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The Legal Innovation Agenda - Pre, During and i...

The Legal Innovation Agenda - Pre, During and in the Post COVID Era

The Legal Innovation Agenda - Pre, During and in the Post COVID Era

Daniel Martin Katz

November 16, 2021
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  1. A N D I T WA S N ’ T

    J U ST T H E D E CO R AT I O N S …
  2. O R E V E N T H E C

    E L E B R I TY CO ST U M E S …
  3. I A M S U R E M A N

    Y O F YO U R E M E M B E R T H AT T H E FA L L O F 2 0 0 8
  4. WA S A S CA RY T I M E

    I N T H E G LO B A L CA P I TA L M A R K E T S
  5. T H E H O U S I N G

    B U B B L E H A D B U R ST …
  6. A N D T H E B L A ST

    S E N T S H O C K WAV E S A R O U N D T H E F I N A N C I A L WO R L D
  7. I T WA S B E CO M I N

    G I N C R E A S I N G LY C L E A R T H E E X T E N T TO W H I C H …
  8. B A L A N C E S H E

    E T S O F M A J O R F I N A N C I A L I N ST I T U T I O N S W E R E E X P O S E D TO A VA R I E TY O F E XOT I C F I N A N C I A L I N ST R U M E N T S
  9. M O RTG AG E B AC K E D

    S E C U R I T I E S C R E D I T D E FAU LT S WA P S CO L L AT E R A L I Z E D D E B T O B L I G AT I O N S
  10. N OT J U ST ‘ TO O B I

    G TO FA I L’ B U T R E A L LY TO O CO N N E C T E D TO FA I L D E O K JA E L E E , JA E -YO U N G K I M , J E H O L E E , A N D B . KA H N G , F O R E ST- F I R E M O D E L A S A S U P E R C R I T I CA L DY N A M I C M O D E L I N F I N A N C I A L SY ST E M S , P H Y S . R E V. E 9 1 , 0 2 2 8 0 6 ( 2 0 1 5 ) https://www.federalreserve.gov/newsevents/ speech/yellen20130104a.htm
  11. T H E D E P E N D E

    N C I E S B E T W E E N F I N A N C I A L I N ST I T U T I O N S S E E E . G . VO D E N S KA I . , B E C K E R A . P. ( 2 0 1 9 ) I N T E R D E P E N D E N C E , V U L N E R A B I L I TY A N D CO N TAG I O N I N F I N A N C I A L A N D E CO N O M I C N E T WO R K S . I N : A B E R G E L F. , E T. A L . ( E D S ) N E W P E R S P E C T I V E S A N D C H A L L E N G E S I N E CO N O P H Y S I C S A N D S O C I O P H Y S I C S .
  12. O F F E R E D T H E

    P R O S P E C T O F A CA S CA D E O F FA I LU R E S A M O N G F I N A N C I A L I N ST I T U T I O N S
  13. S E P T E M B E R 7

    : T R E A S U RY N AT I O N A L I Z E S FA N N I E A N D F R E D D I E S E P T E M B E R 1 5 , 2 0 0 8 : L E H M A N B R OT H E R S B A N K R U P TCY T R I G G E R E D G LO B A L PA N I C S E P T E M B E R 1 6 , 2 0 0 8 : F E D B U Y S A I G F O R $ 8 5 B I L L I O N S E P T E M B E R 2 6 , 2 0 0 8 : WA M U G O E S B A N K R U P T S E P T E M B E R 2 9 , 2 0 0 8 : STO C K M A R K E T C R A S H E S A S B A I LO U T R E J E C T E D O C TO B E R 7 , 2 0 0 8 - $ 1 . 7 T R I L L I O N CO M M E R C I A L LOA N P R O G R A M O C TO B E R 8 A N D 1 4 , 2 0 0 8 : C E N T R A L B A N K S CO O R D I N AT E G LO B A L AC T I O N O C TO B E R 2 1 , 2 0 0 8 - F E D L E N D S $ 5 4 0 B I L L I O N TO B A I L O U T M O N E Y M A R K E T F U N D S
  14. B U T A S I S O F T

