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Mienert, How can a decentralized autonomous organization (DAO) be legally structured?, LRZ 2021, Paragraphs 336 - 367.
The decentralized structure and automated operations of decentralized autonomous organizations (DAOs) raise complex questions about the determination of applicable law, corporate status, and external actions that cannot be adequately answered using classical theories. This article draws up the different current legal possibilities for structuring DAOs.
- Dr. Jeanne-Mari Retief
- Attorney, Calibrics
Zitiervorschlag: Retief, LRZ 2021, S. 139, [●]
This article is a summary of the results of the workshop held on 24 March 2021, which took place as part of the LEGAL LIVE 2021 – the Virtual Exhibtion and Congress for Law and Compliance.
LEGAL REVOLUTIONary is a law journal dedicated to addressing the digital transformation of the law.
First, I would like to introduce the Lawtech Market in Brazil by talking about some impressive numbers of the judiciary in Brazil. We have more than 1.200 law colleges and more than 1 million trained lawyers. For this reason, it´s necessary for a lawyer to stand out in the crowd. There are double the amount of lawyers then there are accountants or doctors, approximately 536 to 453 thousand respectively. We have more than 100 million juridical processes. It doesn´t make sense to spend 1.3% of GDP with litigation.
The legal tech industry has grown to be one of the most attractive and lucrative sectors over the last few years. The arrival of digital products has ushered in software applications and automation tools that reduces the huge work-load of law firms, permitting lawyers to focus on important tasks that drives business value. Book Moore, founder of My-virtual lawyer spoke about the benefits of automating legal practice at an impressive interview conducted by the American Bar Association.
“Automating your law practice can drastically improve your firm. We don’t take the human element out of our practices, but we spend less time on menial task, and more time on things that require our skills and expertise”.
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The legal industry is one of the oldest and most mature industries in the world. Centuries ago, the legal system used to be a simple case of right and wrong. However, the industry has since grown to accommodate our ever-changing society. When we look at today's world, we see that digitization has taken over. However, the legal industry is still a bit slow to move away from its dependency on paper workflows. That said, since the introduction of blockchain technology1 to business, there has been a need for lawyers in the blockchain ecosystem. Top businesses like IBM, Facebook and PwC advertise positions for blockchain-based lawyers constantly. This is an indication that there are significant use cases for blockchain in the legal industry.
According to a research report2 on legal firms, a total of 41% will integrate the blockchain in transactional legal services, while 21% will use it for business support and the remaining 31% for high-value legal services. These numbers are proof that there has been a shift from the paper-centric system. Blockchain technology is a transparent, immutable and secure distributed ledger that will enable lawyers to record and solve various types of legal matters. It could provide the legal system with multiple use cases including intellectual property rights, smart contracts, land registry, supply chain, chain of custody and litigation and settlements among others.
In contrast to purely legal professional advice, legal coaching is the accompaniment and support of the client by an experienced lawyer or attorney according to the quality standards developed by the professional associations for coaching, with a focus on the interests and needs of the client. It increases the lawyer's competence in communication skills and conflict management and thus relies on soft skills. However, unlike the additional training in mediation, the decisive advantages are that the lawyer does not lose his partiality and thus not his mandate and that it can be applied both as a complete coaching process and selectively in the mandate.
Trackers use a number of different methods, such as browser cookies, fingerprints, IP-addresses and so forth, to track the behaviour of Internet users. They collect data on users and aggregate them into profiles, which can then be used as a basis for targeted advertising. Before the GDPR became applicable on 25 May 2018, sec. 15 para. 3 German Telemedia Act allowed providers of telemedia services to create pseudonymous user profiles for the purpose of advertising, market research or the adequate implementation of telemedia services. However, since 25 May 2018, the data privacy provisions in the German Telemedia Act are no longer applicable. As the ePrivacy Regulation is still under discussion, the lawfulness of online data processing is currently governed only by the GDPR.
Zitiervorschlag: Friehoff, LRZ 2020, S. 305, [●]
Since the blockchain technology was introduced as the underlying architecture for the cryptocurrency Bitcoin in 2008, it has become a hot topic and subject to numerous studies not only in the payment industry but in almost every industry.
Individual mobile solutions lay the groundwork for satisfied clients and accelerated business.