AIFC Lawtech advisory council
FORTNIGHTLY LEGALTECH DIGEST
ISSUE No.20
ISSUE No.20
Stay updated, stay informed about legal technology news and events with AIFC LawTech Advisory Council's Fortnightly LegalTech Digest
LEGALTECH NEWS & ARTICLES
Legal Tech Standardization Isn’t Gaining Traction. Will an Universal API Change That?
Since its formal launch in 2017, the Standards Advancement for the Legal Industry (SALI) hasn’t gained traction among most legal tech vendors. Software providers said they are only mirroring clients’ lack of interest in legal standardization. But SALI is aiming to spur adoption and enthusiasm by creating an API that would give legal tech clients what they are increasingly demanding: interoperability.
To be sure, SALI has obtained public support and members from leaders in the legal industry. Big Law, Fortune 500 companies, the International Legal Technology Association (ILTA) and various legal tech companies including LexisNexis and Intapp support its mission to bring commonality to how the legal profession classifies matters and work. But while such goals are admirable, legal tech companies contacted by Legaltech News said clients aren’t clamoring for standardization.
Source: Law.com
Photo: Alexander Supertramp/Shutterstock.com
To be sure, SALI has obtained public support and members from leaders in the legal industry. Big Law, Fortune 500 companies, the International Legal Technology Association (ILTA) and various legal tech companies including LexisNexis and Intapp support its mission to bring commonality to how the legal profession classifies matters and work. But while such goals are admirable, legal tech companies contacted by Legaltech News said clients aren’t clamoring for standardization.
Source: Law.com
Photo: Alexander Supertramp/Shutterstock.com
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PwC, Microsoft Aim to Localize Legal Tech for Spanish Market
PwC and Microsoft are aiming their new legal and “tax tech” accelerator program at what they say is an underserved market—Spanish companies with unique, localized needs.
“They have original needs, including the need for solutions that are specific to the local markets,” Patricia Manca Diaz, a partner with PwC’s tax and legal services division in Madrid, told Bloomberg Law Monday.
The Tax & Legal Tech Springboard is PwC’s second program to assist legal tech-focused companies in their growth. Its Scale | Law Tech program, based in London, began operation last May.
Source: Bloomberg Law
Photo: Leon Neal/Getty Images
“They have original needs, including the need for solutions that are specific to the local markets,” Patricia Manca Diaz, a partner with PwC’s tax and legal services division in Madrid, told Bloomberg Law Monday.
The Tax & Legal Tech Springboard is PwC’s second program to assist legal tech-focused companies in their growth. Its Scale | Law Tech program, based in London, began operation last May.
Source: Bloomberg Law
Photo: Leon Neal/Getty Images
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The Legal Industry’s Next Digital Frontier: the One-Stop Shop Solution
A growing mountain of legal software designed to fulfill niche functions has created an environment where lawyers are increasingly spoiled for choice.
Lawyer Monthly hears from Eleanor Weaver, CEO of Luminance, on the prevalence of technology in law and how a single platform is required to integrate it all.
Today, technology is being used by lawyers on a daily basis, from document signing to data rooms, to providing enhanced insight during processes like M&A due diligence or eDiscovery.
Source: Lawyer Monthly
Lawyer Monthly hears from Eleanor Weaver, CEO of Luminance, on the prevalence of technology in law and how a single platform is required to integrate it all.
Today, technology is being used by lawyers on a daily basis, from document signing to data rooms, to providing enhanced insight during processes like M&A due diligence or eDiscovery.
Source: Lawyer Monthly
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LSB: Regulators must play role in unleashing potential of lawtech
There is a long way to go to unlock the potential of technology to transform legal services and regulators have an important role in this, the chief executive of the Legal Services Board (LSB) has said.
Matthew Hill said regulators should work towards removing perceived barriers to innovation, building consumer trust and confidence, and managing risks.
Speaking to mark the publication of an LSB paper on how regulation could foster responsible technological innovation, he said the pandemic had “accelerated the pace and scale” of change and many providers had used technology to deliver services in new ways.
