andrew mellett - ai, automation and technology innovations – smarter and more efficient data...
TRANSCRIPT
‐Peter Thiel
Truth No 1 (The Backstory):
The legal industry is broken…..and we can fix it.
Over 60% of the ASX100
4
Education Traineeship Business Development Drafting/Advice Client Outcome
Traditional Legal Supply Chain
Cost: $480,000 Cost: $15,000
Time: 20 Years Time: One Month
If the mind were a computer
6.66 Bytesper second
7.5 Bytes per second 3.32 Bytes
per second
Read
Process
Transmit
Truth No 2 (The Future): The Law is not a professional services business….It’s an information processing and transfer business.
The magic should happen in the last box
Store, report & create an audit trail
Answer performance questions such as:
What is causing the delays in the contacting process?
What’s our average rounds of negotiation?
Which lawyers have the highest performance?
How many contracts are we doing for whom?
What contracts are about to expire?
Answer risk questions such as:
Where don’t we have a change of control clause?
Where do we have non-standard clauses?
Where is our largest supply chain risk?
How many contracts are we doing for whom?
Answer geographical questions:
How much geopolitical risk is embedded in our contracts?
How much of our balance sheet is at risk?
What’s the total value of sales agreements in negotiation by region?
Which suppliers may have links to corrupt governments?
‘Like putting your best lawyer, on their best day, on every device 24 hours a day.’
The move to zero and one creates a shift of one to many.
‘Like putting your best lawyer, on their best day, on every device 24 hours a day.’
‘Delivering legal outcomes faster, more cost effective and consistently than ever thought possible’
‘Producing the world’s first actionable insights’.
Our Vision for The Future
