A law firm may have mountains of data on past cases and transactions, yet no efficient way to mine or search that data for useful practice tips for future litigation and deals. Emerging artificial intelligence (“AI”) and available data organization tools offer the promise of better access to the data which exists within an organization.
This Silicon Flatirons Technology and Legal Services Report examines emerging possibilities for institutions, especially legal organizations, to better leverage knowledge and data. The Report arises from a Roundtable discussion convened by Silicon Flatirons on September 27, 2022 (herein, the “Roundtable”). The Roundtable included entrepreneurs, legal tech consultants, law librarians, attorneys, investors, venture capitalists, legal outsourcing company representatives, and members of the academic community. The discussion was co-moderated by Jason Adaska, Director of Software Engineering and Innovation Lab at Holland & Hart LLP and Brad Bernthal, Associate Professor of Law at the University of Colorado Law School.
The Report captures three important insights:
- Mining market data with AI would reduce information asymmetry between parties in a transaction (i.e., it would help equalize what parties know);
- Law firms could better utilize their institutional knowledge by building an AI assisted, searchable repository of information; and
- another option for organizations, where building an in-house solution is unworkable, is to invest in fledgling tech companies or to tap a tech company to build a data organization solution.
Following the Introduction below, this Report proceeds in three Parts which describe how artificial intelligence (“AI”) and data organization tools can (1) balance information asymmetries in relationships and transactions, (2) enhance an organization’s access to its institutional knowledge, and (3) aid organizations in determining overarching business strategy.
Rapporteur: Megan Decker, Third year law student, University of Colorado Boulder.