The LegalTech Book
The Legal Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries
1st Edition
Published on 2. December 2020
280 pages
978-1-119-80498-7 (ISBN)
Description
Written by prominent thought leaders in the global fintech and legal space, The LegalTech Book aggregates diverse expertise into a single, informative volume. Key industry developments are explained in detail, and critical insights from cutting-edge practitioners offer first-hand information and lessons learned. Coverage includes:
- The current status of LegalTech, why now is the time for it to boom, the drivers behind it, and how it relates to FinTech, RegTech, InsurTech, WealthTech and PayTech
- Applications of AI, machine learning and deep learning in the practice of law; e-discovery and due diligence; AI as a legal predictor
- LegalTech making the law accessible to all; online courts, online dispute resolution
- The Uberization of the law; hiring and firing through apps
- Lawbots; social media meets legal advice
- To what extent does LegalTech make lawyers redundant or more efficient?
- Cryptocurrencies, distributed ledger technology and the law
- The Internet of Things, data privacy, automated contracts
- Cybersecurity and data
- Technology vs. the law; driverless cars and liability, legal rights of robots, ownership rights over works created by technology
- Legislators as innovators
- Practical LegalTech solutions helping Legal departments in corporations and legal firms alike to get better legal work done at lower cost
More details
Other editions
Additional editions
Sophia Adams Bhatti | Akber Datoo
The Legaltech Book: The Legal Technology Handbook for Investors, Entrepreneurs and Fintech Visionaries
The Legal Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries
Book
05/2020
1st Edition
Wiley
€30.00
Shipment within 15-20 days
Persons
SOPHIA ADAMS BHATTI is a public policy expert, with 20 years' experience across a range of sectors. She is the Head of Strategy and Policy at Simmons Wavelength.
SUSANNE CHISHTI is the CEO of FINTECH Circle and the Founder of the FINTECH Circle Institute, a leading global FinTech learning and innovation platform to gain FinTech and digital skills. She is the bestselling author of several fintech books and a global public speaker.
AKBER DATOO is Founder and CEO of D2 Legal Technology, a global award-winning legal data and change consultancy operating at the intersection of FinTech & LegalTech, and an appointed member of the Technology and Law Committee at the Law Society of England & Wales.
DR. DRAGO INDJIC is Managing Director at Oxquant, a data science and investment advisory firm, and co-founder of several alternative funds and tech companies across Europe.
Content
- Intro
- The LegalTech Book
- Contents
- Preface
- About the Editors
- Acknowledgements
- 1. An Introduction to LegalTech: The Law Boosted by AI and Technology We Are Voyagers
- Mapping and Classifying LegalTechs
- Why Is Classification Necessary?
- A Mapping Frenzy
- Approaching the Classification Effort
- Gazing Into the FinTech Abyss
- Links
- Educating for Disruption, Innovation and Legal Technology
- Introduction
- The Nature of Disruption and Innovation in Legal Services to Date and the Increasing Role of Technology
- Where Do We Go From Here?
- Conclusion
- An Introduction to Mapping and Classifying LegalTech
- In-House Counsel Can Drive Industry Change Through Legal Technology
- Introduction and My Journey to LegalTech
- Adoption of Legal Technology-In-House vs Law Firms
- Why Do Many In-House Teams Lag Behind?
- The Business Case for LegalTech
- Change on the Horizon!
- The Role of LegalTech in Financial Services: A Case Study
- Background
- Legal Document Automation in Financial Services
- Case Study
- A Problem of Scale
- Risk Mitigation
- What the Future Holds
- How Artificial Intelligence Is Transforming the Legal Profession
- The Changing Face of the Legal Profession
- Drivers of Technological Advancement in the Legal Industry
- How Is AI Revolutionizing the Legal Field?
- How Should Legal Departments Be Prepared for the AI Revolution?
- What are the Implications of AI in the Legal Industry?
- Conclusion
- Can the Law Keep Up with the Growth of AI?
- Big Data, Text and Data Mining-Can the Law Keep Up?
- AI vs Privacy Laws
- TDM vs Copyright Laws
- A Global Concern
- Alternative Solutions: Innovation-Friendly Laws
- Technological Solutions
- Fairness, Accountability and Transparency - Trust in AI and Machine Learning
- Privacy - A Trade-off for Access
- Surveillance Capitalism and Threats to Democracy
- State Surveillance and Enforcement
- Bias/Unfairness
- Transparency
- Accountability
- What Next?
- The Chiron Imperative - A Framework of Six Human-in-the-Loop Paradigms to Create Wise and Just AI-Human Centaurs
- Human as AI Trainer
- Human as AI User-Trainer
- Human as AI Quality Control and Governance
- Human as AI Explainer or Interpreter
- Human as AI Creator
- Human as Customer-User of AI Products and Services
- Embodying Chiron as the Ideal AI Centaur
- Lawyers' Ethical Responsibility to Leverage AI in the Practice of Law
- AI's Black Box
- Duties of Competence . and Supervision
- Global AI Ethics
- AI and Ethics: Hand in Hand
- Dispute Resolution 2.0: The Era of BIG Data, AI and Analytics
- Digitizing the Dispute Resolution Process
- AI in Dispute Resolution
- At the Transactional Stage
- At the Time of Breach or Failed Performance
- Document Review
- Legal Research
- Bundling and Administrative Tasks
- Trials
- Why All LegalTech Roads "Point" to a Platform Strategy
- How Did We Get Here?
