“Fin Legal Tech: Law’s Future from Finance’s Past” explores the parallels between the evolution of finance and law, highlighting the potential for technology to revolutionise the legal sector. The presentation underscores the importance of data-driven decision making, predicting the rise of ‘LegalTech’ – technology designed specifically for the legal profession.
The legal sector, like finance in the past, is currently undergoing a significant shift towards quantitative, data-driven practices. This transition is fuelled by the growing availability of large datasets and advanced computational methods, enabling the development of predictive models and tools. These tools can enhance decision making, risk management, and resource allocation in legal practices, mirroring the transformation witnessed in the finance sector.
The presentation identifies three main eras in the evolution of finance: pre-quantitative, semi-quantitative, and quantitative. It suggests that the legal sector is currently in the semi-quantitative phase, characterised by the introduction of basic statistical and computational methods. The next step is the quantitative phase, where complex models and algorithms become commonplace.
The emergence of ‘LegalTech’ is a key aspect of this transformation. LegalTech refers to a range of technology-based tools and solutions designed to support legal professionals. These include predictive analytics, machine learning, and artificial intelligence applications, which can streamline legal processes, improve efficiency, and reduce costs.
The presentation concludes with a call to action for legal professionals to embrace this shift towards data-driven practices, arguing that those who adapt will be best positioned to succeed in the future legal landscape.
Go to source article: http://www.slideshare.net/Danielkatz/fin-legal-tech-laws-future-from-finances-past-professors-daniel-martin-katz-michael-j-bommarito-ii/217