    E N T H E CA S E …
  15. I T WA S N OT C L E A

    R AT T H E T I M E
  16. T H AT T H E R E W E

    R E OT H E R I D E A S I N P L AY
  17. W H I C H S E E N OV

    E R T H E Y E A R S T H AT WO U L D F O L LO W
  18. M I G H T E V E N P

    R OV E M O R E P I VOTA L
  19. A N E W E R A O F F

    I N A N C E WA S B E G I N N I N G TO DAW N …
  20. I N D I R E C T R E

    S P O N S E TO T H E F I S CA L P O L I CY C H O I C E S O F C E N T R A L B A N K S …
  21. B U T I T WO U L D B

    E Y E A R S B E F O R E M O ST F O L K S WO U L D CO M E TO S E E I T …
  22. P U B L I S H E D O

    N M E TZ D O W D. CO M C RY P TO G R A P H Y M A I L I N G L I ST O N O C TO B E R 3 1 , 2 0 0 8
  23. N O W H E R E I N L

    AW L AW L A N D, T H E R E W E R E A L S O S E E D S T H AT W E R E B E I N G S O W N …
  24. W H I C H A S T H E

    AT M O S P H E R I C CO N D I T I O N S C H A N G E D …
  25. WO U L D B E G I N TO

    S P R O U T …
  26. B U T I T WO U L D B

    E Y E A R S B E F O R E M O ST F O L K S WO U L D CO M E TO R E A L LY S E E I T …
  27. A N D T H AT W I L L

    B E O N E T H E M E F O R TO DAY …
  28. CA N W E CO N N E C T

    T H E D OT S ?
  29. CA N W E S E E A R O

    U N D T H E CO R N E R ?
  30. I N ST E A D TO DAY I WO

    U L D L I K E TO O F F E R A N ACCO U N T O F T H E PAT H T H AT H A S B E E N C H A RT E D
  31. TO A F U T U R E ( B

    E T T E R ) L E G A L I N D U ST RY …
  32. I T TA K E S O N A VA

    R I E TY O F L A B E L S
  33. # R E I N V E N T L

    AW # M A K E L AW B E T T E R # N E W L AW # L P M # L P I # L E G A L D E S I G N # L E G A LT E C H # L E G A L I N N OVAT I O N
  34. A N D T H E I D E A

    S A R E E V E N B R OA D E R T H A N J U ST L AW
  35. Fin (Legal) Tech Finance Technology Law Law of Tech Legal

    Tech Fin Tech Finance for Law Law of Finance L AW, F I N A N C E , T E C H N O LO GY T E N D TO CO - M OV E OV E R T H E M E D I U M TO LO N G T E R M
  36. B U T I T C E N T E

    R S A R O U N D T H O S E W H O H AV E C H O S E N TO ‘ WO R K D I F F E R E N T LY ’
  37. L AW I N N N OVAT I O N

    ∩ I N T E R S E C T
  38. L AW + I N N OVAT I O N

    H A S B E E N U S E D TO M E A N S E V E R A L D I F F E R E N T T H I N G S
  39. Antoine Masson Gavin Robinson Editors Mapping Legal Innovation Trends and

    Perspectives Masson · Robinson Eds. Mapping Legal Innovation Antoine Masson · Gavin Robinson Editors Mapping Legal Innovation Trends and Perspectives The legal sector is being hit by profound economic and technological changes (digitalization, open data, blockchain, artificial intelligence ...) forcing law firms and legal departments to become ever more creative in order to demonstrate their added value. To help lawyers meet this challenge, this book draws on the perspectives of lawyers and creative specialists to analyze the concept and life cycle of legal innovations, techniques and services, whether related to legislation, legal engineering, legal services, or legal strategies, as well as the role of law as a source of creativity and interdisciplinary collaboration. ISBN 978-3-030-47446-1 9 7 8 3 0 3 0 4 7 4 4 6 1 DA N I E L M A RT I N KATZ , L E G A L I N N OVAT I O N ( B O O K F O R WA R D ) I N M A P P I N G L E G A L I N N OVAT I O N : T R E N D S A N D P E R S P E C T I V E S ( S P R I N G E R ) ( A N TO I N E M A S S O N & G AV I N R O B I N S O N , E D S . ) ( 2 0 2 1 )
  40. T H I S B R A N C H

    CA N B E S U B D I V I D E D
  41. L AW Y E R S F O R I

    N N OVATO R S L AW Y E R S A S D O C T R I N A L I N N OVATO R S L AW F O R I N N OVAT I O N
  42. L AW Y E R S F O R I

    N N OVATO R S
  43. L AW Y E R S F O R I

    N N OVATO R S L AW Y E R S W H O R E P R E S E N T I N N OVATO R S A N D P R OV I D E S E RV I C E S S U C H A S T H E F O L LO W I N G …
  44. L AW Y E R S F O R I

