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AI Platform Luminance Teams with EY Law in Global Deal | Legaltech News
Big 4 accountant EY has signed a deal to begin using Slaughter and May-backed artificial intelligence company Luminance across its global legal network.
Luminance, which was founded in 2016, uses pattern recognition and machine learning algorithms to read legal documents, making contract review processes more efficient.

EY Law’s Belfast office was an early adopter of Luminance along with Slaughter and May in 2017, but previously the rest of its network did not have access.
A statement from the company said EY Law intends to use the platform for large-scale document review, particularly M&A due diligence.

EY global law lead Cornelius Grossman told Legal Week he sees AI capability as central in providing “competitive services in the field of contract review and due diligence”, and added that the firm looked at a number of products before choosing Luminance.

Luminance CEO Emily Foges said: “Law firms are not traditionally known for their adoption of technology, and it’s the opposite for EY.”

She added that the firm is “bringing together technology with the law in a way that’s very exciting for us”.

Last week, Luminance announced its second major fundraising round, which valued the company at $100m (£77.5m). Luminance CEO Emily Foges said the extra capital would be used for new hires at the company’s Cambridge headquarters and for financing global expansion.

Along with Slaughters, Luminance also counts Eversheds Sutherland, Bird & Bird, and McDermott Will & Emery as law firm clients.
robo  accountants  innovation  competition 
23 minutes ago by JordanFurlong
Prix PEPS 2019
Jeudi 7 février 2019, le Ministère de l'Enseignement Supérieur de la Recherche et de l'Innovation lance le prix PEPS 2019.  Ce Prix met en lumière des actions exemplaires en pédagogie dans l'enseignement supérieur qui allient excellence et dynamisme.
education  université  innovation 
6 hours ago by scalpa
UW CoMotion innovation center chief Vikram Jandhyala to step down in June | GeekWire
After five years of leading the University of Washington’s innovation center, Vikram Jandhyala is stepping down.
GeekWire  innovation  Jandhyala.Vikram  CoMotion  !UWitM  2019  regl 
19 hours ago by uwnews
The inside story of how Amazon created Echo - Business Insider
When Amazon executive Dave Limp first saw the pitch for the product that would become Echo in 2011, his main reaction was doubt.
Pocket  innovation 
19 hours ago by herewardshaw
Mandatory Budgets? At a Law Firm? You Have Got to Be … Thompson Hine | The American Lawyer
Despite the unanimous agreement to budget all matters, it was not without some resistance. After announcing the policy, some partners, in jest, compared Lamb to Hernán Cortés, the Spanish general who in 1519 ordered his troops to burn their ships on the shores of Mexico as they prepared for battle.

But there was no going back, Lamb said.

“Lawyers are like cats. They don’t like to be herded,” Lamb said. “But I had learned over time that if you tell professionals what you really expect from them and hold them to it, they respond much better than if you just ask.”

Read said the firm’s strategy in spreading adoption of the tool worked. “We got more core converts and more secondary adopters,” she said.

Better Budgets
More law departments are requiring that their outside counsel provide budgets for legal matters. At companies with more than 51 in-house lawyers, 64 percent of general counsel require budgets from their law firm partners, according to a 2018 Altman Weil survey. That figure is up from 57 percent the year prior.

Still, general counsel are somewhat frustrated by the results. More than 1 in 5 general counsel said requiring budgets did not result in significant cost control improvements. That was the highest rate of dissatisfaction among 15 different strategies to control costs, such as shifting work to lower cost firms or using alternative fees.

One reason for the frustration may be that having a budget doesn’t mean you will stick to it. Read and Lamb are now fighting that battle at Thompson Hine.

The firm’s budgeting system is tied in with real-time billing data, and the system sends Lamb alerts when lawyers are going over budget for particular phases of the matter. When those alerts first started rolling in, Lamb said he would call partners and ask what was sending the case over budget. That led to some “culture shock,” Lamb said, where partners would push back against having “their” matters managed by the firm.

His response: “It’s the firm’s case. It’s the firm’s resources. You’re putting the firm’s associates on the matter. And the firm has some say in how you use its resources.”

