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
Table of Contents
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