    N N OVATO R S L AW Y E R S W H O R E P R E S E N T I N N OVATO R S A N D P R OV I D E S E RV I C E S S U C H A S T H E F O L LO W I N G … I N T E L L E C T UA L P R O P E RTY B U S I N E S S F O R M AT I O N L A B O R / E M P LOY M E N T R E G U L ATO R Y CO M P L I A N C E E TC . CA P I TA L M KT S / M & A
  45. L AW Y E R S A S D O

    C T R I N A L I N N OVATO R S L AW Y E R S W H O H E L P S H A P E T H E ‘ PAT H O F T H E L AW ’ A S I T T R I E S TO A DA P T TO N E W C I R C U M STA N C E S
  46. L AW Y E R S A S D O

    C T R I N A L I N N OVATO R S P O I S O N P I L L - “ T H E M O ST I M P O RTA N T I N N OVAT I O N I N CO R P O R AT E L AW S I N C E S A M U E L CA LV I N TAT E D O D D I N V E N T E D T H E T R U ST F O R J O H N D. R O C K E F E L L E R A N D STA N DA R D O I L I N 1 8 7 9 ” R O N A L D G I L S O N CO LU M B I A L AW S C H O O L
  47. M O R E B R OA D LY T

    H E R E A R E C U R R E N T E X A M P L E S O F S U B STA N T I V E L E G A L I N N OVAT I O N I N W I D E VA R I E TY O F D O M A I N S …
  48. L AW Y E R S A S D O

    C T R I N A L I N N OVATO R S C RY P TO, 3 D P R I N T I N G , D R I V E R L E S S CA R S , M E TAV E R S E , DATA B R E AC H , DATA P R I VACY, D R O N E S , I N T E R N E T O F T H I N G S , SY N T H E T I C B I O LO GY, E TC .
  49. I T S H O U L D A L

    S O B E N OT E D T H AT S U C H I D E A S CA N E X I ST AT T H E L E V E L O F A J U R I S D I C T I O N
  50. “ M O R E T H A N 6

    6 % O F T H E F O RT U N E 5 0 0 H AV E C H O S E N D E L AWA R E A S T H E I R L E G A L H O M E ” B A I N B R I D G E , ST E P H E N M . , I M A N A N A B TAW I , S U N G H U I K I M , A N D JA M E S PA R K , E D S . CA N D E L AWA R E B E D E T H R O N E D ? : E VA LUAT I N G D E L AWA R E ' S D O M I N A N C E O F CO R P O R AT E L AW. CA M B R I D G E U N I V E R S I TY P R E S S , 2 0 1 8 . https://corp.delaware.gov/aboutagency/
  51. H T T P S : / / S L

    AT E . CO M / T E C H N O LO GY / 2 0 2 1 / 0 6 / W YO M I N G - C RY P TO C U R R E N CY- L AW S . H T M L H T T P S : / / W W W. F O R B E S . CO M / S I T E S / CA I T L I N LO N G / 2 0 1 9 / 0 3 / 0 4 / W H AT- D O - W YO M I N G S - N E W- B LO C KC H A I N - L AW S - M E A N H T T P S : / / W W W. M A R K E T WATC H . CO M / STO RY / H O W- W YO M I N G - B E CA M E -T H E - P R O M I S E D - L A N D - F O R - B I TCO I N - I N V E STO R S - 1 1 6 1 9 2 0 1 1 8 2 W YO M I N G A S K I N G O F C RY P TO ?
  52. O R AT T H E L E V E

    L O F A N E N T I R E CO U N T R Y
  53. L AW A S A N E X P O

    RT A S S E T O F A CO U N T R Y
  54. https://www.ft.com/content/e2e3c1e2-1e5c-4341-9901-d45aad16ab7b “There is another platform which sits hidden within nearly

    every piece of infrastructure in the UK economy — and many beyond our borders. It is called English law. English law is an asset of enormous value. It underpins the UK’s place at the heart of a number of global markets, among them those for derivatives, commodities, energy and trade finance. English law is selected because it is trusted to deal with complex outcomes in a fair manner; this trust is taken for granted.”
  55. “Due to the globalisation and digitisation of business models, an

    increasing proportion of transactions and contracts are now internationally mobile—i.e. their governing law and the jurisdiction to which they are subject are chosen by those transacting based on their attractiveness to those parties. Historically, English law has been a popular choice of governing law for many types of internationally mobile transactions. In 2019, it governed around £250bn of global mergers and acquisitions, and 40% of global corporate arbitrations. The most successful platforms of the 21st century have been digital platforms, and their value is directly related to the size of their user base. However, English law suffers from a market failure known as the free-rider problem where no entity acts as the ‘platform operator’ to grow the user base of English law and maximise the benefits. Such a ‘platform operator’ should invest in growing the user base and consider how to monetise the value of the platform. This can be delivered through a combination of technological, judicial, professional and industry expertise, alongside government involvement.”
  56. T H I S I S PA RT O F

