This is the third and final installment in my series on using Business Intelligence and Competitive Intelligence to optimally price legal services.

Pricing fundamentals and the considerations unique to law firms are discussed here.

The three types of pricing and their dependence on Competitive Intelligence and Business Intelligence are covered here.


 

Putting it all together

Cost-based pricing

This calculation is based entirely on data from the firm’s financial systems [Business Intelligence] and therefore very accurate–at least once the politics around various allocation assumptions have been resolved. (This is represented by “Profitable Work” in the following graph.)

Historically, firms have often told their clients that they cannot offer fixed prices because they can’t anticipate how much work will eventually be entailed. This excuse is increasingly falling on deaf ears as clients respond that they are being held to budgets, and a firm claiming to have deep experience should be in a much better position than they are to anticipate costs, at least for each phase of a matter. So you’d better be able to forecast profit.

Competition-based pricing

Sources of such data are readily available [Competitive Intelligence], and at the date they are published, generally accurate. Assumptions may be required to get to the specificity needed by market and practice, but the results should still be pretty accurate. (This is represented by “Competitor Rates” in the following graph.)

Customer value-based pricing

Continue Reading Better Decisions with Business Intelligence and Competitive Intelligence — Part Two: Pricing


This is the second installment of my three-part Pricing series. The first is here.

This installment covers the three essential elements of pricing legal services.

Tomorrow, in the final installment, I will show how to use Competitive Intelligence and Business Intelligence to develop the optimal price.


Pricing

The MIT Sloan Management Review7 identifies three factors to be considered in pricing (all apply to legal services):

  1. Cost-Based Pricing:relies on an analysis of the business’ operating costs to determine how to set the price to break even or achieve a certain return.
  2. Competition-Based Pricing: looks at data on competitors to determine appropriate pricing levels.
  3. Customer Value-Based Pricing: focuses on the customer’s perceived value to determine price.

Let’s consider each in some detail.

Cost-based pricing

This is directly relevant to the profit discussion in Part One of this series. Cost-based pricing means calculating the total cost of the work, including all allocated direct and indirect expenses. If ALL firm expenses are allocated to matters, any work priced above its cost will be profitable. Firms should be very reluctant to approve any new work projected to be unprofitable. Some firms have pricing committees established for the purpose of acting as gatekeepers in this regard.

Remember, the total amount of any discount fully hits your bottom line profit. Many partners are quick to give in to clients’ requests for discounts, but these should be given only as a last resort after exhausting other methods of increasing the value of your services to this client. (See “Customer Value-Based Pricing” below.)

This may be hard to believe, but I have seen it happen several times. Some in-house counsel receive bonuses based, in part, on the discounts they manage to negotiate from outside counsel. (This seems to have been more common a few years ago than today.) So, law firms would increase the entries on their rate sheet a bit only so they could then give the client the desired discount. Continue Reading Better Decisions with Business Intelligence and Competitive Intelligence — Part Two: Pricing

Introduction

“(Pricing) can just destroy you if you don’t do it right. It doesn’t matter whether you’re putting out a novel you’ve written or providing a service through a pest control company or you’re a veterinarian. The bottom line is that pricing is extraordinarily important.”1

Charles Toftoy

Background

Until the past decade, most law firms simply billed clients according to their current rate sheet (with occasional discounts) and gave pricing scant thought. In today’s market, that won’t do. Pricing is much more important than in those good old days, not just in terms of the amount charged, but in terms of the billing structure (e.g., caps, collars, fixed fees, contingencies, hold-backs, success bonuses.)

With law firm margins thinner than before, it’s necessary to understand the profitability of each matter and client. Effective pricing means structuring fees so the firm wins the work and that the work is profitable. This is also a marketing opportunity in that optimal pricing helps clients meet their strategic goals (e.g., predictability, and “win at all costs” when needed); and it’s an opportunity to strengthen client relationships by increasing transparency.

Business Intelligence and Competitive Intelligence can substantially help manage the risk inherent in those pricing decisions. Optimal pricing requires three types of intelligence:

  1. Profitability of the matter and of the client under various fee models.
  2. Understanding of the fees being charged by competitors for similar services.
  3. Buyer price sensitivity.

