Predictive Analytics
Allstate CEO: AI Will Thrash the Economy Like a ‘Tsunami’
July 21, 2018
Artificial intelligence is coming for the service economy, according to Allstate Corp. Chief Executive Officer Tom Wilson. “It’s going to rip through this economy like a tsunami,” Wilson said Thursday in an interview on Bloomberg TV from Aspen, Colorado. Automation will affect a wide swath of workers, from traders to taxi drivers. McKinsey & Co. estimates that more than 400 million people worldwide could be looking for work by 2030 because technology took their jobs. That change...
July 21, 2018
Artificial intelligence is coming for the service economy, according to Allstate Corp. Chief Executive Officer Tom Wilson. “It’s going to rip through this economy like a tsunami,” Wilson said Thursday in an interview on Bloomberg TV from Aspen, Colorado. Automation will affect a wide swath of workers, from traders to taxi drivers. McKinsey & Co. estimates that more than 400 million people worldwide could be looking for work by 2030 because technology took their jobs. That change...
Zamir and Teichman on Behavioral Law & Economics
July 19, 2018
Eyal Zamir and Doron Teichman (Hebrew University of Jerusalem - Faculty of Law and Hebrew University of Jerusalem - Faculty of Law) have posted Behavioral Law and Economics - Introduction (Behavioral Law and Economics, Oxford University Press, 2018) on SSRN. Here is the abstract: In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality....
July 19, 2018
Eyal Zamir and Doron Teichman (Hebrew University of Jerusalem - Faculty of Law and Hebrew University of Jerusalem - Faculty of Law) have posted Behavioral Law and Economics - Introduction (Behavioral Law and Economics, Oxford University Press, 2018) on SSRN. Here is the abstract: In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality....
Fastcase Says Its New ‘Analytics Workbench’ Will Allow Build-Your-Own Litigation Analytics
July 15, 2018
Docket Alarm, the docket tracking and analytics platform acquired last Januaryby legal research company Fastcase, says it has released a new tool, the Analytics Workbench, that will allow legal professionals to build their own bespoke litigation analytics across any court, practice area or litigation event. Generally, legal analytics products tend to focus on specific courts or specific practice areas. For example, Lex Machina, one of the leading providers of legal analytics, launched with...
July 15, 2018
Docket Alarm, the docket tracking and analytics platform acquired last Januaryby legal research company Fastcase, says it has released a new tool, the Analytics Workbench, that will allow legal professionals to build their own bespoke litigation analytics across any court, practice area or litigation event. Generally, legal analytics products tend to focus on specific courts or specific practice areas. For example, Lex Machina, one of the leading providers of legal analytics, launched with...
Do Judges Need to Be Human? The Implications of Technology for Responsive Judging
July 13, 2018
Judicial responsiveness requires judges to act from the perspective of conscious legal rationality and also with intuition, empathy and compassion. To what extent will the judicial role change in terms of responsiveness as many aspects of human activity, including aspects of the work of lawyers and judges, are not only augmented, but even taken over entirely by replacement technologies? Such technologies are already reshaping the way the legal profession operates, with implications for judges by virtue...
July 13, 2018
Judicial responsiveness requires judges to act from the perspective of conscious legal rationality and also with intuition, empathy and compassion. To what extent will the judicial role change in terms of responsiveness as many aspects of human activity, including aspects of the work of lawyers and judges, are not only augmented, but even taken over entirely by replacement technologies? Such technologies are already reshaping the way the legal profession operates, with implications for judges by virtue...
New Technology in Law Firms
July 12, 2018
Thank you for participating in this technology survey, conducted by The American Lawyer, The National Law Journal and Legaltech News on behalf of HSBC. The survey contains questions about law firms investing in and adopting new technology. It's designed to be fast and easy to complete, taking approximately 6 minutes of your time. Please rest assured, your answers will be held in strict confidence and will be used only to help us assess the current state of the industry,...
July 12, 2018
Thank you for participating in this technology survey, conducted by The American Lawyer, The National Law Journal and Legaltech News on behalf of HSBC. The survey contains questions about law firms investing in and adopting new technology. It's designed to be fast and easy to complete, taking approximately 6 minutes of your time. Please rest assured, your answers will be held in strict confidence and will be used only to help us assess the current state of the industry,...
