ILTACON 2016: When Will Blockchain and Smart Contracts Be Important in Legal?

By Joseph Raczynski

“Blockchain is Hot: More than $1.5 Billion has Been Invested in Blockchain in the Last 18 Months”

  • Tori Adams, Booz Allen Hamilton

 

NATIONAL HARBOR, Md. — If someone had told you in 1993 that the Web would be integral to your life today, would you have believed them? Well, the discussion around blockchain technology at ILTACON 2016 harkened back to that same scenario of the early ‘90s. This is a reboot, where another new technology will revolutionize the world.

Moderated by the esteemed Ron Friedmann, Partner at Fireman & Company, we were led down the path of what to expect with blockchain. Rohit Talwar, CEO of Fast Future Research, started us off with his futuristic vision on what we can expect over the next five years. Joe Dewey, Partner at Holland & Knight, who specializes in blockchain, discussed the law and smart contracts. Lastly, Tori Adams, a data scientist at Booz Allen Hamilton, illustrated her predictions on the reality of this technology in the near term.

Current Landscape

All major industries are looking toward blockchain — most pointedly, the financial sector. Talwar focused on one platform that is pushing this new space forward quickly — Ethereum — a pseudo-Bitcoin 2.0 that allows users to code on top of the blockchain. This can create huge advances in how the blockchain can interact with the world; utlizing smart contracts and digital identities, an even executing stock trades. In fact, Talwar stated that Goldman Sachs estimated a legal savings of $11 billion to $12 billion per year from streamlining clearing and settlement of cash and securities through such technology.

Near Future

The next significant phase developing now is the DAO (Decentralized Autonomous Organizations) which means that processes and companies are completely autonomous. This technology has the ability to disrupt a disrupter, e.g. Airbnb. Let’s say you visit a DAO-enabled travel site. The condo owner places an ad on the site to rent their place weekly. You choose their place in Miami, agree to the terms (date of check-in and -out, etc.) and agree to the fee and deposit (paid automatically). When you arrive at the condo to check-in, simply enter the password at the door through an Internet of Things (IoT) tech-enabled doorknob (check out Slock.it) and you gain access. That lock at the front door knows who you are and how much you paid, and it can also see your contract for the rental of the condo and knows when you are to be out. The DAO can do all of this with one employee running the entire operation.

Law Firms Start to Embrace Blockchain

Several law firms are starting to make a foray into this space. Recently Steptoe & Johnson began a multi-disciplinarian practice to help manage the blockchain for clients. They will also be accepting Bitcoin as payment. Most importantly, they co-founded the Blockchain Alliance6, a coalition of 25 blockchain companies and 25 regulatory and law enforcement agencies — including Interpol, Europol, the Securities and Exchange Commission (SEC) and the FBI — to educate enforcement agencies about digital currencies and blockchain technology. Other law firms including Holland & Knight see exponential growth of attorneys laboring in this discipline.

Smart Contracts

Holland & Knight’s Dewey said he believes the definition around smart contracts can be varied. For the purposes of this conversation, it is snippets of code that can change the ledger or a legal contract that is implemented on the blockchain. Of course, he outlined several benefits and challenges to this new innovation in the area of smart contracts:

Benefits:

  • Smart contracts are coded so there is less ambiguity than prose;
  • Verification can be achieved even within a trustless environment;
  • Self-executing; so once released, it is difficult to impede execution; and
  • Integrates well with IoT, artificial intelligence (AI) and machine learning.

Challenges:

  • Must balance transparency with privacy concerns;
  • Infrastructure needs to be updated;
  • Lack of experience with blockchain technology in IT departments;
  • Lack of education and understanding of the technology in other departments, including compliance;
  • Development of uniform standards and protocols; and (of course)
  • Need to overcoming custom and tradition (e., change is hard.)

So a real world example of how a smart contract was implemented can be seen in how Barclays did it with an interest rate swap prototype. Essentially, the investment bank set up an incubator of coders who worked with their legal department to understand how these swaps (trades) worked legally. They distilled three lines in the process that could be coded — (x) the amount of cash; (y) the interest rate; and (z) the currency. Once this information was garnered, the transaction could be solidified and then stored on a blockchain.

One of the most surprising revelations of the session came from Dewey when he stated: “Big news for attorneys, existing law — passed well before blockchain technology was contemplated —not only validates transactions, including the trading of credit interests accomplished through the use of the technology we are discussing, but as a matter of policy, strongly supports it.”

There is little question that this is an industry that will be growing rapidly over the next few years. Many firms are moving forward with practice areas and educating their attorneys on the technology to better position themselves for the coming wave.