At its core, the pricing of legal services is like pricing anything else, a matter of supply and demand, elasticity, competitive forces and buyer values.

 

Pricing Fundamentals

Definitions

Continue Reading Better Decisions with Business Intelligence and Competitive Intelligence — Part Two: Pricing

(A version of this material originally appeared in the July 2017 issue of ALM’s “Marketing the Law Firm.”)

In this five-part series I will:

  1. explain and distinguish “Business Intelligence” (BI) and “Competitive Intelligence” (CI), and show how both should be employed in optimal:
  2. brand development,
  3. pricing of services,
  4. client feedback programs, and
  5. strategic planning.

This installment will set the stage with some background and definitions. Continue Reading Better Decisions with Business Intelligence and Competitive Intelligence — Part One: Terms and Context

Beginning today, this blog will no longer cover cybersecurity or blockchain per se. There’s just too much out there for me to do justice to AI and blockchain (including cryprocurrencies). I will continue to include news about blockchain that is directly AI-related. At the same time, I will redouble my efforts to cover access to justice (A2J) developments.

  • READ THIS A New Device Can Hear Your Thoughts. The implications are enormous, for everyone, but especially for the disabled.

 

  • So you think AI in legal is a big deal? I see AI stories impacting just about every industry you can imagine (especially military/defense), but AI in healthcare regularly tops the list. There are myriad implications of this for the legal industry. Here are a few of the most interesting from just the past week:
    • From the New York TimesHow Artificial Intelligence Could Transform Medicine. Post.
    • Why Do We Need Artificial Intelligence in Healthcare? Post.
    • Global Artificial Intelligence In Healthcare Markets, 2019-2025 – Focus on Drug Discovery & Precision Medicine – ResearchAndMarkets.com. Post.
    • Medical Artificial Intelligence Market to See 50% CAGR Growth. Post.
    • A project on artificial intelligence enables the improvement of colorectal cancer screening. Post.
    • How Artificial Intelligence is Redefining Consumer Health Experiences. Post.
    • As Artificial Intelligence Matures, Healthcare Eyes Data Aggregation. Post.
    • ASHP Commission to Look at Impact of Artificial Intelligence on Healthcare, Pharmacy. Post.
    • Turning Health Data into an Asset for Artificial Intelligence. Post.
    • These Researchers Are Using Artificial Intelligence to Make a Better Flu Vaccine. Post.
    • Artificial Intelligence Used To Study Risk Factors In Type 1 Diabetes. Post.
    • Quantitative Analysis of Neural Foramina in the Lumbar Spine: An Imaging Informatics and Machine Learning Study. Post.
    • Cleveland Clinic launches Center for Clinical Artificial Intelligence. Post and post.
    • FDA grants breakthrough device designation to artificial intelligence technology for cancer diagnosis. Post.
    • Artificial intelligence in breast screening – will it work? and if so, will patients accept it? Post.
    • Algorithms Can Now Identify Cancerous Cells Better Than Humans. Post.
    • How Artificial Intelligence Advances Could Actually ‘Make Health Care Human Again’. Post.
    • A doctor explains how artificial intelligence could improve the patient-doctor bond. Post.
    • Research Area | Novel Ethical and Explainable Artificial Intelligence based Digital Medicines and Treatments. Post.
    • Smart Stethoscopes and Smart Toilet Seats – Coming to a Doctor Near You?. Post.
    • Lash Group to Amplify Patient Engagement Capabilities with AllazoHealth Artificial Intelligence and Predictive Analytics Tool. Post.
    • Amazon Web Services to Beth Israel Deaconess: Tell us how AI can make your hospital more efficient. Post.
    • How NeuroMetrix seeks to better relieve pain with AI. Post.
    • Amazon is working with a Harvard-affiliated hospital to test how AI can simplify medical care. Post.
    • Optimizing Analytics for Hospitals in a Value-Based Era. Post.
    • New ORNL AI tool revolutionizes process for matching cancer patients with clinical trials. Post.
    • Sight Diagnostics’ New Device Uses Artificial Intelligence for Blood Tests. Post.
    • Implementation best practices: Launching clinical decision support. Post.
    • UK Startup Karantis360 Taps IBM Cloud for AI-Powered Assisted Living Solution. Post
    • Microsoft’s App For The Blind Called A Kid ‘Contemptuous.’ Here’s Why That Matters. Post.

