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
Preface viii About the Editors xi Acknowledgements xiii 1. An Introduction to LegalTech: The Law Boosted by AI and Technology We are Voyagers 6 Mapping and Classifying LegalTechs 11 Educating for Disruption, Innovation and Legal Technology 15 An Introduction to Mapping and Classifying LegalTech 18 In-House Counsel Can Drive Industry Change Through Legal Technology 21 The Role of LegalTech in Financial Services: A Case Study 24 How Artificial Intelligence is Transforming the Legal Profession 27 Can the Law Keep Up with the Growth of AI? 30 Fairness, Accountability and Transparency – Trust in AI and Machine Learning 35 The Chiron Imperative – A Framework of Six Human-in-the-Loop Paradigms to Create Wise and Just AI-Human Centaurs 38 Lawyers’ Ethical Responsibility to Leverage AI in the Practice of Law 43 Dispute Resolution 2.0: The Era of BIG Data, AI and Analytics 46 Why All LegalTech Roads “Point” to a Platform Strategy 50 An Introduction to the Internet of Things 53 2. Law and Data Technology and the Law – Data and the Law 60 I Make the Rules, Why Should I Care About LegalTech? 63 From Legal Documents to Legal Data 67 Acquisitive Information Extraction Framework for Legal Domain 70 Legal Expert Systems 74 Tech vs Law: Consent 76 New Privacy Laws Require Changed Operations on Commercial Websites 78 Dealing with Tensions Between the Blockchain and the GDPR 83 Rise of the Legalbots: How In-House Teams and Business Lines Benefit 87 AI is Changing Boardroom Dynamics 90 Cloud Computing Contracts 93 3. Technology vs Law LegalTech in Our Daily Lives 102 The Evolution of the Legal Marketplace 105 Technology and In-House Counsel 108 Smart Home or Spy Home? 111 Cybersecurity: Myths and the Hero’s Journey 114 Legal Talent Platform Economy – The Beginning of the End? 120 Can Intelligence Be Appropriated: Ownership Over AI 122 The Electronic Creation Right (ECR) 125 4. Cryptocurrencies, Distributed Ledger Technology and the Law Distributed Ledger Technology and the Legal Profession 132 Cryptoasset Regulation: Clarification and Guidance 136 The Legal Implications of Digital Security Offerings 139 Cryptoassets and Market Abuse 142 Cryptosecurities: Traditional Financial Instruments on a Distributed Ledger 145 The Use of Digital Tokens for the Boost of Supply Chain Finance 149 5. Smart Contracts and Applications LegalTech’s Impact on the Role and Job of a Lawyer 156 Smart(er) Contracts – Digitizing Contracts for a New Age 160 Smart Contract and Traditional Contract 165 Getting Smart: Blockchain and Smart Contracts 167 Legal Prose to Code: Restructuring Contract Templates for Blockchain Automation 170 The Legal Framework of Pay-Per-Use Financing 175 6. Legal Technology: Increasing or Impeding Access to Justice? Legal Technology: Increasing or Impeding Access to Justice? 182 The Crucial Role of LegalTech in Access to Justice 185 Digitizing Disputes 187 Humanize with LawTech Lawyering 190 From Fair Hearing to FairTech Hearing: Improving Access to Justice in the UK Asylum and Immigration Process 193 The Dark Side of Technology in Law: Avoiding the Pitfalls 196 Closing the Justice Gap – Technology is Not the First Step 199 Combining AI and Digitization of Judgments for Access to Justice 202 7. LegalTech Around the World Legal Implications of Artificial Intelligence in China 208 Mapping LegalTech Adoption and Skill Demand 211 A Case Study of Adoption of Legal Technology in a Non-Western Market 215 Why Now s the Time for LegalTech to Boom 218 8. The Future of LegalTech LegalTech’s Legacy? 224 Back to the Future: How LegalTech is Changing the Law Firm 227 How Much Disruption Can We Handle? 230 The Role of RegTech in Delivering Better Regulatory Compliance 232 Creating Supervised Independence for FinTech Companies via Regulatory Sandboxes 237 Patterns of Speech: A Future of AI-Authored Legal Reasoning and Arguments? 240 From Innovation Frenzy to Productivity Steadiness 243 The Humans Strike Back: The Fall of the Robots in LegalTech’s Future 245 List of Contributors 247 Index 255
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.
