The LexPredict Team is excited to announce that our company has been acquired by Elevate. We believe that joining forces with Elevate is the most effective way to bring enterprise solutions to market more quickly, by combining the artificial intelligence, data science and data engineering capabilities of LexPredict with the award winning legal services of Elevate. Once again our team is very excited !
Our next paper — OpenEDGAR – Open Source Software for SEC Edgar Analysis is now available. This paper explores a range of #OpenSource tools we have developed to explore the EDGAR system operated by the US Securities and Exchange Commission (SEC). While a range of more sophisticated extraction and clause classification protocols can be developed leveraging LexNLP and other open and closed source tools, we provide some very simple code examples as an illustrative starting point.
Click here for Paper: < SSRN > < arXiv >
Access Codebase Here: < Github >
Abstract: OpenEDGAR is an open source Python framework designed to rapidly construct research databases based on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system operated by the US Securities and Exchange Commission (SEC). OpenEDGAR is built on the Django application framework, supports distributed compute across one or more servers, and includes functionality to (i) retrieve and parse index and filing data from EDGAR, (ii) build tables for key metadata like form type and filer, (iii) retrieve, parse, and update CIK to ticker and industry mappings, (iv) extract content and metadata from filing documents, and (v) search filing document contents. OpenEDGAR is designed for use in both academic research and industrial applications, and is distributed under MIT License at https://github.com/LexPredict/openedgar
When it comes to prediction – law would benefit from better applying the tools of STEM / Finance / Insurance and so in that spirit — our company recently launched LexSemble and it allows for near frictionless crowd sourcing of predictions in law (and beyond). Many potential applications in law including early (and ongoing) case assessment in litigation, forecasting various sorts of transactional outcomes and predicting the actions of regulators, etc. It also has a range of machine learning capabilities which allow for crowd segmentation, expert weighting, natural language processing on relevant documents, etc.
Learn More: https://lexsemble.com/features.html
From the article: “The prevalence of noise has been demonstrated in several studies. Academic researchers have repeatedly confirmed that professionals often contradict their own prior judgments when given the same data on different occasions. For instance, when software developers were asked on two separate days to estimate the completion time for a given task, the hours they projected differed by 71%, on average. When pathologists made two assessments of the severity of biopsy results, the correlation between their ratings was only .61 (out of a perfect 1.0), indicating that they made inconsistent diagnoses quite frequently. Judgments made by different people are even more likely to diverge. Research has confirmed that in many tasks, experts’ decisions are highly variable: valuing stocks, appraising real estate,sentencing criminals, evaluating job performance, auditing financial statements, and more. The unavoidable conclusion is that professionals often make decisions that deviate significantly from those of their peers, from their own prior decisions, and from rules that they themselves claim to follow.”
Suffice to say we at LexPredict agree. Indeed, building from our work on Fantasy SCOTUS where our expert crowd outperforms any known single alternative (including the highest ranked Fantasy SCOTUS player), we have recently launched LexSemble (our configurable crowdsourcing platform) in order to help legal and other related organizations make better decisions (in transactions, litigation, regulatory matters, etc.).
We are working to pilot with a number of industry partners interested in applying underwriting techniques to more rigorously support their decision making. This is also an example of what we have been calling Fin(Legal)Tech (the financialization of law). If you want to learn more please sign up for our Fin(Legal)Tech conference coming on November 4th in Chicago) (tickets are free but space is limited).