    W H AT I S G O I N G O N H E R E …
  57. B U T I T I S N OT J

    U ST T H E U K W I T H T H I S S O RT O F A N I N D U ST R I A L ST R AT E GY …
  58. https://www.difccourts.ae/ “The Dubai International Financial Centre (DIFC) is designed to

    be a financial free zone offering a unique, independent legal and regulatory framework in order to create an environment for growth, progress and economic development in the UAE and the wider region.”
  59. S I N G A P O R E A

    S A G LO B A L H U B F O R A R B I T R AT I O N http://www.arbitration.qmul.ac.uk/research/2018/ “The 2018 Queen Mary University of London and White & Case International Arbitration Survey ranked Singapore as the third most preferred international arbitration seat in Asia seat (and 3rd Globally)”
  60. I S A V E R Y VA L I

    D A N D WO RT H W H I L E TO P I C … B U T * N OT * T H E F O C U S O F T H I S P R E S E N TAT I O N L AW F O R I N N OVAT I O N
  61. S O YO U M I G H T S

    AY W H Y I S T H E R E A N E E D F O R “A L E G A L I N N OVAT I O N AG E N DA” ?
  62. I F W E O B S E RV E

    T H E L E G A L I N D U ST R Y F R O M A H I STO R I CA L ( E V E N C U R R E N T ) P E R S P E C T I V E
  63. W H E T H E R I T I

    S A L A R G E CO R P O R AT I O N O R A N I N D I V I D UA L S E E K I N G TO N AV I G AT E A L E G A L P R O C E S S
  64. I T H I N K T H E *

    E N D U S E R S * O F L AW A R E N OT S AT I S F I E D
  65. W I T H CA L I B E R

    O F T H E O F F E R I N G …
  66. A N D A M O N G S O

    M E I N T H E L AW WO R L D T H E R E I S D E N I A L A N D R AT I O N A L I Z AT I O N
  67. A N D O F CO U R S E

    S O M E CO M P L A I N T S A R E M O R E VA L I D T H A N OT H E R S
  68. TO O E X P E N S I V

    E TO O T I M E CO N S U M I N G U N C L E A R N OT F I T F O R P U R P O S E I N 2 1 ST C E N T U RY
  69. G I V E N T H E CO M

    M E R C I A L L AW N AT U R E O F T H I S P R E S E N TAT I O N
  70. I W I L L F O C U S

    M O R E O F M Y AT T E N T I O N O N T H E E N T E R P R I S E S P H E R E …
  71. F R O M A G LO B A L

    P E R S P E C T I V E M U C H CA N B E S A I D A B O U T T H E G E N E R A L D E L I V E RY O F J U ST I C E # A 2 J # ACC E S STOJ U ST I C E
  72. B U T R E A L LY W H

    AT I S AT T H E CO R E O F T H E N E E D F O R “A L E G A L I N N OVAT I O N AG E N DA” ?
  73. DANIEL MARTIN KATZ, CORINNA COUPETTE, JANIS BECKEDORF & DIRK HARTUNG,

    COMPLEX SOCIETIES AND THE GROWTH OF THE LAW, 10 SCIENTIFIC REPORTS 18737 (2020) HIGHLIGHTS GROWTH IN STATUTORY COMPLEXITY IN USA + GERMANY
  74. HIGHLIGHTS GROWTH IN REGULATORY COMPLEXITY IN USA + GERMANY CORINNA

    COUPETTE, JANIS BECKEDORF, DIRK HARTUNG, MICHAEL BOMMARITO, & DANIEL MARTIN KATZ, MEASURING LAW OVER TIME: A NETWORK ANALYTICAL FRAMEWORK WITH AN APPLICATION TO STATUTES AND REGULATIONS IN THE UNITED STATES AND GERMANY, FRONT. PHYS. (2021)
  75. M U C H CO U L D B E

    S A I D A B O U T E AC H O F T H E S E A S P E C T S O F T H E L E G A L I N N OVAT I O N AG E N DA
  76. A N D C E RTA I N LY A

    N A LT E R N AT I V E G R O U P I N G / TA XO N O M Y CO U L D B E P O S I T E D
  77. FOUR THEMES IN LEGAL INNOVATION LEVERAGING DATA AND A.I. TECHNIQUES