 

  • AI — much hype? 40% of A.I. start-ups in Europe have almost nothing to do with A.I., research finds. Post.

 

  • Special focus Brexit: Standing alone. “David Wootton, a lawyer and former lord mayor of London, points to the development of smart contracts, blockchain, artificial intelligence and crypto-assets ‘where there is no law at the moment. English law needs to develop it and grab it to become the global legal system for those new technological developments’, he urges.” Post.

 

  • Legaltech and the law: How tech will change the practice. :… (T)he Law Society’s 2018 survey showed that 88 per cent of the decision-making respondents believed technology helps to improve the delivery of legal services.” Post.

 

  • Here’s the latest from Mark A. CohenLegal Services” Are Whatever Buyers Need To Solve Business Challenges.

 

  • From The Law Society of New South Wales: Beyond the jargon: what does AI mean for lawyers? Post.

 

  • A2J, from The Florida Bar: Florida Bar Launches Newly Enhanced Lawyer Referral Service. “The service, which is free to use, utilizes artificial intelligence categorization to help guide users from their computer or mobile device and instantly connects them with the right lawyer for any legal situation.” Post.

 

  • From The Law Society Gazette: Solicitors represented at arm’s length on AI advisory group. Post.

 

  • A.I. Judges: The Future of Justice Hangs in the Balance. “Automation is creeping into the courtroom, and it’s going to change the way we think about the law.” Post.

 

  • From Evolve the LawTowards an AI Policy and AI Incident Response Plan for Businesses (Part 1). “Part one of a three-part series on the motivation for AI policy and incidence plans for businesses.” Post.

 

  • Artificial Intelligence Regulation May Be Impossible. “…(W)hat happens when we don’t have the code of ethics, laws, government accountability, corporate transparency and capability of monitoring the space to be able to achieve AI regulation?: Post.

 

  • Baidu chief wants ethics research in AI strengthened. Post.

 

  • This is a fun infographic presentation: Artificial Intelligence Stats Show How Machine Learning Will Evolve Our Lives In Future. Post.

 

  • “Important that those of us in the U.S. realize legal tech, its entrepreneurs and products are blossoming worldwide.” Tweet.

 

  • “Legal research AI tools can help free you from routine work.” Tweet.

 

From Law Firms:

  • McGuireWoods ConsultingEmerging Technologies Washington Update February 2019 #4. “Reps. Brenda Lawrence (D-MI) and Ro Khanna (D-CA) introduced a resolution calling for guidelines for the ethical development of artificial intelligence.” Post.

 

  • Dentons, Mike HollingerEmerging growth and venture technology video series part eight: Automotive commerce. Post.

 

  • 5 Ways Autonomous Vehicles Will Change Law That You Might Not Expect. “Eric Tanenblatt, the global chairman of public policy and regulation at Dentons, discusses how self-driving cars may lead to change in zoning laws, public finance, and more.” Post.

 

 

  • Blank RomeThe Role of Explainable Artificial Intelligence in Patent Law. Post.

 

  • Cole Silver, Blank Rome: In an Era of Rapid Technological Change in the Legal Market, Do Relationships Still Matter? Spoiler alert, ‘yes’. Post.

 

  • Norton Rose Fulbright launches tech consultancy. “It will advise on topics such as Artificial Intelligence and Distributed Ledger Technologies including blockchain, and cryptocurrencies and will be available to clients globally and across all sectors.” Post.

 

  • Paolo BeconciniSquire Patton Boggs: China Trademark Office Attempts to Curb Bad Faith Filings. “The introduction of digital searching tools and the use of artificial intelligence may be the key factors in making such provisions effective and drastically reducing the amount of junk applications still filed in China.” Post.

 

  • Taylor WessingBodyTech – a new wave of medical devices product liability litigation? (Yes, this piece could have gone under healthcare above.) Post.

 

  • HausfeldE-Discovery Trend Alert: A Second State Has Approved a Technology CLE Requirement for Its Lawyers. Post.

 

  • Linklaters announces strategic investment in, and collaboration with FinTech company Nivaura. “…focused on automating the issuance and administration processes for financial instruments.” Post.