Lastly, Dewey added some additional encouraging words surrounding the future of blockchain. In May, the State of Delaware — which is home to almost two-thirds of the Fortune 500 companies — announced a Blockchain Initiative so that corporate filings can be added to the ledger. “This is a clear sign that blockchain technology will have a significant impact on business,” he said.

ILTACON 2016: Re-Imagining Legal Technology for the 21st Century

By Joseph Raczynski

“The story of disruption was just the first act of 21st century business, now begins the tale of total transformation.”

— Mike Walsh

NATIONAL HARBOR, Md. — So reverberated the words of Mike Walsh a Futurist/CEO of Tomorrow, across an audience of more than 3,000 legal professionals at ILTACON 2016, a four-day conference that centers on the intersection of technology and the legal industry.

Walsh gave the keynote on the opening day of the annual conference, and the lens he cast enlightened the onlookers to a futuristic view of our current world. He then bridged that technological vision to the 21st Century Legal realm and focused on several thought provoking questions.

Can you think like an 8-year-old?

The key to transformation is to be ahead of it. Through the optics of an eight-year-old we can view the direction that technology is shifting. They embrace mobile — why? Because parents have pacified their kids for years with iPads and mobile phones. Their learnings began on those platforms which became almost intuitive to them and will now dictate our future.

When will we be a truly data-driven world?

Now! The biggest social shifts are shaped by the data-driven world. Disney World offers the most advanced of data collection and use. Their MagicBands are linked to a credit card and function as a park entry pass as well as a room key. They know who you are, where you are, and increasingly know what you want — predictively. Food can be delivered to you without you ever specifying a location. All of this is using data and machine learning to better understand consumer, and thus human behavior.

disney

WeChat, an app primarily used in China, was also offered as a good example of where we are going. With this app, people in China can play games, pay for things and buy insurance — the whole time interacting with a bot that is constantly gathering data and learning. This is what we will begin to see in all businesses in the near future.

In preparation for his transition into a discussion around legal, Walsh offered another thought. The children of today will be the first generation to be raised partly by artificial intelligence (AI). If you think about the platforms that are prevalent now, kids are interacting with them increasingly — Alexa, Google and Siri. Law firms have to start thinking about how these eventual employees will work and interact with each other both inside and outside of the firm.

How will a 21st century law firm differ from a 20th century firm?

The world is now global. The largest corporations and law firms have back office and operations support overseas. As an example, Walsh talked about something he saw in India which illustrated where we are headed. An AI machine (physical computer) is situated alongside other staff in a cubical at an office center in India. It is fully embraced and accepted as a highly efficient employee — and continues to improve rapidly with its own productivity.

Speaking of actual human employees, recruiting people will transform, Walsh noted. The next generation of hiring future lawyers, and collaborating with clients should focus on rethinking how we hire. Offer a prospect a clean sheet of paper and ask them to come up with a solution to a problem. Another idea, after a month on the job, ask what processes the newbie might change based on what they are seeing.

int-about-mike

What kind of mental software are you new hires running?

Going forward, the operating system of a 21st century lawyer is as much about the culture as it is about the code. All firms will have to be agile, and firms will have to hire people that think that way. Everything around our traditional culture and space is changing. People will increasingly be working from other locations, so this concept has to be reimagined. Walsh’s suggestion was to think about the person you are hiring — are they energized by solving problems? Additionally, environments have to be reconsidered. How do you design an office for people that do not need one?

Lastly, are you leveraging all of your data?

Law firms are rife with all sorts of data. One question that Walsh suggested was worth posing is how are firms using that data? Increased productivity can be gained by applying analytics to the whole.

In closing, Walsh pleaded for the legal space to adjust their mindsets, how we see and use data, which people are hired, and what technological processes are in place. We need to think like an eight-year-old to see how the world will change and adapt now, he explained.

The data inside law firms has to be better leveraged and analyzed with new tools. When hiring, do so by unearthing agile people and creating more social workspaces. One of the best ways to do that is by rethinking your communities, picking some high-profile projects and challenging those new teams to experiment.

In conclusion, Walsh noted: “When preparing for this new future, embrace that the future means challenging everything we know to be true.”

ILTACON 2016: Looking into the Future & Building the Exponential Law Firm

By Joseph Raczynski

“In the not too distant future, exponential technology could upend the $650-billion-dollar legal industry — or, there will be a $78 to $120 trillion-dollar opportunity for agile players who are prepared.”

— Rohit Talwar

NATIONAL HARBOR, Md. — At ILTACON 2016, Rohit Talwar, CEO of Fast Future, spoke about the disruption in the legal industry occurring around us and more precisely which technologies will have the largest impact on law firms in the near future.