    TO CREATE LEGAL TECH SOFTWARE #LEGALDATA #LEGALAI #LEGALNLP #1
  78. FOUR THEMES IN LEGAL INNOVATION USING PROCESS IMPROVEMENT AND PROJECT

    MANAGEMENT METHODS TO STREAMLINE LEGAL WORK FLOWS #LEAN #SIXSIGMA #LPM #LPI #PROCESSENGINEERING #2
  79. FOUR THEMES IN LEGAL INNOVATION SOURCING LEGAL TALENT AND SOLUTIONS

    FROM A MUCH WIDER SET OF PROVIDERS #LAWCOMPANY #ALSP #BIG4 #LPO #OUTSOURCING #INSOURCING #3
  80. FOUR THEMES IN LEGAL INNOVATION TREATING LEGAL RISK MANAGEMENT AS

    RISK MANAGEMENT / SOLVING LEGAL INDUSTRY ACCESS TO CAPITAL CHALLENGES #LITFUNDING #LAW=FINANCE #EXOTICFINANCE #LEGALRISKMGMT #4
  81. FOUR THEMES IN LEGAL INNOVATION AI / DATA / SOFTWARE

    DESIGN / PROCESS SOURCING OF LEGAL WORK LAW < — > FINANCE
  82. S O T H AT I S T H E

    B R OA D C H A R AC T E R I Z AT I O N O F T H E L E G A L I N N OVAT I O N AG E N DA
  83. N O W B AC K TO O U R

    STO R Y …
  84. A S T H E I N T R O

    H I G H L I G H T S O U R STO RY STA RT S H E R E …
  85. W H I L E T H I S I

    S N OT T H E B E G I N N I N G O F A L L O F T H E S E I D E A S
  86. T H I S WA S T H E B

    E G I N N I N G O F S O CA L L E D # N E W L AW
  87. A LT H O U G H P L E

    N TY O F F O L K S H A D I D E A S A B O U T H O W TO # R E I N V E N T L AW
  88. I T WA S T H E C H A

    N G E S I N B U Y E R B E H AV I O R W H I C H G AV E L I F E TO T H E # N E W L AW U P STA RT S …
  89. E N O U G H OX YG E N

    TO S U STA I N L I F E
  90. W H E R E E CO N O M

    I C ‘ L I F E ’ H E R E WA S E N O U G H A D O P T I O N TO A L LO W T H E M TO P R O C E E D TO 2 0 1 0 A N D B E YO N D …
  91. IN THE 2010’S WE SAW SIGNIFICANT GROWTH IN THE SHEER

    NUMBER OF #LEGALTECH STARTUPS …
  92. BUT I WOULD MENTION THAT THERE HAS BEEN REAL GROWTH

    WITHIN THE AI + LAW ACADEMIC COMMUNITY
  93. AND A VERY WIDE SET OF POTENTIALLY ADDRESSABLE USE CASES

    (NOT ALL OF WHICH HAVE BEEN COVERED SO FAR)
  94. IN THE 2010’S VARIOUS LAW FIRMS CREATED SOME SORT OF

    A #LEGALTECH ENGAGEMENT FRAMEWORK(S)
  95. GIVES WAY TO A SERIES OF PLAYERS … LAW FIRM

    BIG 4 LAW COMPANIES LEGALTECH INSOURCING
  96. AND ONE OF THOSE WAYS TO SUPPORT THE OPTIMIZATION IS

    BY THREADING THE {PRODUCT, SERVICE} TOGETHER WITH A PROCESS MAP
  97. I HAVE LEARNED A TREMENDOUS AMOUNT FROM OUR COURSE ON

    LEGAL PROCESS IMPROVEMENT LEGAL PROJECT IMPROVEMENT
  98. IN THE 2010’S LAW FIRMS INCREASING TRIED TO FIGURE OUT

    (SLOWLY) HOW TO TRANSITION THEIR BUSINESS MODEL
  99. IN THE 2020’S SOME OF THE FIRMS ARE ACTUALLY GOING

    TO GET REALLY GOOD AT THE {PRODUCT, SERVICE} BUNDLE
  100. AND BE THE DRIVER FOR MORE AND MORE FIRMS TO

    DO SOME FORM OF PUBLIC (AIM) LISTING
  101. I SPEND MUCH OF MY TIME IN LAW.EDU WHICH HAS

    ALL OF THE HEADWINDS OF CHANGE WE SEE IN THE REST OF LAW
  102. IF WE COULD ONLY START OVER … https://www.slideshare.net/Danielkatz/the-mit- school-of-law-presentation-version-102-101411 Daniel

