Neota Logic was recently invited to participate in the 21st Annual Law Firm Leaders Forum, sponsored by the Thomson Reuters Legal Executive Institute, along with other leading edge legal technology companies: Allegory Law, Everlaw, Hotshot, Modria, and RavelLaw. In Shark Tank style, we each gave a very short presentation and answered very probing questions from a panel of judges—Ralph Baxter, Senior Advisor to Thomson Reuters Legal; Ron Dolin, Senior Research Fellow, Harvard Law School, Center on the Legal Profession; and William Henderson, Professor of Law, Indiana University Maurer School of Law.
No capital raising, but a terrific introduction to the state of the art in litigation case management, e-discovery, professional training, online dispute resolution, and legal research, as well as Neota Logic’s own tools for expertise automation and self-service compliance.
Here is Neota Logic’s presentation:
We founded Neota Logic to solve a convergence of predicaments in legal services.
Law firms are squeezed by general counsel demanding lower fees, by unregulated competitors invading the market, and by operating costs that resist control.
In turn, general counsel are squeezed by CFO’s demanding lower legal costs, and by the business’s inevitably growing need for solutions to legal problems.
More for less, all around.
What are the legal problems that general counsel need to solve?
Like everything else, corporate legal problems spread along a bell curve or fall into a grid, from rare to repetitive (left to right on the x axis) and from small to survival-threatening as we climb the y axis.
In the red oval, we have the pool of problems that are mid-sized to small individually, yet consequential and costly in the aggregate. One bad HR decision is a mistake; a heap of bad decisions is a “pattern and practice” in a class action.
For such problems, the traditional methods of law—the pre-industrial craftsman model, the goldsmith at his bench shaping and polishing one ring at a time—are neither effective nor affordable, whether the lawyers are in a law firm or a law department.
To deliver answers cost-effectively at scale, to infuse legal advice into business operations, to prevent mistakes before they become risks, we need products, not just services.
TurboTax is a paradigm of service as product—the expertise of hundreds of tax lawyers and accountants about the complexities of federal and state taxes, packaged into easy-to-use software:
So, what does Neota Logic do?
Neota Logic enables lawyers to build products like TurboTax, very smart products.
What are legal service products? What is it that lawyers know?
- The law & the market—past, present, predicted, interpreted
- How to get things done
- What to say in documents
Neota Logic understands all three.
The Artificial Intelligence core of the Neota Logic System is a unique inference engine:
The inference engine automatically calls upon the right algorithm, the right rule, the right reasoning tool, to solve a specific problem.
Not just our own algorithms (the ones in yellow), but also smart algorithms written by other people (in blue)—from Wolfram to Kira and RAVN to IBM.
Programmers are not required. Anyone in this room can learn to build Neota Logic applications.
Now, some examples.
Akerman—Data Law Center: fact- and context-specific advice on data breach and privacy, 24/7. (As one general counsel said, “No more memos. We want answers.”)
ComplianceHR—a joint venture between Littler Mendelson and Neota Logic offering solutions across a wide range of employment law issues.
In short, Neota Logic, enables law firms to leverage without associates and bill without hours.
To receive a free copy of Artificial Intelligence in Law – The State of Play 2016 by Michael Mills, click HERE.
Michael Mills is the co-founder and chief strategy officer of Neota Logic Inc., developers of the Neota Logic System—practical artificial intelligence for law and business, a no-code platform for automation of knowledge, processes, and documents.
He attended the University of Chicago Law School, then served as law clerk to a United States District Judge. Mr. Mills was partner in the law firm Mayer Brown.
At Davis Polk & Wardwell, he led technology strategy, business development, knowledge management, professional development, practice support, and electronic discovery. At Kraft & Kennedy, he served as a technology consultant to law firms and law departments.
He is a director of Pro Bono Net, which provides innovative technology for the nonprofit legal sector, and was a co-founder of the Central Park Conservancy.