In his discussion “Building the Exponential Law Firm,” Talwar began with the baseline of Moore’s Law — the theory that processing speeds of computers double roughly every 12 to 18 months. Building on that, he added what he considers to be the core of this exponential growth: machine learning. These are machines with the ability to create visual perception, reasoning, planning, intuition and decision-making all starting from a simple ruleset.


The Faster Pace of AI

In his fascinating discussion, Talwar pointed to a recent development with Google, using DeepMind, its artificial intelligence (AI) computer, and playing Go — one of the most complicated games known to man. In this scenario, Google did not program the computer, only gave it rules of the game.

Rohit-Talwar-pic-300x216

In short order, the world Go champion lost 4-to-1 to DeepMind in dominate fashion. While this happened in early 2016, this was not expected to be possible until 2026 — a full decade in the future.

What Talwar was illustrating through the AlphaGo example and countless others is that AI is here and is being used all around us. It is becoming pervasive, embedded, augmented, immersive, and connected to a multi-sensory network.

There were a host of various legal sector applications he cited as occurring now, such as those in areas such as:

  • Automation of Legal tasks and Processes — Firms have developed a computer program that can sift through government regulatory registers to check client names for banks, processing thousands of names overnight. Others have created an automated personal injury claim case assessment program.
  • Decision Support and Outcome Prediction — This includes advancement in document review in M&A, that extracts and analyzes key contract provisions and provides rapid summary and analysis; or analyzes entire briefs to find potential missing points of law, or alternative arguments not cited; and premonition programs can predict which lawyers win with which case types and which judges.
  • Creation of New Product and Service Offerings — This includes development of online document generation for startup formation; online education impact analysis; and online chatbots that can advise on privacy law and generating client-specific compliance policy in real-time.
  • Process Design and Matter Management — Firms have developed automated generation of process flows and project plans; real-time impact assessment of process changes on timeframes, resources and costs; and come up with suggested narratives based on how clients react to and prefer to receive information
  • Practice Management — This involves benchmarking across practice areas for comparable tasks from document production through to completion of key stages in a matter; identifying potential human resource challenges using social media sentiment analysis of comments; and providing dynamic modelling of alternative billing approaches and matter-team formation based on personal characteristics.
  • In-house Legal Applications — Some firms have developed a lawyer advisory app that can, for example, create an ordering of corporate contract negotiations; other tech entities have created apps or programs that can streamline and standardize regulated superannuation funds’ breach assessment processes, and that can help financial institutions meet requirements, determine applicable regulations in terms of situations concerning money laundering, liquidity risk and financial crimes.

The Coming Blockchain Revolution

Over the next several years Talwar said that he believes blockchain technology will have a monumental impact on law firms, providing firms with the ability to store information in a secure distributed ledger. In fact, Goldman Sachs estimates a cost saving of $4 billion annually on its legal bill by moving real estate titles to distributed ledgers that use blockchain technology.


Talwar pointed out that law firms have a huge potential upside with all of the technology that is emerging. However, he warned, if a firm does not adapt and become agile it will be very difficult for it to keep up with the pace of change that will be occurring, and ultimately its intransigence will make it difficult for the firm to win business.


In the second phase, being tested right now, the Decentralized Autonomous Organizations (DAOs) will execute contracts free of human intervention; and in the future, we’ll reach Algocracy, a full automation of the law.

In this scenario, we would have a complete rewriting of the law that would be embedded in software. This would allow for automatic fines, standardized open source legal documents and automated judgments. For example, if someone stole a candy bar from a convenience store, their own body camera would catch them and automatically impose a fine on that person. A payment would be removed directly from their bank account, and would be executed without human intervention.

Not surprisingly, Talwar pointed out that law firms have a huge potential upside with all of the technology that is emerging. However, he warned, if a firm does not adapt and become agile it will be very difficult for it to keep up with the pace of change that will be occurring, and ultimately its intransigence will make it difficult for the firm to win business.

The wonderful aspect about this change is that it is all new. Most of these technologies are not governed by law, which creates an incredible opportunity for legal advice because clients have to understand how to handle these new technologies.

Blockchain White Paper

By Joseph Raczynski

Abstract: This white paper discusses the history, inner workings and applications of blockchain, an online public ledgering system, and how it will soon significantly impact many aspects of the legal industry. The first part of this paper will show the marvels and the pitfalls of Bitcoin and its underlining blockchain technology. The second part will describe what full global adoption of a cryptocurrency and blockchain technology would entail. And the third will explain the potential legal implications of blockchain technology.

Blockchain Has Arrived in Legal: Important Observations from Consensus 2017

By Joseph Raczynski

Originally published in The Legal Executive Institute

blockchain

NEW YORK — There was a real moment of inflection recently for me in how I think about the coupling of the legal industry and Blockchain. Having been involved in Bitcoin since 2011 and an evangelist on the topic with dozens of talks in the U.S. and Europe, I found myself in a very surreal place at the recent Consensus 2017 event.