 

  • DLA Piper: WIN Wise – Disclosure and disruptive innovation?  “(Some) systems … can assess a document’s relevance and prioritise similar documents for human review. Others can actually review the documents themselves using artificial intelligence (without the significant cost of human review and human error and in a fraction of the time).” Post.

 

From/about Legal Vendors:

 

  • Meet ContractPodAi: Revolutionizing Your Contract Management From Start To Finish. Post.

 

  • Oasis Adds H5 Matter Analytics® to eDiscovery Product Offerings. Post.

 

  • , FastCaseNothing Artificial About It: How Law Firms (Really) Use AI in Practice. Post.

 

  • Fastcase Adds Leading Section Titles From the American Bar Assocition (ABA). Post.

 

 

  •  Accellis: Addressing Critical LegalTech Compliance Risks. “Legal firms are embracing artificial intelligence (AI) to move faster, find connections within case documents, and make decisions.” Post.

 

  • Litera Microsystems Announces Kira Systems as First Content Provider in Litera Connect Program. “…brings together Clause Companion’s clause library which enables users to retrieve and re-use their organization’s best content, and the power of Kira’s AI platform which can find and extract commonly used clauses.” Post.

 

  • “Integration of DataVisor Enterprise on the Azure AI tool set provides cloud users with high-reliability fraud detection insight and real-time response across billions of accounts.” Post.

 

  • “Ez-XBRL Solutions, Inc. announced today its new Inline XBRL (iXBRL) solution that enables SEC registrants to rapidly convert their existing XBRL tagged data to the iXBRL format.” Post.

 

From Artificial Lawyer:

  • Tish Clyde of Nokia: ‘We Are Hugely Interested In Automation + AI’. Post.

 

  • The Middle Way – An Integrated Approach to Legal Technology. Post.

 

  • Norton Rose Launches Consultancy For ‘AI, Blockchain + Crypto. Post.

 

  • AI Co. Ayfie Offers Mortgage Doc Analysis, Links With FinTech Platform. Post.

 

  • Neota Logic Launches Dashboards Feature For Better Data Visuals. Post.

 

  • BLTF: The Post-Hype AI Hype, Plus iManage RAVN Is Legal Spotify. Post.

 

  • Dentons Launches Neuroscience-Led ‘NextTalent’ – But What Is It?. Post.

 

  • The Full List – GLH2019 Winners From Around The World. Post.

 

  • NASDAQ-Listed RPA Co. NICE Expands Partnership With AI Co. ABBYY. Post.

 

  • Lawyers On Demand Partners With Eigen To Offer Legal AI Services. Post.
  • Are Lawyers Ready to Be Managed by Metrics? “There’s momentum in Big Law firms, corporate legal departments and technology companies alike for a data-tracking system that could have radical consequences for the entire legal industry.” Here’s the very interesting and thorough article by Roy Strom.

 

  • This, from ABA JournalFacial recognition scanning goes mainstream. “When Taylor Swift performed at the Rose Bowl in May 2018, concertgoers may have seen a kiosk that showed exclusive video clips of her performing and rehearsing. If they paused for more than a moment to watch those clips, then the kiosk definitely saw them.”

 

  • The World’s Biggest Banks Are Doubling Down On Artificial Intelligence. The specific activities of several institutions are explained in this post.

 

  • EY Continues March Into Legal Market With Global AI Deal. Post. (LexisNexis/Law360 subscription required.)

 

  • Deflating Tech Hype Could Help Firms Keep Pace with Competition. “Law firms can partner with clients as a technological resource to help compete with alternative legal services. But that might occasionally require cutting through some of the legal tech hype in the marketplace.” Article from Law.com.

 

  • Robert Gordon University teams up with Addleshaw Goddard to launch legal tech module. “The module covers the basics on what tech is available in current legal practice, the regulatory framework, as well as data analysis techniques.” More here.

 

  • Here’s a bit from last week’s ABA Techshow: Artificial intelligence isn’t a magical unicorn: It’s a powerful tool lawyers are already wielding.

 

  • The New York Times published: Is Ethical A.I. Even Possible? “Building ethical artificial intelligence is an enormously complex task. It gets even harder when stakeholders realize that ethics are in the eye of the beholder.”