    Martin Katz, The MIT School of Law? A Perspective on Legal Education in the 21st Century, 2014 Illinois Law Review 1431 (2014)
  103. I JUST WANT TO REMIND EVERYONE IF I TOLD THEM

    IN 2010 BY THE END OF THE DECADE …
  104. WE WOULD HAVE ~2000 LEGAL TECH COMPANIES ACROSS THE WORLD

    A BUNCH OF LAW FIRMS WOULD HAVE TECH INCUBATORS LEGAL OPS WOULD GROW EXPONENTIALLY TOP 25 BRITISH LAW FIRM WOULD BE LISTED A NUMBER OF LAW SCHOOLS WOULD HAVE PROGRAMS, CERTIFICATES AND DEGREES IN LEGAL INNOVATION
  105. NYC

  106. AND TO SUPPORT THAT I WOULD LIKE TO SUMMARIZE SOME

    OF THE THEMES THAT APPEAR TO BE EMERGING …
  107. SHORT TERM MARKET CHAOS OIL FUTURES TURN NEGATIVE STOCK MARKET

    CIRCUIT BREAKERS ARE TRIPPED S&P GOES UNDER 2300
  108. WHILE NOT TYPICALLY REPORTED IN THE LEGAL MEDIA SHORT TERM

    MANY LEGAL TECH STARTUPS ARE UNDER EXTREME PRESSURE AS CASH TIGHTENS
  109. MEDIUM TERM FISCAL STIMULUS QUANTITATIVE EASING == QE INFINITY ?

    FED FUNDS RATE IS NEARLY ZERO CENTRAL BANKS TAKE ACTION S&P 4600+ 103% INCREASE FROM 03.20.20
  110. “I THINK THERE WAS A LOT OF DOOM AND GLOOM—FIRM

    CHAIRS SPEAKING TO PARTNERS AND TELLING THEM TO EXPECT 15% TO 25% DECLINES IN PROFITS. AND LO AND BEHOLD, THE YEAR DIDN’T PLAY OUT THAT WAY …”
  111. WHAT IS IT ABOUT BIG LAW WHICH ALLOWS MANY TO

    THRIVE DURING THE PANDEMIC ?
  112. IN THE EARLY PANDEMIC, PRACTICE AREAS SUCH AS BANKRUPTCY /

    RESTRUCTURING WORK WERE HOT https://www.mckinsey.com/industries/financial-services/our- insights/covid-19-implications-for-law-firms
  113. https://today.westlaw.com/Document/ I3e58e58035b811eb833efae3e6dfd874/View/FullText.html “BOTH THE WELLS FARGO AND CITI REPORTS FOUND

    THAT THE LARGEST LAW FIRMS ARE SEEING REVENUES RISE FASTER THAN THEIR SMALLER AND MORE REGIONAL COUNTERPARTS” ECONOMIC SUCCESS WAS NOT EVENLY DISTRIBUTED
  114. IN THE END, THE BIGGEST OF BIG LAW SEEM TO

    HAVE WON THE COVID ERA (AT LEAST SO FAR)
  115. NOTHING WRONG WITH THE COMPANY … JUST THE VALUATION ~50

    BILLION MKT CAP ~1.5 BILLION REVENUE $0 EARNINGS PER SHARE 35X REVENUE
  116. MOST OF THE VC’S WHO HAVE INVESTED IN LEGALTECH DO

    NOT HAVE DEEP EXPERIENCE IN THE DOMAIN
  117. FOUNDATION SOFTWARE GROUP ALLEGORY DOCSCORP DOXLY BESTPRACTIX KIRA SYSTEMS CONCEP

    WORKSHARE OBJECTIVE MANAGER CLOCKTIMIZER +1-2 MORE 10+ ACQUISITIONS IN PAST FEW YEARS
  118. WHETHER THEY WANTED IT OR NOT - MANY HAD THE

    OPPORTUNITY TO EXPLORE ANOTHER WAY OF LIVING AND WORKING
  119. LIFE IS SHORT https://www.2civility.org/the-aba-profile-of-the-legal- profession-explores-covid-19s-lasting-impact/ Some responses from senior lawyers

    included: “The pandemic ‘made me realize life is short, perhaps I should pull the plug while I can.’” “Because it became more apparent that I could work remotely, I think it has made me more likely to just slow down a bit rather than retire.”
  120. MANY ORGS HAD TO EXTEND WORK FROM HOME … (PRECISE

