Last week I reported a couple “the future is already here” developments, and said I would tell you a couple more this week. But one of them deserves its own post.
To set the context, this is from Law by Algorithm, earlier in this series:
Google customizes the news you see. Amazon suggests if you like this, you might like that. Your cellphone carrier, bank, and pretty much everybody else you deal with on a regular basis gives you the option to customize your own account page.
- The new commoditized/democratized purveyors of legal products will also give this option to consumers. The days of “mylaw.com” are upon us.
Welcome to law by algorithm: artificial Intelligence at work, serving up the customized law you need personally and for your work and business. And you don’t have to go looking for it — it will come to you automatically, based on your preference settings and past choices.
And this is from The New Legal Experts:
The world of commoditized law dispenses legal advice not by lawyers in individual consultations with clients, but instead through IT distribution channels, to a wider market of similarly situated consumers. Legal content is subsumed into the greater context in which the advice is pertinent, so that the consumer (no longer a “client”) gets comprehensive, multidisciplinary advice in one stop shopping, without the need to separately consult a lawyer and other relevant professionals.
Expert lawyers do this already, dispensing advice in the context of one-to-one client relationships. The legal experts of the future will do this on a wider scale, creating more broadly applicable IT products embedded with legal advice.
- The creators of this new kind of legal advice will be much in demand in the new world of law.
Against this background, meet Catherine Hammack — a “new legal expert” and founder of Jurispect, whose website greets you with these slogans: “Regulatory Intelligence For Companies” and “Real-Time Regulatory Analytics for Better Business Decisions.” Ms. Hammack began her career by being in the right place at the right time (all of the following quotes are from this National Law Review article):
“Catherine was present on two momentous occasions in U.S. financial history: as an intern at Arthur Anderson when Enron was indicted, and as a first-day associate at Bingham McCutchen the day Lehman Brothers filed for bankruptcy, and the start of the financial crisis in 2008.”
She took that experience to the epicenter of commoditization:
“Following her time at Bingham as a financial litigator, she transitioned to join Google’s Policy team, where her perspective on legal services dramatically changed.”
At Google, she learned, commoditization, multidisciplinary perspective, IT marketing and distribution channels… all the things we’ve been talking about in this series. And then she turned it all into a Law by Algorithm company.
“As Catherine elaborated in a post-conference interview: “There was a huge gap between the way law firms traditionally provide counsel and the way companies need information to make business decisions.” She was surrounded by engineers and data scientists who were analyzing vast amounts of data with cutting edge technology. Catherine became interested in adapting these technologies for managing risk in the legal and regulatory industries. Inspired by Google’s data-driven decision making policies, she founded Jurispect.
“Jurispect’s team of seasoned experts in engineering, data science, product management, marketing, legal and compliance collaborated to develop the latest machine learning and semantic analysis technologies. These technologies are used to aggregate information across regulatory agencies, including sources such as policy statements and enforcement actions. Jurispect also analyzes information in relevant press releases, and coverage by both industry bodies and mainstream news. The most time-saving aspect of Jurispect are the results that coalesce into user-friendly reports to highlight the importance and relevance of the regulatory information to their company. Users can view this intelligence in the form of notifications, trends, and predictive analytics reports. Jurispect makes data analytics work for legal professionals so they spend less time searching, and more time on higher level competencies. As Catherine elaborated, “We believe that analytics are quickly becoming central to any technology solution, and the regulatory space is no exception.”
We’ll look at another new legal expert offering next time.