 

  •  took Ark up on their offer to write a chapter for their upcoming book on law firm intelligence functions. Some of her thoughts are presented in this post (Data Doesn’t Make Decisions) for 3 Geeks and a Law Blog.

 

  • Here’s a very short, fun post from William Vogeler: The Real Reason AI Will Kill Traditional Law Practice. “Some say that frogs, like lawyers, are insensitive to gradual change. A frog apparently will sit in tepid water right up to the cooking point. Some attorneys don’t recognize the world is changing around them until it’s too late.”

 

  • A London law school student posted: Robots are not coming to take our jobs — but they are changing the way we do them. “There is a growing skill gap between how legal services are being delivered and what students are being taught to do and think.”

 

“From Artificial Lawyer

  • Slaughter and May Launches Its Own Legal Tech Programme – Apply Now! Post.

 

  • Linklaters Makes 1st Startup Investment in Nivaura’s $20m Funding, A&O + Orrick Also Invest. Post.

 

  • Juro Publishes Guide to Machine Learning in Legal Contracts. Post.

 

  • Algorithmic Justice Could Clear 250,000 Convictions in California. Post.

 

  • Can Governments Help Grow The Legal Tech Sector? Yes, They Can. Post.

 

  • GLH London: Problem Solving, Jimi Hendrix + Freshfields Interview. Post.

 

  • Clio: Build Us An App And Win $100,000….! Apply Within…. Post.

 

  • Is HK’s Property Platform the Beginning of a True Blockchain Revolution? Post.

 

  • Relativity Bags CTO From Amazon Web Services, Will Add 300 Staff. Post.

 

  • Legatics Works With DLA + Herbert Smith to Build ‘AI Microservices. Post.

 

  • Can Smart Contracts Solve the AI Limitations Problem? Clause Thinks So. Post.

 

  • TR Launches Mega Platform ‘Panoramic’, Could Crush Several Startups. Post.

 

From Law Firms:

 

 

 

 

 

  • Y. Monica Song of Dentons: “(In Canada, there have been calls for) a fundamental rethinking of the regulatory approach to firms whose competitive performance is driven by their ability to collect, analyze and use data. Post.

 

 

 

 

 

 

  • Natalia San Juan of HuntonBlockchain Legal Resources: Florida Court Finds Virtual Currency Subject To Money Service Businesses Law. Post.

 

 

 

  • Van Ness FeldmanEmerging Technologies Update. There’s all sorts of AI-related material in this lengthy post.

 

  • John M. Rogitz, registered patent attorney with his own practiceJapan Patent Office Case Examples on Artificial Intelligence Offer Guidance for Other Offices on Treating AI Inventions. Post.

 

  • Satya Law Group: Veteran Attorneys Form The Satya Law Group and Partner with AI Development Firm To Offer Consulting And Legal Services in the Digital Asset, Blockchain and Crypto Space. Post.

 

  • CMS, Retail Economics study AI tech influence in UK retail. Post. More here.

 

Vendor News/Posts:

 

  • “Ari Kaplan spoke with Jack Newton, the CEO and co-founder of Clio, a leading practice management software platform.” Clio and the cloud, 10 years later. Here’s the post from ABA Journal.

 

  • eDiscovery Daily Blog posted Understanding Blockchain and its Impact on Legal Technology, contributed by Tom O’Connor. This is the first post in a series of six.

 

  • BillerAssist postedWhat is Machine Learning and How Does BillerAssist Use It?

 

Other Blockchain News:

  • MasterCard, Amazon and Accenture Partner To Establish Transparent Blockchain Supply Chain. “Scanning the tag on a pair of jeans, for example, would give customers its supply chain origins from start to finish, along with the opportunity to send a token of appreciation to the people who produced them.” Post.

 

  • Overstock is still a retailer but it wants to be a blockchain company. Post.

 

  • Mercedes-Benz to Use Blockchain Tech for Sustainable Transaction Book, Supply Chains. Post.

 

  • Australian Regulator Trials Blockchain to Automate Transaction Reporting. “The two partners will specifically examine how blockchain and smart contracts, as well as other technologies, can help entities such as banks to automate reporting of international funds transfer instructions (IFTIs) to the regulator.” Post.

