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New japan richard tromans slides, oct2019

richard tromans slides, oct2019

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New japan richard tromans slides, oct2019

  1. 1. Why Legal Tech? SOAR, LegalTech Japan, Tokyo Richard Tromans, Founder & Consultant Tromans Consulting
  2. 2. First Principles 1. If society is to be governed by rules, then we need: • legal services (e.g. advice, case management, doc review) and, • legal products (e.g. contracts) 2. Producing these is fundamentally an economic activity. 3. We should continually seek to reduce the economic cost.
  3. 3. Arguments for not changing 1. ‘No one ever got fired for picking IBM.’ 2. ‘Legal cost savings are irrelevant compared to the value we bring to the business.’ 3. ‘Nothing we do is ever the same twice.’
  4. 4. If an event isn’t a one-off, then we can learn to improve things.
  5. 5. We can make this change happen via: • People, • Process, • Technology.
  6. 6. People, Process & Technology • Reduce the cost of human labour. • LPOs, ALSPs and Managed Legal Services. • (Likely all of the above – But there is a limit…!)
  7. 7. ‘If you don’t want a robot to replace you, then stop behaving like one.’
  8. 8. People, Process & Technology • Process map and improve the steps involved in any BAU work. • Question how you do things. • Give yourself time to think about process.
  9. 9. People, Process & Technology • Contract production/automation • Contract pre-signing review • Large scale contract/document/compliance review/analysis • Litigation analysis/outcome prediction • Knowledge retrieval (legal or pricing) • Business and legal insights
  10. 10. Conclusion: Think About… • The process that makes the product, or delivers the service. • Can it be done more efficiently? More economically? • If so, what is the best combination of People, Process and Tech? • Create a taskforce to work on this. To learn, to test, and then to implement.
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  12. 12. Thank you – Questions? Richard Tromans – Founder & Consultant Tromans Consulting