The Bleeding Edge Of Law
July 9, 2018
In the summer of 2015, David Lat invited David Perla to become an Above the Law columnist. The column, “What’s Possible”, launched in September of that year. In that column, David noted that his role at the time afforded him the opportunity think about various issues relating to the future of law, including: How can lawyers make use of data to perform their jobs? How will the development of artificial intelligence affect the practice of law? What’s possible for law students,...
July 9, 2018
In the summer of 2015, David Lat invited David Perla to become an Above the Law columnist. The column, “What’s Possible”, launched in September of that year. In that column, David noted that his role at the time afforded him the opportunity think about various issues relating to the future of law, including: How can lawyers make use of data to perform their jobs? How will the development of artificial intelligence affect the practice of law? What’s possible for law students,...
Making a Case for Artificial Intelligence in the Legal Profession
July 6, 2018
“In the past year or so we’ve seen the legal market’s understanding of the strengths as well as limitations of AI mature in a very constructive way. What this means is that the dialogue has moved away from alarmist conversations about ‘robot lawyers’, and into the realm of how lawyers can leverage this new wave of software in their day to day workflows.” Even so, times will change: “We are currently still in the adoption phase of narrow applications of artificial intelligence in the legal...
July 6, 2018
“In the past year or so we’ve seen the legal market’s understanding of the strengths as well as limitations of AI mature in a very constructive way. What this means is that the dialogue has moved away from alarmist conversations about ‘robot lawyers’, and into the realm of how lawyers can leverage this new wave of software in their day to day workflows.” Even so, times will change: “We are currently still in the adoption phase of narrow applications of artificial intelligence in the legal...
Data-Driven Decision-Making: From Fine Wine to Fine Arbitrators
July 2, 2018
Arbitrator Intelligence Reports AI Reports are still in the development phase, and the nature and scope of AI Reports will inevitably evolve over time, particularly as AI’s base of data expands. Nevertheless, it is already easy to see from some preliminary mock-ups how AI Reports will help promote more data-driven decisions about arbitrator appointments. By way of preview, consider the following chart regarding a (hypothetical) arbitrator’s approach to document production: Figure A (based...
July 2, 2018
Arbitrator Intelligence Reports AI Reports are still in the development phase, and the nature and scope of AI Reports will inevitably evolve over time, particularly as AI’s base of data expands. Nevertheless, it is already easy to see from some preliminary mock-ups how AI Reports will help promote more data-driven decisions about arbitrator appointments. By way of preview, consider the following chart regarding a (hypothetical) arbitrator’s approach to document production: Figure A (based...
How to Get Really Rich Off Litigation Financing: Viewpoint
June 27, 2018
But finance didn’t grow to become such a big slice of the economy by letting big pots of money escape its tentacles. The top 200 U.S. law firms generated about $110 billion in revenue last year, according to ALM Intelligence. Globally, a multiple of that figure is likely to have been paid out in damages. A tempting target. Enter, litigation finance, companies like Burford Capital Ltd., IMF Bentham Ltd. or Vannin Capital that provide capital to a company or law firm to finance lawsuits in return...
June 27, 2018
But finance didn’t grow to become such a big slice of the economy by letting big pots of money escape its tentacles. The top 200 U.S. law firms generated about $110 billion in revenue last year, according to ALM Intelligence. Globally, a multiple of that figure is likely to have been paid out in damages. A tempting target. Enter, litigation finance, companies like Burford Capital Ltd., IMF Bentham Ltd. or Vannin Capital that provide capital to a company or law firm to finance lawsuits in return...
Moneyball for Lawyers: Interview with Lex Machina CEO Josh Becker
June 26, 2018
In the book, Moneyball: The Art of Winning an Unfair Game, Michael Lewis documented how the Oakland Athletics used analytics to build a competitive baseball team. In much the same way, lawyers are increasingly using analytics to get the upper hand in litigation and business development. One of the companies that pioneered the use of analytics in law is Lex Machina. In this edition of the podcast Law Technology Now, I speak with the company’s CEO Josh Becker. We discuss the company’s beginnings...
June 26, 2018
In the book, Moneyball: The Art of Winning an Unfair Game, Michael Lewis documented how the Oakland Athletics used analytics to build a competitive baseball team. In much the same way, lawyers are increasingly using analytics to get the upper hand in litigation and business development. One of the companies that pioneered the use of analytics in law is Lex Machina. In this edition of the podcast Law Technology Now, I speak with the company’s CEO Josh Becker. We discuss the company’s beginnings...
