The second day of LegalTech always seems more rushed and hectic than the first day. After the initial rush of seeing old friends and new technology, we get back to the reason we are here – to get up to speed on all the new advances.
Yesterday we reported the lack of vendor displays for some of the major players in the eDiscovery market. Susan Wortzman and Chuck Rothman met with many of these vendors in private, one on one meetings. It’s clear that the leaders are stable and all continue to look towards the future with bright eyes.
One trend we noted from our discussions today was that all eDiscovery vendors are looking to advance their continuous active learning offerings (TAR 2.0 in legal technology marketing speak). While Recommind is still the leader in this technology, by the end of the year, they should have some stiff competition from all of their competitors. This is good news for us, as it will give us more choice of review platform that can still deliver the best solutions for large document review. It will (hopefully) also spur the software developers to improve the TAR offerings into what (we shudder) will likely be called TAR 3.0.
Tomorrow is more meetings, then it’s back to good old Toronto and the real world.
LegalTech kicked off yesterday in New York City. Although the number of vendors exhibiting is down, all of the major legal technology players are here. Many have opted to just book meeting suites, which is a clear indication that the legal technology industry has moved past the discovery stage into mainstream - vendors are known, and no longer need to spend time introducing themselves.
The theme of the opening keynote was how legaltech is transforming in this age of disruption, innovation and revolution. Andrew McAfee, codirector of the MIT Initiative on the Digital Economy, spoke about how AI is changing everything, and how fast it's happening. AI is now the undisputed champion of strategy games like chess and Go, consistently out performs human experts at everything from medical diagnoses to transportation logistics, and is quickly accumulating more real knowledge than all the accumulated human knowledge that has ever existed. Pretty much the only thing AI is not better than humans at is dealing with humans, reading emotions and persuading. Good news for lawyers who make their living persuading, but given the rapid change over the past few years, this may not last much longer.
The Wortzmans team is gathering lots of information. Look for more in tomorrow's report.