Source: Legal Futures
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Property-tech company Showsuite partners Rajah & Tann, expands into legal tech
Singapore-based property technology company Showsuite has signed a contract with law firm Rajah & Tann and is expanding into legal technological solutions, the company said on Friday.
The agreement with Rajah & Tann will see Showsuite's digital platform "streamline and automate back-end work processes and digitise legal documentations associated with the sales of new homes when acting for property developer clients", the company said in a statement.
Norman Ho, senior partner, corporate real estate at Rajah & Tann said: "Our collaboration with Showsuite will allow us to further harness the power of legal technology at Rajah & Tann, and help us to streamline the work processes of our development projects into a more structured workflow."
Source: The Business Times
Photo: Showsuite
The agreement with Rajah & Tann will see Showsuite's digital platform "streamline and automate back-end work processes and digitise legal documentations associated with the sales of new homes when acting for property developer clients", the company said in a statement.
Norman Ho, senior partner, corporate real estate at Rajah & Tann said: "Our collaboration with Showsuite will allow us to further harness the power of legal technology at Rajah & Tann, and help us to streamline the work processes of our development projects into a more structured workflow."
Source: The Business Times
Photo: Showsuite
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Legaltech: Experts Forecast Rising Adoption of AI, Analytics in 2021
COVID-19 has accelerated the use of digital tools and platforms in the legal industry, further increasing adoption of legal technology, or legaltech. For many attorneys and legal technologists, 2021 will see more companies embrace artificial intelligence (AI) and analytics, amid rising demand for greater efficiency by clients and increasing growth of data.
Catherine Casey, CIO of legaltech company Disco, predicts that in 2021, the use of AI in law will move from being a hyped trend to being researched and integrated more extensively by the industry.
“In 2021, AI in law will stop being categorized as new … and just recognized as necessary,” Casey told Legaltech News. “This is the year that legal AI moves out of the Gartner hype curve’s ‘peak of inflated expectations’ into the promised land of the ‘slope of enlightenment’ — legal teams will move from hype to practice and improvement.
Source: FinTech Switzerland
Photo: Bloomberg Law
Catherine Casey, CIO of legaltech company Disco, predicts that in 2021, the use of AI in law will move from being a hyped trend to being researched and integrated more extensively by the industry.
“In 2021, AI in law will stop being categorized as new … and just recognized as necessary,” Casey told Legaltech News. “This is the year that legal AI moves out of the Gartner hype curve’s ‘peak of inflated expectations’ into the promised land of the ‘slope of enlightenment’ — legal teams will move from hype to practice and improvement.
Source: FinTech Switzerland
Photo: Bloomberg Law
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British legaltech startup Thirdfort lands €1.7 million for its anti-money laundering & KYC app
British startup Thirdfort has secured around €1.7 in its latest funding round, backed by existing investors, and doubled via a convertible loan from the UK Government, as part of its Future Fund programme. The fresh funds will be used to further develop its Anti-Money-Laundering (AML) and Know Your Client (KYC) product, as well as support its continued expansion in the legal and property markets.
This latest round marks the third investment from existing investors Alex Chesterman OBE (founder of Cazoo, Zoopla and LoveFilm), law firm Mishcon de Reya, Chris Marks (former CEO of Natwest Markets) and David Rutter (founder of R3), among others.
Source: EU-Startups
This latest round marks the third investment from existing investors Alex Chesterman OBE (founder of Cazoo, Zoopla and LoveFilm), law firm Mishcon de Reya, Chris Marks (former CEO of Natwest Markets) and David Rutter (founder of R3), among others.