 

  • Becker’s Healthcare published5 things to know about blockchain smart contracts.
  • Read this from Mark A. CohenClients Need Legal Services But Not Necessarily Lawyers.

 

  • Olga V. Mack penned thisA Perfectly Imperfect Marriage: Blockchain And Open Source. “The blockchain industry has not been very attentive to the selection of licenses used for their projects. It’s time for that to change.”

 

  • Axiom’s upcoming public listing has generated a lot of discussion; here and here are two I found interesting.

 

  • Are Robots Coming For Lawyers? Not Until They Can Translate Legalese. “AI, do your worst. If it took me over five minutes to explain a simple subpoena to a colleague of mine with a medical degree, I can only imagine how many more years of programming you need before you will be able to accomplish the same task.” Post.

 

  • Former CFTC Lawyer Partners with Jenga BCG to Launch Regulatory Advisory Firm for Blockchain Business. Post here.

 

  • Yurika Ishii, Associate Professor at the National Defense Academy of Japan postedBlockchain Technology and Anti-Money Laundering Regulations under International Law. “This technology carries certain vulnerabilities to criminal activities, particularly to money laundering, an act of concealing the origin of profits from illegal activities.”

 

  • “The (UK) government has awarded grants totalling over £6.4m to 18 legal artificial intelligence (AI) and data analytics projects.” Details here.

 

  • “The Australian National University has become the first in the country to secure US$1 million to research and create courses around the legal implications for the law profession and governments from the emerging technologies of blockchain, smart contracts, and digital payments.” More here.

 

  • 2019 Could Be A Big Year for Contract AI: Survey. This story from ALM reports on a tiny survey, but some of the comments are interesting.

 

From Law Firms: 

 

 

 

 

 

  • King & Spalding: Katherine Kirkpatrick, Christine Savage, Russell Johnston, Matthew B. Hanson Virtual Currency in Sanctioned Jurisdictions. Post.

 

  • James Goodnow of Fennemore Craig posted this very interesting piece: Why Innovation Dies In Law Firms. “The Biglaw mentality and the startup mentality are anathema to one another. Biglaw is founded on a model of precedent and continuity. Too often Biglaw stifles its most creative voices, remains complacent instead of hungry, and focuses on staying the course rather than acknowledging that the very foundations of our industry are in flux.”

 

 

From/about Vendors:

  • On To The Next Wave Of Analytics: A Conversation With Nik Reed Of LexisNexis. Post.

 

  • ROSS: 3 Ways Law Firms Can Use Artificial Intelligence. Post.

 

  • Blockchain: Separating the fact and fiction. ” …(I)n contrast with the fact that blockchain in 2018 officially entered the trough of disillusionment (according to Gartner), there are several very good practical reasons why in 2019 it should be on everyone’s radar.” Offerings from several vendors are discussed here.

 

From Artificial Lawyer:

  • AI Pre-Screening Technology: A New Era for Contracts? – ThoughtRiver. Post.

 

  • EY Law Rolls Out Legal AI Doc Review Capability Globally. Post.

 

  • HighQ Grows India Engineering Team to 250 People, Opens New Office. Post.

 

  • 1st Legal Tech Incubator To Open in India, Run By Cyril Amarchand Mangaldas. Post.

 

  • How Language Shapes A Legal Tech Ecosystem. Post.

 

  • The Curious Case of Lawyers – By AIJA President Xavier Costa. Post.

 

  • Neota Logic Helps KPMG Australia Build Immigration Expert System. Post.

 

  • Meet Counself – Addressing Legal AI System Risk & Compliance Post.

 

  • The NHS’s 10 Principles for AI + Data, A New Benchmark for Lawyers? Post.

 

  • Ken Grady doesn’t post often enough, but when he does it’s always worth the wait. Don’t miss this thought provoking piece. The Boring Law Firm: The model is dead, may it rest in peace. “Large law firm partners like owning their businesses and running them how they please. Right now, it pleases them to make money with ‘few’ risks. Altering the model suggests risk. We are in a battle over time — can they run out the clock (retire) before they lose the game.” And here are Ken’s latest thought about AI taking lawyers’ jobs.