- Digital Operations, Data and Platforms
- The Promise of Artificial Intelligence
- How Can We Keep Up?
- An Introduction to the Internet of Things
- What Is the IoT?
- What Is an IoT Device?
- Security of the IoT
- Blockchain
- The IoT and the Law
- Conclusion
- 2. Law and Data
- Technology and the Law - Data and the Law
- The Paces of Change
- Governance Beyond the Law
- Technology or Application?
- The Languages of Law, of Science and of Society
- Data for the Wider Good
- References
- I Make the Rules, Why Should I Care About LegalTech?
- So, Where Do You Start in Order to Have the Best Shot at a Successful Digital Transformation?
- Legacy CMS
- Investment in Technology or Outsourcing?
- Bespoke or Off-the-Shelf?
- Content Delivery Methods to Consider
- Resourcing
- Data Resilience and Security
- Maintenance and Accessibility
- Capturing Useful Data
- Well-Defined and Structured Data Model
- Content Augmented with Metadata
- Taxonomy
- Data Migration and Testing
- To Conclude
- From Legal Documents to Legal Data
- Introduction
- Legal Documents
- Legal Data
- Open Access
- Natural Language Processing
- Case Studies
- Conclusion
- Acquisitive Information Extraction Framework for Legal Domain
- Introduction
- Acquisitive Information Extraction Framework
- Case Study: Named-Entity Recognition for Legal Documents
- Results and Discussion
- Acknowledgements
- Legal Expert Systems
- Relevancy of Questions
- Explanations
- Tech vs Law: Consent
- The Issue
- "Specific and Informed" Consent
- "Freely Given"
- An Alternative Approach
- The Way Forward
- New Privacy Laws Require Changed Operations on Commercial Websites
- The Changing Landscape of Internet Data Privacy
- Jurisprudence of Internet Data Privacy Regulation
- The California Consumer Privacy Act of 2018
- European Union's General Data Protection Regulation
- Comparison of Two Seminal Laws
- Dealing with Tensions Between the Blockchain and the GDPR
- Introduction
- Problems of Identifying Data Controllers and Processors on the Blockchain
- The Right to Erasure on the Blockchain
- Liability of Joint Controllers on the Blockchain
- The Scope of the DPIA on the Blockchain Network
- Data Transfers
- Smart Contracts and Automated Decision-Making
- Conclusion
- Rise of the Legalbots: How In-House Teams and Business Lines Benefit
- What Has Changed
- The Legalbot - What Is It and What Can It Do for You?
- Conclusion: Legalbots - An Opportunity or a Threat?
- AI Is Changing Boardroom Dynamics
- Cloud Computing Contracts
- 3. Technology vs Law
- LegalTech in Our Daily Lives
- Conclusion
- The Evolution of the Legal Marketplace
- The Evolution of the Legal Marketplace
- Stage One: The Marketplace
- Stage Two: The Managed Platform
- Stage Three: Full Verticalization
- The Marketplace Evolution
- Technology and In-House Counsel
- The Role of the In-House Lawyer
- Legal Technology as Point Solution
- A Blank Sheet of Paper
- Walking Forwards
- Smart Home or Spy Home?
- "Smart" Lifestyle:
- Smart Challenges
- Basic Defence Measures
- Cybersecurity: Myths and the Hero's Journey
- Introduction
- Problem, What Problem?
- Could Your Firm Survive Such an Event?
- A Call to Action
- Create Your Cybersecurity Strategy
- Cybersecurity Myths and the Trials: Threats from Within and Without
- Help From Unexpected Sources
- Conclusion
- Legal Talent Platform Economy - The Beginning of the End?
- Can Intelligence Be Appropriated: Ownership Over AI
- What Is AI?