Source: EU-Startups
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UPCOMING LEGALTECH EVENTS
Live at 3pm BST on Tues 27 April; 3pm EDT on Tues 27 April; at 9am AEST on Weds 28 April
A 24-hour summit with Eight Workshops, Networking and Thought Leadership
The newly revamped Uncertain Decade Event is back, with workshops, networking and talks from Richard Susskind and Mark Cohen. This interactive event is free to attend and will be going live in three different timezones on 27th – 28th April, bringing the best content to London, New York and Sydney
This agenda will be repeated in three timezones (London, New York and Sydney) with localised discussion topics
1st hour - Thought Leadership Talks: Richard Susskind and Mark Cohen discuss two topics
2nd hour - Interactive workshops: organised by expert facilitators from Clifford Chance, Thomson Reuters, DWF, ContractPodAI, Ironclad, StructureFlow, Salesforce, Introhive and Brightflag
3rd hour - Your Questions Answered: Richard Susskind and Mark Cohen answer your questions live
4th hour - Networking: Interactive networking tables. Meet Richard, Mark, the workshop hosts and other attendees
Source: Legal Geek
This agenda will be repeated in three timezones (London, New York and Sydney) with localised discussion topics
1st hour - Thought Leadership Talks: Richard Susskind and Mark Cohen discuss two topics
2nd hour - Interactive workshops: organised by expert facilitators from Clifford Chance, Thomson Reuters, DWF, ContractPodAI, Ironclad, StructureFlow, Salesforce, Introhive and Brightflag
3rd hour - Your Questions Answered: Richard Susskind and Mark Cohen answer your questions live
4th hour - Networking: Interactive networking tables. Meet Richard, Mark, the workshop hosts and other attendees
Source: Legal Geek
| MORE DETAILS |
Tuesday 27 April 2021 from 7:00 to 8:00 pm CET
In its second installment of ELTA’s webinar series on potential funding sources for legaltech startups we explore an opportunity that the German government provides for innovative companies in this country.
On the 1st Jan 2020 the new FZulG legislation was launched in Germany, providing tax incentives for companies which engage in innovative work or research and development.
There is €1M per year available for the next 5yrs for companies engaging in innovative projects. It is available for all sectors from software, energy, logistics, automotive, engineering, data, AI, finance and more. These tax rebates & cash available through FZulG are non-debt and non-dilutive.
Gavan Wall and Andrew Cuthbert, co-CEO’s of «The Change Innovation Services» (www.thechangeinnovation.com) have experience across x10 countries applying the Frascati Manual which underpins the scheme. If you’d like to know how you can create an innovation strategy to qualify for up to €5M join ELTA, Gavan and Andrew on April 27 at 7 pm CET.
On the 1st Jan 2020 the new FZulG legislation was launched in Germany, providing tax incentives for companies which engage in innovative work or research and development.
There is €1M per year available for the next 5yrs for companies engaging in innovative projects. It is available for all sectors from software, energy, logistics, automotive, engineering, data, AI, finance and more. These tax rebates & cash available through FZulG are non-debt and non-dilutive.
Gavan Wall and Andrew Cuthbert, co-CEO’s of «The Change Innovation Services» (www.thechangeinnovation.com) have experience across x10 countries applying the Frascati Manual which underpins the scheme. If you’d like to know how you can create an innovation strategy to qualify for up to €5M join ELTA, Gavan and Andrew on April 27 at 7 pm CET.
Source: ELTA
| MORE DETAILS |
Weekdays at noon U.S. Central Time (that's 7:00 p.m. CEST)
Bucerius Legal Tech Essentials 2021
In a curated, intense, remote, and free one-month lecture series, discover the future of the legal market. Hear academic lectures and personal stories, ask questions, and gain insight into current advances in Legal Technology, Legal Operations, and Legal Innovation.
During the month of May, Bucerius Law we are going to host inspirational presentations from some of the world's leading legal technology and operations experts on weekdays at noon U.S. Central Time (that's 7:00 p.m. CEST). We promise 60–90 minutes of insights and Q&A.
Speakers:
Source: Bucerius Law School
During the month of May, Bucerius Law we are going to host inspirational presentations from some of the world's leading legal technology and operations experts on weekdays at noon U.S. Central Time (that's 7:00 p.m. CEST). We promise 60–90 minutes of insights and Q&A.
Speakers:
- Professor Daniel Martin Katz of Chicago-Kent and Bucerius Law School. Topic: 'Artificial Intelligence and Legal Analytics'. Date: 3 May 2021.
- Professor Bill Henderson of Indiana University Maurer School of Law. Topic: 'Innovation Diffusion in the Legal Industry'. Date: 4 May 2021.
- Dr Roland Vogl of CodeX - the Stanford Center for Legal Informatics. Date: 5 May 2021.
Source: Bucerius Law School
| MORE DETAILS |
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