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At first, the legal profession may seem more immune to this trend, as it is notorious for using complex language, incomprehensible to all but legal experts. Recently, however, it is becoming clear that AI is poised to make headway in this profession as well. Several studies have considered the potential areas in which AI technology can be beneficial and how this could transform the role of lawyers in delivering legal services.
While it is apparent that AI will be able to perform some legal tasks, it is universally assumed that the quality of the work will be inferior to that of humans, especially when compared to professional lawyers. Training, experience, professionalism, and tradition have convinced lawyers - and many of their clients — that manual labor ensures the best outcomes. But is it really so? Do trained lawyers necessarily outperform machines?
In 50 years Google will answer any legal question immediately: Bank: „Google, the Securities Companies Compensation Fund sent me a contribution notice for 2070 in the amount of 43.5 million euros. Is that contestable?“Google: „Yes. The correct contribution amounts to 8.3 million Euros only.“Bank: „Thank you, Google! In 2019 my law firm charged 27.000 Euros for such an answer.“Google: „I know. That´s why lawyers are extinct since 2065.“
- Sven Bösing
- Attorney-at-law - Associate, Schalast Rechtsanwälte & Notare
- Dr. Jörg Kaufmann
- Attorney-at-law, Associate | Schalast Rechtsanwälte I Notare
Citation suggestion: Kaufmann/Bösing, LR 2020, S. 246, [●], www.lrz.legal/2020S246
Part 2 of this three-part essay deals with the current German Covid-19 regulation on general meetings of stock corporations with a view to the ongoing digitalization process of general meetings.
Technology has the potential to reshape the legal-landscape so that average wageearners can access legal advice using an application.
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- Sven Bösing
- Attorney-at-law - Associate, Schalast Rechtsanwälte & Notare
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- Dr. Jörg Kaufmann
- Attorney-at-law - Counsel, Schalast Rechtsanwälte & Notare
Citation suggestion:Kaufmann/Bösing, LR 2020, S. 262, [●], www.lrz.legal/2020S262
Part 3 of this three-part essay deals with the question of how German lawmakers may regulate general meetings of stock corporations in terms of the use of digital technologies after the Covid-19 pandemic has ended. This article is a continuation of the series of articles "Digitalization of General Meetings of Stock Corporations" (Part I and Part II).
A law firm can build its reputation based on what kind of clients and deals it can serve and the bigger the clients, the higher are the risks with the deals they bring on the table. When you sit with your client on one side of the table and on the other side you have the buyer/seller of a company and their law firm and financial advisors, you definitely do not want to lose the leverage you have (or the leverage you helped your client find) to win.
The industry of law has been actively evolving in the last three years. Relying on the best practices of foreign colleagues by supporting innovative legal projects, such as the Future Law Innovation Program from the Singapore Academy of Law Russia has created various tools to support legal startups by annually hosting thematic international conferences and the number of innovative companies are constantly growing. One of these programs, Skolkovo LegalTech, an innovative hub for LegalTech startups based on the Skolkovo innovation center, became part of the Asia-Legal Innovation and Technology Association, expanding its partnership and interaction boundaries.
Zitiervorschlag: Kipker, LRZ 2021, S. 65, [●]
On May 5, 2020, a new draft of the IT-Sicherheitsgesetz 2.0 (IT Security Law 2.0, “IT-SiG 2.0”) was published, which has already been the subject of several legal discussions. In summary, the legislator intends to make changes and extensions to multiple legal acts, including Gesetz über das Bundesamt für Sicherheit in der Informationstechnik (Federal Cyber Security Authority Law, “BSIG”), Telekommunikationsgesetz (Telecommunications Law, “TKG”), Telemediengesetz (Telemedia Law, “TMG”) and Außenwirtschaftsverordnung (Foreign Trade and Payments Ordinance, “AWV”).
At first glance it may look as though trust and technology don’t go together at all. Yet trust is a critical component for firms that want to build longstanding and lucrative client relationships – and technology can be deployed to help build it. This article explaines exactly how.
It might not seem as though trust and technology are complementary. After all, isn’t technology just a hard fact, while trust is an elusive, and perhaps also a fragile, emotion – hard to build, easy to destroy and difficult to measure?
Zitiervorschlag: Magubane, LRZ 2021, S. 126, [●]
Throughout the globe, there is a reported rise in the demand for methods and strategies to increase productivity, profitability, and customer reach in the business of law.