 

  • And here’s a bit more about AI and law firm jobs from Sam Skolnik of Bloomberg LawArtificial Intelligence Creeps Into Big Law, Endangers Some Jobs. “”Here’s what won’t be going away: sophisticated, face-to-face human interaction between client and lawyer,’ said Tim House, U.S. senior partner for Allen & Overy.”

 

  • If you’re new to this topic, you may find this post by Neil Sahota a useful introduction: Will A.I. Put Lawyers Out Of Business?

 

  • Speaking of interesting thought pieces, check out this post from  about technology, firm culture, portable practices and shopping malls (really!). Law firms’ shopping mall problem.

 

  • This post from myshingle.com is full of interesting statistics regarding the economics of Big Law versus small/solo firms and the implications for technology. The Reason Why Legal Tech Remains the Domain of the Legal Elite: It’s All About The Money.

 

  • Here’s a worth-reading post by Rita T. Young, law librarian at K&L Gates (but not representing the firm’s views). As one would expect, well-researched and thoroughly footnoted! AI & the Practice of Law at the Crossroads: Where Are We Going? “Exploring the professional ethics implications of AI in the legal sphere.” “What I do want to talk about are the potential repercussions of the AI you are using now….” “The good news? There is still time to fix things because, if you’re reading this, you’re probably still in practice and your client doesn’t realize what you did because you haven’t either.”

 

  • Here’s an interesting post about “HHS receiv(ing) authority to operate the first blockchain-based tool in the federal government.” ““Our goal is actually to leverage and harness all of the data within HHS, which is about $24.8 billion in spend, about 100,000 contracts, about 1 million pages of unstructured data, and provide that information to the 20,000 members of the acquisition workforce in real time at their fingertips so that they can actually make good business decisions,” Jose Arrieta, associate deputy assistant secretary in HHS’ acquisition division, said during a recorded demo of the tool on Dec. 12. “We believe that without blockchain this would not be possible.”

 

  • I have posted here many times about the coming of chatbots to the legal space. Here’s Bob Ambrogi’s take on a recent entry from LexisNexis: Chatbots are Coming to Lexis Advance, to Help Guide Your Legal Research.

 

  • This piece from Information Age includes links to other interesting content. AI, cloud and security — top priorities for enterprise legal departments.

 

From Artificial Lawyer:

  • AI and A New Way of Looking At Contract Pre-Screening. Post.

 

  • Nalytics + Van Doorne Co-Develop Doc Compare Solution. Post.

 

  • Meet Sparqa – Solving the SME Legal Needs Challenge With Tech. Post.

 

  • Meet Evisort, The New AI Platform Set to Rock The $60 Billion Doc Review Market. Post.

 

From Law Firms:

 

 

 

 

  • Here’s a summary of Hogan Lovells partner Winston Maxwell‘s comments on Using artificial intelligence to fight hate speech.

 

  • Jones Day: Harriet TerrittWhat General Counsel Need to Know about Blockchain. This two-minute video is one of a series about blockchain from the firm.

 

  • Bird & BirdDr. Michael JünemannJörg-Alexander Paul: In Focus, Blockchain. Blockchain, the technology that underpins cryptocurrencies like bitcoin, is currently one of the most talked about technologies. Heralded as a ‘game changer’, this technology is disrupting a wide range of industries.” Post.

 

  • Kemp LittleEverything you want to know about artificial intelligence. “The rise of AI will present a host of challenges – ethical, practical and legal – and our specialists are involved with their peers in the law and industry in working out the right responses.” Post.

 

 

  • Taylor & Associates, a nationally recognized transportation law firm, is pleased to announce it has joined the Blockchain in Transport Alliance (BiTA), an organization dedicated to developing best practices and standards for blockchain in the transportation industry.” Post.

 

  • DLA Piper forms council to drive radical change agenda. “Now we are driving a fundamental change in mindset across our business to embrace radical change and evolve and expand our business through partnering with our clients to help them to succeed in our changing world.” Post.

 

Post by/about Vendors:

  • Artificial intelligence for law firms: An interview with Tony Ensinger of Kira Systems. Post.

 

 

  • From the ABA Journal and Ed Walters of Fastcase, AI Practice, Not Promise, in Law Firms. “AI-based analysis of data is just getting started; let’s look at the ways it’s already been implemented.” Post.