    DELTA TIMELINE PLAYED OUT DIFFERENTLY ACROSS THE GLOBE …)
  121. SO IT SEEMS LIKE THIS IS GOING TO BE DIVIDING

    POINT IN THE CULTURE OF LAW
  122. “There is a war for talent and attorneys have more

    leverage than ever. For most attorneys I speak with, being allowed to work remotely has become critical and, for many, their employer’s impending return-to-office policy is motivating them to make a move. That said, with client demands at an all-time high, law firms have been creative and aggressive when it comes to creating incentives to attract and retain talent (e.g. compensation increases, significant bonuses, and long-term flexible working arrangements).” https://www.natlawreview.com/article/changes-law-firms- are-adopting-amid-covid-19-trends-remote-work-litigation Michelle Fivel, Major, Lindsey, & Africa (A Leading Legal Recruiting Firm)
  123. HYBRID ORGANIZATIONS? THE MARCH OF LEGAL COMPLEXITY FROM POINT SOLUTIONS

    TO ENTERPRISE LEGAL MANAGEMENT PLATFORMS DIGITAL TRANSFORMATION / 4TH INDUSTRIAL REVOLUTION THE FRONTIER IN A.I. / SOFTWARE ECONOMICS ARE CHANGING
  124. AS LEAST AS OF TODAY … IF IT WERE UP

    TO INDIVIDUAL LAWYERS …
  125. PERHAPS IT WILL OR WILL NOT BE IN THE METAVERSE*

    *NOTE THE METAVERSE IS WIDER SET OF IDEAS THAN JUST THE ONE OFFERED BY FACEBOOK (META)
  126. IN THE PRECOVID WORLD, ALSP / LPO / LAW COMPANIES

    TOOK ADVANTAGE OF THE LACK OF FLEX WITHIN THE BROADER LEGAL INDUSTRY …
  127. BUT NOW MANY OTHER ORGS NOW HAVE HAD TO OFFER

    FLEX … (SOUNDS LIKE ALSP/LPO NEED ANOTHER DIMENSION OF COMPETITION)
  128. SO HOW TO BUILD OR CONVERT ORGANIZATIONS TO THRIVE IN

    A WORLD OF INCREASING HYBRID OR REMOTE WORK
  129. I BELIEVE COLLABORATION TECHNOLOGIES WILL IMPROVE AS A FUNCTION OF

    POST COVID INVESTMENTS IN THAT SPACE #COLLABORATIONTECH (MANY OF WHICH HAVE NOT COME TO FRUITION) (AS THE TIME FROM INVESTMENT TO COMMERCIAL LAUNCH TYPICALLY TAKES SEVERAL YEARS - PARTICULARLY IN LARGE ENTERPRISES )
  130. TAKE THAT TECH TOGETHER WITH A ECONOMIC MODEL WHICH WOULD

    ALLOW FOR FLEX WORK ON AT LEAST A HYBRID BASIS …
  131. ORGS NEED TO CLEARLY IDENTIFY THE VALUE ASSOCIATED WITH PARTICULAR

    TASKS BEING CONDUCTED IN PHYSICAL OFFICES …
  132. THIS IS GOING TO LEAD TO AN ONGOING NEED TO

    BUILD {PRODUCT, SERVICE} BUNDLES
  133. Unique Domain Specific Offering Off the Shelf #MLaaS, etc. (perhaps

    with some configuration and/or customization)
  134. WHAT IF YOUR PAIR PROGRAMMER WAS NOT A PERSON ?

    https://www.linkedin.com/posts/bommarito_statistics- datascience-copilot-activity-6861302897796284416-yzfZ
  135. MY BET IS THAT THE REAL COMPETITION WILL BE ON

    TEACHING MACHINES THE LEGAL LANGUAGE OF LAW …
  136. WORKED ON THIS BOTH COMMERCIALLY BOMMARITO II, MICHAEL J., DANIEL

    MARTIN KATZ, AND ERIC M. DETTERMAN, "LEXNLP: NATURAL LANGUAGE PROCESSING AND INFORMATION EXTRACTION FOR LEGAL AND REGULATORY TEXTS." RESEARCH HANDBOOK ON BIG DATA LAW. EDWARD ELGAR PUBLISHING, 2021.
  137. AND IN MY ACADEMIC LIFE ILIAS CHALKIDIS, ABHIK JANA, DIRK

    HARTUNG, MICHAEL BOMMARITO, ION ANDROUTSOPOULOS, DANIEL MARTIN KATZ & NIKOLAOS ALETRAS, LEXGLUE: A BENCHMARK DATASET FOR LEGAL LANGUAGE UNDERSTANDING IN ENGLISH
  138. IN OTHER WORDS, THIS IS NO LONGER THE DIGITAL AGE

