JordanFurlong + roboclients   11

Clients Not Ready to 'Talk to a Robot,' but Jackson Lewis Bets on Automating Compliance Tasks | Legaltech News
In its first step with client-facing technology, the firm announced on Tuesday the beta launch of its online tool suite for workplace laws and regulations, workthruIT. Designed with 16 tools for in-house counsel, human resources professionals and employers, the suite is available to select clients and allows them to obtain and research information around workplace decisions, then bring their findings to an attorney for advising.
The tools are slated to work with federal and state workplace laws and regulations, and available among them are checklists, databases and maps, calculators and what Jackson Lewis described in a statement as "sophisticated assessment tools." Greg Alvarez, principal in Jackson Lewis' Morristown, New Jersey, office, told Legaltech News that many of the tools designed by the firm "streamline the information gathering process, providing clients with the advice they need on a number of issues."
In describing how the tools would fit into a workflow, Barkalov, who oversaw the data analytics team's development of the workthruIT suite, said to consider an employee leave request. In determining whether the employee is entitled to leave, a "junior HR person" at an organization can use the tool to work through an assessment, then send the information to a senior HR official for review, who would then send the information to the general counsel. From there, the GC would OK or reject the decision.
robolawyer  roboclients 
april 2017 by JordanFurlong
Inside the 'Robot Review': 3 Trends Defining the Artificial Intelligence Contract Market | Legaltech News
he efficiency and automation AI contract solutions bring is changing the way legal departments function and grow. And it's not just changing corporate legal's waning reliance on outside counsel —who once manually managed all contract review for their corporate clients—but also the increasing work and responsibilities they have taken on in-house.
As proof of this trend, LaxGeex's Goldberg points to the growing "number of people who call themselves legal operations last year compared to two years ago, and compared five years ago. In the past, the term 'legal operations' hardly existed. Today, many legal teams have a legal operations expert; they may even have a legal automation expert or legal technology officer."
Still, how much AI contracts can change the makeup of a legal department may be limited. Wojcik noted that as AI contract companies focus on developing simple solutions that legal users "who have no technical, no coding, no data scientist, no business intelligence background" can use, there's little need for IT specialists and data scientists.
robolawyer  roboclients  contracts 
march 2017 by JordanFurlong
The Corporate Blockchain Groups Defining the Future of Legal Ops | Legaltech News
For counsel, blockchain trade association groups offer a place to learn about the technology and take part in defining its future.
blockchain  roboclients  ops 
march 2017 by JordanFurlong
JPMorgan Marshals an Army of Developers to Automate High Finance - Bloomberg
The program, called COIN, for Contract Intelligence, does the mind-numbing job of interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of work each year by lawyers and loan officers. The software reviews documents in seconds, is less error-prone and never asks for vacation.
robolawyers  roboclients 
march 2017 by JordanFurlong
The Actual Cost of In-House Artificial Intelligence Adoption | Corporate Counsel
The time, capital and personnel required to get basic AI technologies running in-house underscores why such implementation is limited to legal teams.
roboclients  robolawyer 
february 2017 by JordanFurlong
Prism Legal The Changing Legal Ecosystem - Prism Legal
Intro: When we met one year ago, no one expected Brexit or Trump. Why? We did not have good information and we had a bias in one direction. This panel will focus on legal: what you hope does not matter, you have to deal with reality.
firms  clients  robolawyer  roboclients  future 
february 2017 by JordanFurlong
Can Corporate Counsel Leveraging AI Give Contract Attorneys a Run for Their Money | Legaltech News
Beyond automating contract review, artificial intelligence technology may empower corporate counsel to automate their law firms' contract expertise.
flex  robolawyer  roboclients 
january 2017 by JordanFurlong
4 Ways Technology Is Changing Contracts | Legaltech News
4. Compliance Management
Contracts, for the time being, are written almost exclusively in natural language, but startups are increasingly finding ways to parse data from contracts to make compliance management easier. Startups like Silicon Valley-based SirionLabs bring their tech to the other side of the equation—whether a contract's promises are actually being met—to help buyers track compliance before due diligence.
SirionLabs chief marketing officer Indus Khaitan explained that SirionLabs' platform can extract obligations from a contract using natural language processing; calculate compliance with automated data stream management tools; and display a schedule of events around a contract in a dashboard.
"Data is still post-facto," Khaitan noted, adding that while data-driven contracts may be the way of the future, they're still four to five years away from regular use.
contracts  compliance  robolawyer  roboclients 
january 2017 by JordanFurlong
National | Analyze this: How data is reshaping the in-house role
Analyze this: How data is reshaping the in-house role
BY JENNIFER LEWINGTON December 18, 2016
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In 2014, Charles McCarragher and his legal team at TD Bank Group faced a problem familiar to in-house counsel: too much work and not enough people to do it. 

More staff, in his view, was not the answer. “Adding lanes to the highway is not the way you solve rush-hour traffic,” says Mr. McCarragher, Assistant Vice-President Legal (Technology), especially without a quantitative explanation for “we’re busy.” Instead, he turned to data analytics—the business of mining internal and external company information to drive decisions—a strategy gaining ground with in-house counsel as they look to manage growing demand for legal services and add value to an organization’s bottom line. 

“There is a high level of acknowledgement that data analytics is central to the discharge of a general counsel’s mandate,” says Deloitte Partner David Stewart, co-author of the consulting company’s annual General Counsel Report. “The question is, ‘Are they happy with where they are today and do they feel they are optimizing the data and tools to their full advantage?’ A lot of people would say there is a lot of room for improvement.”

At TD, the need to rethink contract review procedures came to a head in 2014. 

With the quantity of work “increasing year over year,” McCarragher’s five-person team spent about 75% of their time on high-risk legal matters—the equivalent of 10-20% of work volume on an annual basis. Only 20% of the time was left for low-to-medium risk issues that accounted for 80-90% of the volume and still required scrutiny. 
data  analytics  roboclients 
december 2016 by JordanFurlong
For Aetna's In-House Counsel, AI in Contract Review is All About Scale | Legaltech News
AI proved vital in bringing speed and efficiency to the review process, which Klemyk said was due not only to the technology's ability but also to the ease with which it was deployed. But she cautioned that such seamless execution was rare in the industry. "Typically, companies will bring in software and people will have to go and sit in lengthy trainings and, if they don't use it in a week, they'll forget some of its functionality."
robolawyer  roboclients 
september 2016 by JordanFurlong
Do Not Fear Robot Lawyers—Fear Robot Clients – Slaw
As you can probably see by now, it’s not really about robot clients. It’s about clients using machines and automation to structure their affairs to reduce complexity and ambiguity. Which are the two main sources of living for lawyers.
A common example of automating a transaction to eliminate complexity and ambiguity is a vending machine. It is a rare exception when something is in dispute with a vending machine. If the mechanical and payment parts work (and they usually do), the machine is guaranteed to dispense the product after you deposit your money. People who write about “smart contracts” like this example.
robolawyers  roboclients  it  litigation 
september 2016 by JordanFurlong

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