Lamb now has a paralegal who handles those conversations, which he says are becoming smoother.
process  budgets  client  firms  innovation  management  leadership 
20 hours ago by JordanFurlong
A theory of legal industry events (083) | Legal Evolution
What made Inspire.legal both worthwhile and unique was how the Unpanel format leveraged the diversity in the room. Rather than giving all the airtime to established experts, we got to hear from people based upon how much they cared about a problem. In the session I ran on “Who should pay for the training of the next generation of legal professionals?,” we heard from deans, law students, law professors, current and former law firm associates, law firm PD and learning professionals, founders of legaltech companies, legal journalists, KM directors, and many others.
conferences  innovation 
20 hours ago by JordanFurlong
Inspire.Legal Case Study: Building a New Frame of Reference for the Ecosystem Era (084) | Legal Evolution
The Big Law diaspora doesn’t always leave the nest: a handful of the most prestigious firms in Big Law are deploying former practitioners as change agents. Of particular interest is the growing cohort of roles in practice technology and KM. These roles sit at the intersection of user desirability (and technical feasibility. The proliferation of such roles at firms like Latham, Cravath, Cooley and White & Case signals that at least a handful of incumbents are getting serious about the modernization of legal practice. The continuing evolution of the size and shape of most leverage models is likely a factor in this diversion of legal talent away from an ever-lengthening and increasingly uncertain partnership track. In my analysis, this supports rather than detracts from the hypothesis that former practitioners with Big Law experience will play increasingly active roles in legal innovation.
conferences  innovation 
20 hours ago by JordanFurlong
Are Cybersecurity Solutions and Consulting a New Revenue Stream for Law Firms? | Legaltech News
Recently, Keesal Young & Logan’s client consulting team spun up a sister company, Keesal Propulsion Labs (KPL), to augment its service offerings for key clients through a partnership with Mitratech for Mitratech’s TAP Workflow Automation and Privva for Third-Party Vendor Risk Management. The law firm leverages the Privva platform for vendor risk assessment on behalf of the firm and as part of the firm’s client-facing cyber risk practice, and KPL is building custom legal and business process automation workflows on TAP for clients in Silicon Valley and on Wall Street.

These are not just tools purchased; KPL meets with Privva and Mitratech regularly and has become part of the development feedback loop, helping to improve the products by sharing lessons learned in the field.

“By investing our time and energy in our relationships with these strategic partners, we are able to provide integrated solutions featuring best-in-class people, process and tech — each professional and organization focusing on what they do best, while all acting as one unit” says Justin Hectus, KPL Principal and Keesal Young & Logan’s CIO/CISO and a member of Cybersecurity Law & Strategy’s Board of Editors.

A Worldwide Development
subsidiaries  innovation  it 
yesterday by JordanFurlong
Alston & Bird Partners With Georgia State University on Legal Analytics | Legaltech News
Alston & Bird is headed back to school. The Atlanta-based firm is partnering with the Legal Analytics Lab at Georgia State University to receive some hands-on tutoring in data analytics and related tools such as machine learning and text mining. In return, the firm’s attorneys will guest-lecture in graduate-level classes and participate in analytics programs on campus.
Beyond the mutual educational value, the partnership grants Alston some independence from the whims of the legal tech marketplace, where attorneys can sometimes be at the mercy of vendors. As law schools dive deeper into the technology sphere, a symbiotic relationship with firms could combine the practical experience and scientific exploration needed to refine the next generation of legal technology.

While Alston won’t be turning its back on third-party analytics products any time soon, the firm’s senior director of legal technology innovation Nola Vanhoy said they are looking to dive a bit deeper with their approach to tech.
“I don’t think we just want to limit ourselves to waiting for the market to try and deliver to us. We want to think more about it,” Vanhoy said.

Alston had a preexisting relationship with GSU that included internships with students who had a strong background in analytics. Fresh blood—even temporary fresh blood—helped keep the firm abreast of technological developments and other potential advances worth watching.

Vanhoy said the presence of those people kept Alston fresh. Without an influx of new ideas or concepts, it’s easy for a business to fall into a rut.
schools  firms  innovation  analytics 
yesterday by JordanFurlong
Slaughter and May, Others Invest $10 Million in Legal Tech Provider Luminance | Legaltech News
Machine learning-powered legal tech service provider Luminance has announced it raised $10 million from previous investors, including Magic Circle firm Slaughter and May.
The announcement on Feb. 7 said the $10 million was also backed by Invoke Capital and Talis Capital. Luminance currently offers compliance; due diligence/risk identification; lease review and portfolio analysis; and e-discovery platforms with plans to expand its user base to more law firms around the globe.

