Your Lawyer May Soon Ask This AI-Powered App for Legal Help (via Wired)

“I thought back to that big problem lawyers face in their day-to-day work, and how it impacts regular people,” Ovbiagele tells WIRED. “I thought we should apply the capabilities of machine learning to tackle this problem and make things better for lawyers and for clients.”

“LegalRank can figure out which results get preferential results, whether that’s prioritizing a case that has more citations, knowing that a Supreme Court case should rank higher than a local decision, and other nuances.”

A subsidiary of (world’s largest) global law firm Dentons, NextLaw Labs, has signed ROSS Intelligence as its first portfolio company.

Full disclosure – I am a member of the advisory board of NextLaw Labs

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.

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.

Stanford CodeX FutureLaw Conference 2015 – Conference on Innovation, Technology and the Future of the Legal Industry

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Chicago Legal Innovation & Technology Meetup (@Skadden in Chicago)

Thanks to everyone who joined us last night @Skadden for the Chicago Legal Innovation & Technology Meetup.  Our next meeting is at Chapman & Cutler in May with a series of additional events in the months to come …

Even The Algorithms Think Obamacare’s Survival Is A Tossup (via 538.com)

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Readers will probably observe that {Marshall+} is still a work in progress (for example – my colleague noted {Marshall+} believes that Justice Ginsburg would appear to be slightly more likely to vote to overturn the ACA than Justice Thomas).  While this probably will not prove to be correct in King v. Burwell, our method is rigorously backtested and designed to minimize errors across all predictions (not just in this specific case).  This optimization question is tricky for the model and it will be the source of future model improvements. I have preached the whole mantra Humans + Machines > Humans or Machines and this problem is a good example.  The problem with exclusive reliance upon human experts is they have cognitive biases, info processing issues, etc.  The problem with models is that they generate errors that humans would not.

Anyway, the good thing about having a base model such as {Marshall+} is that we can begin to incorporate a range of additional information in an effort to create a {Marshall++} and beyond.    And on that front there is more to come …

Daniel Martin Katz to Join IIT Chicago-Kent Faculty to Support Chicago Kent's Ongoing Initiative to Build the Preeminent Law & Technology Program in the Country

Screen Shot 2015-03-02 at 2.48.18 PMI am excited to announce that I am leaving MSU to join the Chicago-Kent College of Law where I have accepted a lateral offer starting this summer.

It is has been a good run here at MSU Law and wish my MSU colleagues all the best.

The opportunity to be part of one of the long standing and premier law+tech programs is extremely exciting and I look forward to doing great things with my new colleagues at Chicago Kent.   As noted in the press release, I am excited to “assume a key leadership role in the law school’s ongoing initiative to build the preeminent law and technology program in the country!”

More to come starting this summer …

Legal Tech NYC 2015 – A Short Recap #LTNY #LTNY15

Screen Shot 2015-02-10 at 10.11.51 AMSome scenes from my LegalTech NYC 2015 experience in the pictures above (including getting stuck in an elevator).

As Oliver Goodenough has noted – #LegalTech NYC features between “$20 billion to $30 billion a year in commercial activity.”  Curated by Stanford CodeX (where I am now an external faculty affiliate) and Mike Bommarito is a fellow, this year’s legal tech offered ten early to mid stage legal tech startups who collectively cover a wide range of practice areas.

I presented on a panel sponsored by FTI Technology which featured Judge John Facciola (United States Magistrate Judge in the District of Columbia),  David Horrigan (451 Research) and Cliff Nichols (Day Pitney).

Check out a Cartoonist’s recap of our panel!  #LTNY  #LTNY15

David Perla – Today's Legal Start-Up Ecosystem: Cambrian Explosion or Crowded House? (via ReInventLawChannel.com)

David Perla – Today’s Legal Start-Up Ecosystem: Cambrian Explosion or Crowded House? from ReInvent Law Channel on Vimeo.