    BUT RATHER THE EARLY COMPUTATIONAL AGE
  139. TELEGRAPH TELEPHONES INTERNET LONG TAIL COMMERCE (MERCHANT LAW TAKE 2)

    CRYPTO INFRASTRUCTURE ANALOG ERA DIGITAL ERA COMPUTATIONAL ERA INTERNET OF THINGS FIAT CURRENCY EARLY COMPUTERS GLOBALIZATION PERSONAL COMPUTERS ARTIFICAL INTELLIGENCE AUTOMOBILE CREDIT CARDS CHARGE CARDS
  140. INDEED HERE IS THE KATZ, BOMMARITO + ZELNER BLOG WHICH

    HAS BEEN RUN SINCE 2009 (FEEL FREE TO SET THIS AS YOUR HOMEPAGE) HTTPS://COMPUTATIONALLEGALSTUDIES.COM/
  141. OR AT A MINIMUM WHAT LAW CAN LEARN FROM COMPUTER

    SCIENCE ? https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3943378
  142. STILL EARLY DAYS BUT COMPUTATIONAL LAW IS GETTING SOME TRACTION

    https://www.thelawlabchannel.com/eric- wood-contracts-code-and-automation ERIC WOOD CHAPMAN AND CUTLER
  143. THESE PHASES MAP REASONABLY WELL ON TO WHAT WE HAVE

    SEEN (AND WILL LIKELY SOON SEE) IN THE FIELD OF LEGAL INNOVATION
  144. Contract Management Dashboard Open Contracts for Review 150 11.7% compared

    to 170 this time last year Contracts by Type NDA’s Master Service Agreements Contracts Reviewed (YTD) 1798 9.3.% compared to 1983 this time last year Inputed Risk Mitigated $6.4M 30.0% compared to $5M this time last year Average Cycle Time (YTD) 19 days 26.7% compared to 15 days last year Total Value of All Contracts $600.2M 29.6% compared to $500M this time last year Software Licenses Sales Agreements 602 426 246 312 Global Filters from 01/01/2017 Status to 12/31/2017 Practice Matter Type 0 7 13 20 26 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Average Contract Cycle Time Agreement Name Agreement Type Days Since Receipt Division Contracts by Complexity Low Medium High 48% 37% 15% Contracts Awaiting Review NDA Software License NDA Sales Agreement MSA John Smith HR Packet MS Jane Jones HR Packet Widget Agreement Acme Services HR IT HR Sales Team IT 3 29 8 37 56
  145. “WEATHER INDEXED INSURANCE IS BASED ON LOCAL WEATHER INDICES. PAYOUTS

    ARE TRIGGERED BY THE SPECIFIED COMPONENTS OF THE INDEX RATHER THAN CROP YIELDS” https://wrma.org/weather-risk-by-application/agriculture/
  146. INSURANCE CONTRACT CONTINGENCY STORED ON BLOCKCHAIN RAW SENSOR DATA (PRIVATE

    OR PUBLIC) PREPROCESSED AND SERVED UP AI BOT REGULARLY CHECK FOR CONTINGENCY SATISFACTION IF CONTINGENCY IS SATISFIED INITIATE PAYMENT OR START AUDIT PROTOCOL OR PROCEED TO FINAL HUMAN APPROVAL
  147. https://www.bls.gov/cpi/ The explicit rules are the computations called for in

    the text The implicit rules are the ones that the human reasoner used to ‘entail’ or link the passages of text (internal to document) as well as recognize that the CPI was a ‘named entity’ external to the document
  148. CONTRACTS WANT TO BE ABLE TO PUSH AND PULL DATA

    …. stored legal work product
  149. IT IS NOT GOING TO BROUGHT TO LIFE WITHOUT A

    FOCUS ON I.T. ARCHITECTURE (I.E. MAKE SURE YOUR ‘DIGITAL TRANSFORMATION’ EXPERT HAS ACTUAL SOFTWARE ENGINEERING / I.T. ARCHITECTURE EXPERIENCE)
  150. IS THE ABILITY TO OVERCOME SOME MAJOR I.T. HURDLES WHICH

    FRUSTRATE THOSE WHO WANT TO LEVERAGE LEGAL DATA
  151. MAKE THE MARGINAL COST OF EACH EFFORT MUCH HIGHER THAN

    IT WOULD OTHERWISE NEED TO BE …
  152. HELPS SOLVE ORGS WITH THEIR DATA PROBLEM EASIER TO BUY

    AS BUYER THAN ONE MODULE AT A TIME