Lawyers of Tomorrow
Episode 11

11 Artificial Lawyer 2018: Richard Tromans - AI strategy & implementation

Stephen Turner published on

AI, legal technology, document review, M&A due diligence, banking, finance, corporate, compliance, derivatives, financial regulation, Ravn-iManage, Kira Systems, natural language processing (NLP), innovation teams, strategic and operational considerations, knowledge systems, Ross Intelligence, IBM Watson, expert systems, Neota, probabilistic inference, machine learning 

 

Welcome to the first Lawyers of Tomorrow Podcast of 2018! This podcast was originally recorded towards the end of 2017 in Café Rouge in Highgate, London. 

 

Stephen Turner, the host of Lawyers of Tomorrow, interviews Richard Tromans, the founder of Artificial Lawyer a website dedicated to reporting on the development and deployment of the new wave of legal technology that can perform legal work. This technology often involves artificial intelligence, for example machine learning, predictive analytics or expert systems. 

 

Artificial Lawyer was named by Market Inspector as one of the Top 25 Technology Blogs of 2017, by Feedspot as one of the Top 50 Artificial Intelligence websites, and by Thomson Reuters as one of the Top 10 Sources for Keeping up with Legal Tech. 

 

Richard is also the founder of Tromans Consulting which advises law firms on strategy, innovation, and growth - and increasingly, on the deployment of legal technology, including artificial intelligence. Richard has particular skills in advising on merger candidate analysis, international network strategy and innovation development.

 

In this podcast, Richard and Stephen discuss:

 

• the development of Artificial Lawyer

• the increase in the complexity of legal issues / documentation 

• document review and NLP

• 2018: deployment of AI systems by law firms

• AI at work in document review, compliance, due diligence, banking, finance (e.g. Ravn-iManage, Kira Systems, Luminance) 

• strategic and operational advice to law firms wishing to deploy artificial intelligence systems

• staffing models, legal process outsourcing, alternative legal services providers 

• innovation teams

• fixed fees as a driver for adoption of AI / automation systems

• training a document review system

• using AI review tools

• the accuracy and speed issue: trained AI beats paralegal!

• future business models: productisation of legal technology

• the development of searchable knowledge systems: IBM Watson, Ross Intelligence

• future development of NLP-based, searchable knowledge systems

• billing models and fixed fee pricing

• Neota and complex expert systems: probabilistic inference and machine learning

• Neota's work with Kira Systems: document review and interrogation of data

• outward facing expert systems e.g. in lead gen. / business development

• chat bots: uses and limitations

• blockchain and smart contracts 

 

Additional resources mentioned in this podcast:

'Legal AI - A Beginners Guide' by Richard Tromans (published by Thompson Reuters and available to download for free from their website).

'Legal AI + The Industrialisation of Cognition' by Richard Tromans (published on Artificial Lawyer)

 

This is a fascinating podcast, with great advice and practical points for those interested in leveraging AI technology within the legal sector. Thanks to Richard for taking the time to speak to Stephen.  To receive daily updates on the latest AI and legal automation, blockchain etc news, sign up to the email list at Artificial Lawyer

To contact Richard: richard@tromansconsulting.com   Twitter: @artificiallawya

To contact Stephen: stephen@lawyersoftomorrow.com   Twitter: @stephenjturner

 

If you like this episode, then feel free to subscribe and share this podcast. If you really liked it, then please do us a review using the iTunes app and give us a five-star rating!

 

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