- From Inventor to Owner - The AI Dilemma
- More Questions Than Answers
- The Electronic Creation Right (ECR)
- Artificial Originality and Creativity
- Moral Rights and the Rationale for the ECR
- 4. Cryptocurrencies, Distributed Ledger Technology and the Law
- Distributed Ledger Technology and the Legal Profession
- Distributed Ledger Technology: Factors for Adoption and Use Cases
- Impact of Distributed Ledger Technology on Legal Services
- Conclusion
- Cryptoasset Regulation: Clarification and Guidance
- The Legal Implications of Digital Security Offerings
- FINMA Leads but SEC Rules
- The US Supreme Court and Considerations of the "Howey Test"
- The Life cycle of a Security Token
- Global Regulation
- Cryptoassets and Market Abuse
- Definition and Classification of Cryptoassets
- Cryptoassets as Financial Instruments
- Market Abuse
- Conclusions
- Cryptosecurities: Traditional Financial Instruments on a Distributed Ledger
- Distributed Ledger Technology and Share Registers
- Cryptosecurities
- Classification Matrix
- Examples
- Category C3 Cryptosecurities
- Conclusion
- The Use of Digital Tokens for the Boost of Supply Chain Finance
- Introduction
- The Use of Digital Tokens in SCF
- An Example of How Digital Tokens Can Be Used in the Context of SCF
- Conclusion: Tokenization as a Boost for the Supply Chain Finance Sector
- 5. Smart Contracts and Applications
- LegalTech's Impact on the Role and Job of a Lawyer
- Smart(er) Contracts - Digitizing Contracts for a New Age
- Introduction
- Costly Contracting and the Need for a Digital Contract Standard
- Imagine a World of Smart Contracting
- Building Smart(er) Contracts
- Conclusion
- Smart Contract and Traditional Contract
- Traditional Contracts Compared to Smart Contracts
- The Interface with Blockchain
- Getting Smart: Blockchain and Smart Contracts
- Origins of Blockchain Smart Contracts and How Blockchain Smart Contracts Work
- Potential Use Cases
- Technical Limitations or Barriers and Regulatory Issues
- Conclusion
- Legal Prose to Code: Restructuring Contract Templates for Blockchain Automation
- References
- The Legal Framework of Pay-Per-Use Financing
- What Is Pay-Per-Use Financing?
- To Buy, to Lease or to Pay-Per-Use?
- Pay-Per-Use Business Models
- Bank Pay-Per-Use-Finances Asset
- Customer Buys Service Level Agreement
- What Are the Prerequisites for Pay-Per-Use?
- Data Logistics
- Design "Use" of the Asset
- Risk Management
- Supply Chain Settlement
- Data Governance
- 6. Legal Technology: Increasing or Impeding Access to Justice?
- Legal Technology: Increasing or Impeding Access to Justice?
- Introduction
- The Crucial Role of LegalTech in Access to Justice
- Digitizing Disputes
- Introduction
- Court Use of Technology
- Summary of Disputes Focused Software
- AI in Disputes
- Predictions for LitTech in the Next Decade
- Humanize with LawTech Lawyering
- Introduction
- Access to Justice: Clients
- Access to the Justice System: Professionals
- Conclusion
- From Fair Hearing to FairTech Hearing: Improving Access to Justice in the UK Asylum and Immigration Process
- Creating a Database of Key Terminologies
- An Example Differentiating Sunni and Shi'a Muslims
- Algorithms to Analyse the Threat of Persecution
- The Dark Side of Technology in Law: Avoiding the Pitfalls
- New Solutions, Old Risks.in New Forms
- "I'm Sorry, Dave.I Can't Do That": AI Complications
- Silver Lining, of Sorts
- Closing the Justice Gap - Technology is Not the First Step
- Accessing Justice Through a Supported Court Process
- Support Services - a Confusing Landscape
- Step 1: Strategy Before Technology
- Step 2: Technology to Support Lips
- Summary
- Finally.
- Combining AI and Digitization of Judgments for Access to Justice
- 7. LegalTech Around the World
- Legal Implications of Artificial Intelligence in China
- Background
- Legal Implementations
- Conclusion
- Mapping LegalTech Adoption and Skill Demand
- Introduction
- Approach
- LegalTech Markets Are in Their Infancy
- Differential Demand for Machine Learning
- Non-Lawyer Technologists versus Lawyer-Coders
- The Future Impact of LegalTech Adoption
- A Case Study of Adoption of Legal Technology in a Non-Western Market
- Introduction - A Legal Revolution
- The Western Legal Services Market Today
- A Case Study of a Non-Western Market
- Findings from the Research
- Outcomes and Recommendations
- Why Now Is the Time for LegalTech to Boom
- 8. The Future of LegalTech
- LegalTech's Legacy?
- Backlash
- Time for a Reality Check
- The Path Forward
- Back to the Future: How LegalTech Is Changing the Law Firm
- Technological Revolution: More Law, More Lawyers
- The New Wave: More Law, Fewer Lawyers
- The Rise of the Boutiques
- Law Firms as Legal Ecosystems
- How Much Disruption Can We Handle?
- The Current Situation
- The Cognitive Advantage
- The Future Is Always Bright - How Do We Get There?
- The Role of RegTech in Delivering Better Regulatory Compliance
- References and Further Reading
- Creating Supervised Independence for FinTech Companies via Regulatory Sandboxes
- Patterns of Speech: A Future of AI-Authored Legal Reasoning and Arguments?
- AI is Already Involved in Content Creation and Editing
- An AI That Debates
- Implications for Lawyers
- From Innovation Frenzy to Productivity Steadiness
- Where Are We Heading with Technology?
- Changing Product Philosophy
- New Solutions for New Professionals
- What Will the Future Look Like?
- The Humans Strike Back: The Fall of the Robots in LegalTech's Future
- Human Beings First
- Lawyers Are Still People
- The Fall of the Robots
- List of Contributors
- Index
- EULA
