Featuring Phil Malone, Stephanie Kimbro and my future Chicago Kent colleague Ronald W. Staudt … worth a watch …
It was a pleasure to participate in the Fourth Annual ASU-Arkfeld E-Discovery and Digital Evidence Conference. The conference featured a wide variety of speakers from the bench, law firms, in-house and the legal technology space. The conference was sponsored by the Center for Law, Science & Innovation @ Arizona State Law.
Some 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
This intro class is designed to train students to efficiently manage, collect, explore, analyze, and communicate in a legal profession that is increasingly being driven by data.
Our goal is to imbue our students with the capability to understand the process of extracting actionable knowledge from data, to distinguish themselves in legal proceedings involving data or analysis, and assist in firm and in-house management, including billing, case forecasting, process improvement, resource management, and financial operations.
This course assumes prior knowledge of statistics, such as might be obtained in Quantitative Methods for Lawyers or through advanced undergraduate curricula. This class is not for everyone; for many, it will prove to be challenging. With that warning, we encourage you to consider your interest and career aspirations against the unique experience and value of this class. To our knowledge, this is the only existing class that teaches these quantitative skills to lawyers and law students.
Still in beta – we will be adding much more to this site as we move forward!
Here is an introductory slide deck from “Legal Analytics” which is a course that Mike Bommarito and I are teaching this semester. Relevant legal applications include predictive coding in e-discovery (i.e. classification), early case assessment and overall case prediction, pricing and staff forecasting, prediction of judicial behavior, etc.
As I have written in my recent article in Emory Law Journal – we are moving into an era of data driven law practice. This course is a direct response to demands from relevant industry stakeholders. For a large number of prediction tasks … humans + machines > humans or machines working alone.
We believe this is the first ever Machine Learning Course offered to law students and it our goal to help develop the first wave of human capital trained to thrive as this this new data driven era takes hold. Richard Susskind likes to highlight this famous quote from Wayne Gretzky … “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.”
From SSRN abstract: “On August 5, 2014, the Federal Reserve Board and the Federal Deposit Insurance Corporation criticized shortcomings in the Resolution Plans of the first Systematically Important Financial Institution (SIFI) filers. In his public statement, FDIC Vice Chairman Thomas M. Hoenig said “each plan [submitted by the first 11 filers] is deficient and fails to convincingly demonstrate how, in failure, any one of these firms could overcome obstacles to entering bankruptcy without precipitating a financial crisis.”
The first eleven SIFIs — Bank of America, Bank of New York Mellon, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street Corp. and UBS — include some of the largest organizations in the world, with sophisticated internal and external teams of professional advisors. According to Jamie Dimon of JPMorgan Chase in 2013, it took 500 professionals over 1 million hours per year to produce JPMorgan Chase’s annual Resolution plan. With regulatory pressure increasing, that number is likely to be consistent or increasing across first-wave filers, and suggests significant spending by all filers.
So why were the plans criticized despite heavy compliance investment? The Fed and FDIC identified two common shortcomings across the first 11 SIFI filers: “(i) assumptions that the agencies regard as unrealistic or inadequately supported, such as assumptions about the likely behavior of customers, counterparties, investors, central clearing facilities, and regulators, and (ii) the failure to make, or even to identify, the kinds of changes in firm structure and practices that would be necessary to enhance the prospects for orderly resolution.” We believe this regulatory response highlights, in part, the need for lawyers (and other advisors) to develop approaches that can better manage complexity, encompassing modern notions of design, use of technology, and management of complex systems.
In this paper, we will describe the information mapping aspects of the Resolution Planning challenge as an exemplary “Manhattan Project” of law: a critical enterprise that will require — and trigger — the development of new tools and methods for lawyers to apply in their work handling complex problems without resort to unsustainably swelling workforce, and wasteful diversion of resources. Fortunately, much of this approach has already been developed in innovative Silicon Valley legal departments and has been applied by leading banks. Although much of the focus of the Dodd-Frank Act is on re-organizing and simplifying banks, we will focus here on the information architecture issues which underlie much of what should — and will — change about how law is delivered, not just for Resolution Planning, but more broadly.”
While our primary home will remain here MSU Law, Mike Bommarito and I are excited to be joining up with the good folks at CodeX – Stanford Center for Legal Informatics. Based upon our shared interests, we plan to work together on some joint research activities with some of the many talented individuals in the Stanford CodeX ecosystem. I will be joining CodeX as an External Affiliated Faculty and Mike will be joining as a CodeX Fellow. We are very excited to push forward together in the short, medium and long term!
This past Thursday Ron Dolin and I spole on a panel at the 19th Annual Thomson Reuters Legal Executive Institute Law Firm Leaders Forum. Above are Ron’s slides which many of you might find interesting. Below is a modified version of my presentation Five Observations Regarding Technology and the Legal Industry (which I gave at the LegalWeek Corporate Counsel Forum last month).
Thanks to Ralph Baxter (Chairman Emeritus @ Orrick) for inviting me to present to this extremely accomplished group of AMLaw 200 managing partners.