” More coverage here and here.
- Here’s a link to 2nd Annual Blickstein Group/Exterro Study of Effective Legal Spend Management. There are 59 respondents and no information about methodology or response rates is provided, so be very cautious interpreting the results. The very best case is that they are accurate within +/- 13%. So, if 50% say “yes” to a question, we would conclude that between 37 and 63% of all eligible respondents would have said “yes”, and that’s assuming no non-response bias and other methodological problems.
- This story from Real Estate Weekly focuses on Goodwin’s Salil Gandhi’s thoughts about technology and that industry.
- In this post, LexisNexis’ Kris Satkunas reports: “We look at all of the different types of decisions that have to be made in a legal department, and we help categorize those decisions into five different levels of maturity – based on how the department goes about making them.” “There is plenty of buzz about the possibilities in this area, about starting to use artificial intelligence to make truly data-driven decisions. In many cases, the technology doesn’t exist yet to be able to get to the fifth level, but we can at least take steps to move in that direction – toward that optimal place, even if it’s not fully automated yet. I think that is where the industry is heading.”
- Norris, McLaughlin & Marcus’ Rob Williams posted, Workplace Harassment Is Nothing New, but it’s a Different Beast With Social Media. “Now we’re using artificial intelligence, predictive coding, sampling data – all being pulled and culled by the computer.”
- Here’s discussion of use of Thomson’s new Westlaw Edge in a personal injury firm.
- This somewhat scholarly post from a group at Mayer Brown (United States: If Only: US Treasury Department Report Creates A Wish Tree Of Financial Reform For Fintech). “As the Report points out, the artificial intelligence (“AI”) revolution is here. Treasury offers insight into the problems it anticipates from the use of AI in the financial services ecosystem.” Those insights are detailed in the piece.
- Womble’s Theodore Claypoole posted, How AI Shapes the Future of Wealth Management. “Artificial intelligence (“AI”), from predictive analysis to recommendation engines, will soon provide better decisions, more attentive client service, and a broader customer base for wealth managers willing to trust them. Asset managers are already implementing AI into their businesses.” The piece discusses those applications and provides a bit of background on AI generally.
- From Artificial Lawyer: “Nuix, a security, risk, and compliance software company, has today acquired the Ringtail eDiscovery software business from FTI Consulting for $55 million in further proof that the legal tech market is red hot at the moment for investment and M&A.”
- Here’s a thought piece from HBR: Collaborative Intelligence: Humans and AI Are Joining Forces. “While AI will radically alter how work gets done and who does it, the technology’s larger impact will be in complementing and augmenting human capabilities, not replacing them.”
- A2J: “Is there a place for smart contracts in improving access to legal services for (middle and lower income clients)? In an announcement at last week’s TechCrunch Disrupt SF conference, Rocket Lawyer says yes….” “Already the easiest way to create and sign legal documents, now Rocket Lawyer will make contract performance and resolution of disputes, secure and affordable, by becoming the first mainstream legal technology company to integrate blockchain technology into everyday legal transactions at scale.” There’s a link for you to try it out.
- From Above the Law, an interview with Linda Selker: “Today, I am excited about the potential of smart contracts and how blockchain technology can even further extend horizons for more convenient, personal, inclusive, portable, and expedient user experiences in virtual, decentralized commerce ecosystem without borders.”
- Hunton Andrews Kurth posted this announcement: FTC to Commence Hearings on Competition and Consumer Protection in the 21st Century. “The notice, published in the Federal Register, does not specifically mention blockchain or distributed ledger technology specifically, but the broad list of topics that the FTC lists as areas in which it seeks comments could easily accommodate market developments due to the emergence of blockchain technology and related applications.”
- From The Recorder: Arbitration Innovation? JAMS Preps for Future Blockchain, Crypto Disputes With New Practice. “The ADR group’s new practice leader is Zeichner Ellman & Krause CISO Daniel Garrie, who argues ‘you need to change the rules’ of disputes for new technologies.”
- Mark Radcliffe and Victoria Lee of DLA Piper posted: The Big Legal Issue Blockchain Developers Rarely Discuss. “Software licensed under open source licenses (OSS) is fundamental to the success of blockchain projects.” “However, OSS licenses are generally quite different from traditional proprietary software licenses. The importance of selecting the right OSS license and complying with the terms of that license is rarely discussed by the blockchain community.” They do so.