Ideological Locations of the 2016 Presidential Contenders (via VoteView)

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Using Technology and System Design to Improve the Dodd-Frank Resolution Planning Requirement (+ Better Manage Complexity)

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This past week, I had the pleasure of participating in a half day closed door session with about ~40-50 folks from the financial services industry including several of the world’s finest law firms, representatives from SIFI and non-SIFI financial institutions as well as folks from IBM Watson and LegalOnRamp (a Watson eco-system partner).

The specific subject was RRP – the resolution planning / living wills requirement under Dodd Frank.  Former Congressman Barney Frank provided opening remarks and joined the group for the balance of the half day session.  Paul Lippe and I discussed our recent paper on Resolution Planning that was published in Banking Perspective (The Journal of The Clearing House).

As we argue in the paper, the ‘too big to fail argument’ is not really that intellectually forceful.  The question – properly posed – is what to do about complexity and the management of complex systems.  The complex and interdependent nature of the banking ecosystem is the feature that really challenges efforts to develop robust regulatory / management structures.  This would be true even if existing financial institutions were made smaller.

Our conversation was about how to use technology and system redesign to confront and manage wide scale complexity.  The resolution planning challenge should not just be focused upon clearing the existing regulatory hurdle but actually can be an opportunity for organizations to build better financial/legal information infrastructure (ultimately leading to an internet of contracts or more broadly an internet of legal things).  In building a better financial/legal information infrastructure, banks will be better positioned to manage/properly price risk.

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Thomson Reuters/CodeX 2015 Legal Tech Open Innovation Challenge – Docket Analytics

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LexPredict Agreement Database (Over 400,000 High Quality Contracts) – For Research or Building Commercial Applications

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The Distributed Ledger Landscape –
Presentation @ Blockchain University

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How Smart Resolution Planning Can Help Banks Improve Transparency, Increase Profitability and Reduce Risk (Lippe, Putnis, Katz & Hurst)

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An Open Letter from Seyfarth’s New Chief Strategy Officer – Joshua Kubicki

https-::medium.com:rethink-the-practice:an-open-letter-from-seyfarth-s-new-chief-strategy-officer

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IBM Watson for Contract Analytics at Legal OnRamp
(via Ron Friedmann)

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Lean for Lawyers: Chicago Lawyer Magazine Profile of SeyfarthLean Consulting

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U.S. Tech Funding – What is Going On? (via Andreessen Horowitz)

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LexPredict Hackathon Challenge – Extracting Simple Contract Metadata

Beyond the specific prize attached to upcoming hackathon event, we welcome anyone who (for fun) would like to take a crack at this challenge.

Email us directly (Daniel Martin Katz or Mike Bommarito) – if you would like to work on this challenge.

Our LexPredict Challenge is an opportunity to develop basic tools for processing contracts.

Specifically, you will use the sample contract data below to develop algorithms to:
(1) identify the parties to an agreement
(2) identify effective date segment and date
(3) identify termination clause segment(s) and date(s)

At LexPredict, we have built this simple (and other more complex) technology for use in commercial applications.  This is an opportunity to use this challenge to produce open source content which we can be used by all (including in the Legal Analytics Course).

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Dentons (World’s Largest Law Firm) Launches NextLaw Labs and Creates Legal Business Accelerator

Read stories here, here and here  plus check out NextLaw Labs.

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Art vs Science: New Machine Could One Day Replace Anesthesiologists (via Wash Post)

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Our Future Sits at the Intersection of Artificial Intelligence and Blockchain (via OReilly Podcast)

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