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Written by prominent thought leaders in the global fintech and legal space, The LegalTech Book aggregates diverse expertise into a single, informative volume. Key industry developments are explained in detail, and critical insights from cutting-edge practitioners offer first-hand information and lessons learned. Coverage includes:


* The current status of LegalTech, why now is the time for it to boom, the drivers behind it, and how it relates to FinTech, RegTech, InsurTech, WealthTech and PayTech


* Applications of AI, machine learning and deep learning in the practice of law; e-discovery and due diligence; AI as a legal predictor


* LegalTech making the law accessible to all; online courts, online dispute resolution


* The Uberization of the law; hiring and firing through apps


* Lawbots; social media meets legal advice


* To what extent does LegalTech make lawyers redundant or more efficient?


* Cryptocurrencies, distributed ledger technology and the law


* The Internet of Things, data privacy, automated contracts


* Cybersecurity and data


* Technology vs. the law; driverless cars and liability, legal rights of robots, ownership rights over works created by technology


* Legislators as innovators


* Practical LegalTech solutions helping Legal departments in corporations and legal firms alike to get better legal work done at lower cost

The LegalTech Book: The Legal Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries

Preface viii





About the Editors xi





Acknowledgements xiii





1. An Introduction to LegalTech: The Law Boosted by AI and Technology





We are Voyagers 6





Mapping and Classifying LegalTechs 11





Educating for Disruption, Innovation and Legal Technology 15





An Introduction to Mapping and Classifying LegalTech 18





In-House Counsel Can Drive Industry Change Through Legal Technology 21





The Role of LegalTech in Financial Services: A Case Study 24





How Artificial Intelligence is Transforming the Legal Profession 27





Can the Law Keep Up with the Growth of AI? 30





Fairness, Accountability and Transparency - Trust in AI and Machine Learning 35





The Chiron Imperative - A Framework of Six Human-in-the-Loop Paradigms to Create Wise and Just AI-Human Centaurs 38





Lawyers' Ethical Responsibility to Leverage AI in the Practice of Law 43





Dispute Resolution 2.0: The Era of BIG Data, AI and Analytics 46





Why All LegalTech Roads "Point" to a Platform Strategy 50





An Introduction to the Internet of Things 53





2. Law and Data





Technology and the Law - Data and the Law 60





I Make the Rules, Why Should I Care About LegalTech? 63





From Legal Documents to Legal Data 67





Acquisitive Information Extraction Framework for Legal Domain 70





Legal Expert Systems 74





Tech vs Law: Consent 76





New Privacy Laws Require Changed Operations on Commercial Websites 78





Dealing with Tensions Between the Blockchain and the GDPR 83





Rise of the Legalbots: How In-House Teams and Business Lines Benefit 87





AI is Changing Boardroom Dynamics 90





Cloud Computing Contracts 93





3. Technology vs Law





LegalTech in Our Daily Lives 102





The Evolution of the Legal Marketplace 105





Technology and In-House Counsel 108





Smart Home or Spy Home? 111





Cybersecurity: Myths and the Hero's Journey 114





Legal Talent Platform Economy - The Beginning of the End? 120





Can Intelligence Be Appropriated: Ownership Over AI 122





The Electronic Creation Right (ECR) 125





4. Cryptocurrencies, Distributed Ledger Technology and the Law





Distributed Ledger Technology and the Legal Profession 132





Cryptoasset Regulation: Clarification and Guidance 136





The Legal Implications of Digital Security Offerings 139





Cryptoassets and Market Abuse 142





Cryptosecurities: Traditional Financial Instruments on a Distributed Ledger 145





The Use of Digital Tokens for the Boost of Supply Chain Finance 149





5. Smart Contracts and Applications





LegalTech's Impact on the Role and Job of a Lawyer 156





Smart(er) Contracts - Digitizing Contracts for a New Age 160





Smart Contract and Traditional Contract 165





Getting Smart: Blockchain and Smart Contracts 167





Legal Prose to Code: Restructuring Contract Templates for Blockchain Automation 170





The Legal Framework of Pay-Per-Use Financing 175





6. Legal Technology: Increasing or Impeding Access to Justice?





Legal Technology: Increasing or Impeding Access to Justice? 182





The Crucial Role of LegalTech in Access to Justice 185





Digitizing Disputes 187





Humanize with LawTech Lawyering 190





From Fair Hearing to FairTech Hearing: Improving Access to Justice in the UK Asylum and Immigration Process 193





The Dark Side of Technology in Law: Avoiding the Pitfalls 196





Closing the Justice Gap - Technology is Not the First Step 199





Combining AI and Digitization of Judgments for Access to Justice 202





7. LegalTech Around the World





Legal Implications of Artificial Intelligence in China 208





Mapping LegalTech Adoption and Skill Demand 211





A Case Study of Adoption of Legal Technology in a Non-Western Market 215





Why Now s the Time for LegalTech to Boom 218





8. The Future of LegalTech





LegalTech's Legacy? 224





Back to the Future: How LegalTech is Changing the Law Firm 227





How Much Disruption Can We Handle? 230





The Role of RegTech in Delivering Better Regulatory Compliance 232





Creating Supervised Independence for FinTech Companies via Regulatory Sandboxes 237





Patterns of Speech: A Future of AI-Authored Legal Reasoning and Arguments? 240





From Innovation Frenzy to Productivity Steadiness 243





The Humans Strike Back: The Fall of the Robots in LegalTech's Future 245





List of Contributors 247





Index 255