Luminance Technologies CEO Emily Foges said the recent investment would be used to acquire more office space, developers and increase its sales team.
Foges said the salespeople will be critical in explaining to law firms how Luminance can help their practice. To Foges, Luminance enhances the speed of legal services through artificial intelligence and maintains the firm’s quality through the lawyer’s input and the software’s machine learning.
innovation  subsidiaries  it 
yesterday by JordanFurlong
Allen & Overy Brings Fuse Incubator to Its New York Offices | Legaltech News
This week, attorneys at Allen & Overy’s New York office are being tasked with bringing some creativity to legal services. But they won’t be doing it alone. As part of the law firm’s “U.S. Legal Tech Week,” its New York-based attorneys and clients will have a chance to interact and collaborate with four startups from the firm’s Fuse incubator.
To be sure, this isn’t the first time these Allen & Overy attorneys have come into contact with Fuse. Shruti Ajitsaria, head of Fuse and counsel at Allen & Overy, said the firm regularly hosts video conferencing sessions between its worldwide offices and its incubator, which is housed at the firm’s London headquarters.

The U.S. Legal Tech Week, however, will be the first chance attorneys in New York get to interact with Fuse startups in person. “What we haven’t been able to do up until now is bring [Fuse] members to New York and develop a relationship of trust and a one-to-one relationship,” Ajitsaria said.
Fuse, which launched in 2017 and supports a rotating mix of eight startups, is somewhat different from other incubators in the legal market in that it focuses solely on fostering legal tech innovation and forgoes equity investment.
innovation  subsidiaries  it 
yesterday by JordanFurlong
Allen & Overy Expands Consulting Arm, Launches Client News Service | Legaltech News
Allen & Overy is ramping up its alternative client offering with the use of a new tool developed in its tech incubation program Fuse, as well as expanding its consulting business in Australia.

The new product, Vable Connect, provides a web-based platform that enables clients to receive research and news on relevant matters via their lawyers.
Information provider Vable was part of A&O’s first Fuse tech program intake in 2017 and worked with the firm to create a product that collates online news and information for lawyers to send to clients. It was founded in 2004 by former Manches lawyer Matthew Dickinson.

A&O global head of research and library services Sarah Fahy said that clients want “the right information coming to them in the right quantity,” but often “don’t have the staff and skills in-house to do their own research on an ongoing basis.”

Dickinson added that A&O has been the “driving force” behind the new product and that the new platform has the potential to turn firms’ library teams, traditionally seen as a cost center within a business, into a “value-add” service.
km  it  innovation  firms 
yesterday by JordanFurlong
Museum of Failure | By Dr. Samuel West
Museum of Failure is a collection of failed products and services from around the world. The majority of all innovation projects fail and the museum showcases these failures to provide visitors a fascinating learning experience. Every item provides unique insight into the risky business of innovation.
design  failure  innovation  museum  history 
2 days ago by tysone
Strategy’s strategist: An interview with Richard Rumelt | McKinsey
Now, lots of people think the solution to the strategic-planning problem is to inject more strategy into the annual process. But I disagree. I think the annual rolling resource budget should be separate from strategy work. So my basic recommendation is to do two things: avoid the label “strategic plan”—call those budgets “long-term resource plans”—and start a separate, nonannual, opportunity-driven process for strategy work.

/

Can you predict clearly which positions will pay off? Not easily. If we could actually calculate the financial implications of such choices, we wouldn’t have to think strategically; we would just run spreadsheets. Strategic thinking is essentially a substitute for having clear connections between the positions we take and their economic outcomes.

/

Innovation: Richard Rumelt: There is no substitute for entrepreneurial insight, but almost all innovation flows from the unexpected combination of two or more things, so companies need access to and, in some cases, control over the right knowledge and skill pools.

/

The Quarterly: What sort of group can analyze these kinds of things?

Richard Rumelt: A small group of smart people. What else can I say? Doing this kind of work is hard. A strategic insight is essentially the solution to a puzzle. Puzzles are solved by individuals or very tight-knit teams. For that, you need a small group. With big groups and complex processes you can select the better solution to the puzzle, and you can get consensus and buy-in and even commitment.

One other thing. If I had my way, small groups like this would be absolutely prohibited from doing PowerPoint presentations! Using bullet points so much drives out thinking. One of the nice features of PowerPoint is how fast you can create a presentation. But that’s the trouble. People end up with bullet points that contradict one another, and no one notices! It is simply amazing.

If you ask a group to put aside the bullet points and just write three coherent paragraphs about what is changing in an industry and why, the difference is incredible. Having to link your thoughts, giving reasons and qualifications, makes you a more careful thinker—and a better communicator.
brand_apple  campaignplanning  mckinsey  innovation  strategy  steve-jobs 
2 days ago by JohnDrake

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