“It’s the alignment of tech and economics that is allowing all this stuff to start moving … The real roll-up of all this isn’t robot lawyers, its financialization, with law becoming an applied branch of finance and insurance” says Daniel Martin Katz, professor at Illinois Tech’s Chicago Kent College of Law.
I am pleased to serve as a Program Chair and Speaker at the Plenary Presidential Summit @ New York State Bar Association Annual Meeting. Today’s topic will be Artificial Intelligence and its Impact on the Legal Profession. Joining me on the panel are the following panelists covering the following topics:
What is Artificial Intelligence? What is Machine Learning?
Dera J. Nevin, eDiscovery Counsel, Proskauer
What are Some Applications of Artificial Intelligence, Machine Learning, and Predictive Analytics in Law?
Andrew M.J. Arruda, CEO & Co-Founder, Ross Intelligence
Daniel Martin Katz, J.D., Ph.D., Associate Professor of Law, Illinois Tech – Chicago Kent Law
What are the Labor Market Impacts? More Jobs, Less Jobs, Different Forms of Legal Jobs and Legal Work?
Noah Waisberg, J.D., Co-founder & CEO, Kira Systems
Today I presented at Vanderbilt Conference on Artificial Intelligence and the Law – my afternoon talk was entitled – “From Causal Inference to Predictive Analytics: AI Research by Legal Academics (and Beyond).”
The program committee for the 16th International Conference on Artificial Intelligence and Law has just named King College London as the host for the biannual ICAIL conference. Mark you calendars for 2017 in London!
The example above is an algorithmic system that enhanced by the use of crowd based teaching. It is a useful example of the creativity employed by those in the machine learning research community. It is also instructive (at broader level) of the cutting edge approaches used in all of predictive analytics / machine learning.
In discussing legal prediction or the application of predictive analytics in law, we often try to start by highlighting The Three Forms of (Legal) Prediction: Experts, Crowds and Algorithms. These are really the only streams of intelligence that one can use to forecast anything. Historically, in the law – experts centered forecasting has almost exclusively dominated the industry. In virtually every field of human endeavor, there have been improvements (sometimes small to sometimes large) in forecasting which have been driven in the move from experts to ensembles (i.e. mixtures of these respective streams of intelligence – experts, crowds + algorithms).
Through our company LexPredict and in our research, we have been working toward building such ensemble models across a wide range of topics. In addition, we have engaged in a public display of these ideas through Fantasy SCOTUS, our SCOTUS prediction algorithm and through the identification of non-traditional experts (i.e. our superforecasters which — unlike most lawyers — are folks that have actually been benchmarked in their predictive performance). Finally, we have demonstrated the usefulness of SCOTUS prediction in a narrow subset of cases that actually move the securities market.