NEW LEGALTECH PRODUCTS
Linklaters Starts Coding Club for Lawyers
- Linklaters, the London-based law firm, is piloting an idea generation platform to develop new solutions to common problems and boost lawyers’ engagement in innovation. The platform, Ideas Pathway, is created by the software company Hype Enterprise and allows the firm’s lawyers to submit their ideas from any device. The lawyers can further collaborate, using the platform, on the review and development of the pitches. Commenting on the new development, Rachel Masner, Linklaters’ global head of knowledge and learning, mentioned:
It has repeatedly been shown that some of the most transformative business ideas come directly from inside an organisation. We want [our lawyers] to share their ideas and then also be part of taking those ideas forward, so they can see them through to delivery, with expert help and support.
- A recent example of an idea fully developed is the Coding Club, an online self-taught coding course that lawyers can access anywhere based on an idea pitched by a LPC student. The platform also allows to track data on the ideas submitted, including common problems and issues. [The Lawyer Firm News, September 20]
Legal Research Assistant Vincent from vLex
- The global legal publisher, vLex, announced the launch of Vincent, which analyses legal documents in Spanish and English and is trained in the law of no less than nine countries including Spain, the U.S., Canada, Mexico, Chile and Colombia. It will compete with Casetext’s CARA and ROSS Intelligence’s EVA.
- Vincent is the product of a multi-year research program at vLex, and a major innovation of the vLex Iceberg AI platform. The advanced legal assistant uses Artificial Intelligence (AI), Natural Language Processing (NLP) and Machine Learning (ML) to help legal professionals quickly get to the answers they need, alongside the most relevant and comprehensive supporting information.
- Vincent lowers the risk of making mistakes or missing out something, and reduces the necessary time and effort to find authoritative and related cases, and valuable secondary sources. [Legal IT Insider, September 20]
TECHNOLOGY ADOPTION AMONG LAW FIRMS
Top firms Rush to Embrace Tech, AI
A recent survey of 243 law firms across Australia and New Zealand was conducted to understand the shift towards AI by law firms. The survey was organised by the legaltech company GlobalX and the Australian Legal Practice Management Association. The key highlights include:
- 63 percent of the respondents considered using AI for outsourced legal work within two years
- 19 percent of firms of all sizes have plans to adopt AI “in the near future”
- 78 percent believed that a new technology has improved their daily productivity
- 37 percent of the largest law firms are not planning to use AI in the near term
- 56 percent of respondents have plans to introduce digital signing in the near future, followed by document management software (41 percent), practice automation (40 percent), practice management software (33 percent) and artificial intelligence (19 percent)
- 25 percent of the largest firms — those with more than 150 employees — had experienced a cyber security breach in the past two years. [The Australian, September 20]
LEGALTECH ACCELERATOR PARTICIPANTS: LEXISNEXIS
LexisNexis Announces Third Round of Legal Tech Accelerator Participants
- LexisNexis announced that six participants were selected in its third Silicon Valley Legal Tech Accelerator program. The participants – Attune Capital Group, Digitory Legal, Disputly, Justis Connection, Procertas and Specifio – are driving innovation in a distinct area of the law.
- The accelerator program leverages LexisNexis and Lex Machina industry-leading market expertise and deep knowledge in the legal, technology and startup domains. Participants receive hands-on mentoring and guidance throughout the program, which is based in the Menlo Park, CA offices of Lex Machina and at the Raleigh Technology Center for LexisNexis on the Centennial Campus of North Carolina State University.
LEGALTECH CONFERENCES: UPDATES
ALB Indonesia In-house Legal Summit 2018
- The upcoming ALB event is tailored to bring together leading senior-level corporate counsel, business leaders and private practice lawyers. The event is organized on 2nd October, 2018 at Jakarta, Indonesia. [Legal Business Online, September 21]
The NSW Law Society Conference
- In the conference last week, focused on the Future of Law and Innovation in the Profession (FLIP), Keynoter Prof. Daniel Martin Katz, the Director of Law Lab at Chicago Kent College of Law said:
The pace of change in the market for legal services is accelerating due to factors such as outsourcing, process improvement, and technology design that bring different approaches to the work people are doing. Artificial intelligence does not amount to an existential threat to the legal profession but in just a few years the way lawyers work will be very different. The big shift will be something he describes as the “productisation” of law – the trend in which law firms bundle products and legal services in a way that makes law firms resemble other parts of the business world. A structural evolution of will give law firms a more corporatised appearance making them look “more like a big four accounting firm offer associated services and less like a traditional law firm. Legal technology and financial technology are also “on a collision course” because of their similarities.
- KPMG Law and King & Wood Mallesons have jointly financed a professorial chair at the University of NSW that focuses on disruptive innovation in law. Late last year, UNSW also established the Allens Hub for Technology, Law and Innovation with backing from Allens and the NSW Law Society. [The Australian, September 13]
SOLID East 2018: The Tech Showcase as a Herald of Change
- In the Summit on Legal Innovation and Disruption (SOLID) East 2018 at Hogan Lovells in New York City, the host David Cowen spoke to Chris Mammen about The Tech Showcase and how innovation is driving change in the legal profession. They discuss the significance of the showcase, the rate of change in the legal market in terms of investment in technology, and where this change is coming from. To listen to this podcast, click here.