I would describe my time there as a seminal moment as it pertains to the technology. Consensus is the largest conference covering all things Blockchain in the US with approximated 2,500 attendees.

Of the hundreds of conferences and events and I have attended over the years, there has not been a place with as much genuine euphoria as there was during these three days. Certainly, the fact that newly minted millionaires were everywhere did not temper the mood (more on that in a moment). There are a few reasons for this abounding palpable elation which I will detail below.

Blockchain Has Arrived in Legal

There were a host of companies that where sharing their wares. Some were vaporware, others left me as thrilled and warm-hearted as a father seeing their kid walk for the first time. One example, coming from Deloitte, most clearly demonstrates the cusp upon which the legal industry now finds itself.

Deloitte took their first toddler steps in advancing Blockchain in legal, and I was in awe. They were able to take contract automation software, write a contract and load it onto the Bitcoin Blockchain. This is a concept I had tinkered with myself while coding at Thomson Reuters last year, but Deloitte has since made my childish dream into a reality.

The example used in the demo involved taking the process of drawing up a lease between a landlord and a tenant. The lease agreement had a GUI (General User Interface), or a simple questionnaire which would fill in basic information about who was to rent the fictional apartment on the Upper West side of Manhattan. My name, current address, date of move-in and move-out were automatically populated into the document with the contract automation software. Once the tenant and the landlord agreed to the terms, a button was presented to digitally sign the document — creating a hexadecimal hash (a string of letters and numbers unique to the document). That unique string was then saved to the Bitcoin Blockchain.

If either party ever wanted to reference that document again they could use their private key (another string of numbers and letters) to verify the contract details. If even a lowly comma were to change in the document, the entire hash would be invalid and the document rendered null.

Witnessing this demo was groundbreaking for me and something most transactional attorneys will need to be familiar with soon. There are loads of theoretical examples of how Blockchain will work, but not as many significant current implementations as of yet. As I have been promising, with little tangible proof until now, this will be the initial use of Blockchain technology that all firms will be adopting in the not too distant future.

vending

ICOs & the New Gold Rush

The other main theme at the conference was “New Money Everywhere”. The money is coming from Initial Coin Offerings, or ICOs. This discussion around ICOs permeated nearly every conversation and session held at the event. While I had watched ICOs over the last eight months, I had not bought into the idea completely. For background, the ICO is essentially like an Initial Public Offering (IPO) whereby in the a company raises funds by going public via an offering of stock to the public, usually through an investment banker. That stock is then listed and publicly traded over a public exchange; the company must also register with the Securities and Exchange Commission and make regular public filings.

With the ICO, however, a company raises funds via their own website in a crowdfunding-like manner. Often, they post a whitepaper describing their business and how they plan to use the funds — not unlike a IPO’s initial documents. The magic here is that the fundraising leverages the Blockchain to store the information about who contributed, how much and when. The process of storing the aforementioned information securely on the distributed ledger uses “Smart Contracts” which is an enormous development in this space (again, more on this later).

Current regulation in the space is generally non-existent. However, to avoid the suspicion of impropriety and any confusing regulations, companies have designed it so that if you wish to invest, you “donate” your funds via Bitcoin or Ether (the second most popular cryptocurrency). Once you offer your Bitcoin to them you are typically given shares in the company referred to as “coins” or “tokens”. Those electronic coins bought at the ICO rate are eventually listed on publicly traded cryptocurrency sites.

Recently, this is where the mania has ensued, and the millionaires flush with digital currency dwell. Often investors see a huge bump in price when their coins hit the exchanges, followed by a seesaw movement in valuation until the next ICO is released. Traders tend to be fickle as they move in and out of flavor-of-the-month coins and onto the next shiny ICO. These offerings now seem to happen multiple times a week compared to handful a month last year.

consensus

Typically, these ICOs have an open window for people to invest for a week or two but one company called EOS which specializes in “Decentralizing Everything,” will have their ICO for the next 360 days. When making a donation to invest in the fledgling company they offer rather large numbers of digital tokens for Bitcoin or Ether. In the example of Civic, which is a secure identity platform, they requested US dollars for their token, called a CVC, at a rate of one token for 10 cents, with a typical order of $1,000 netting the buyer 10,000 tokens. As an order of magnitude, people that bought in would have made seven times their money in about a week, as the currently CVC token is now valued at 70 cents.

The amount of money invested in ICOs is remarkable. While at the conference, the value of all companies’ combined tokens or coins was pegged at more than $100 billion dollars! This valuation was in the few billions not long ago. Put another way, all of the companies who have launched ICOs are worth more than Morgan Stanley at $78.3 billion. according to current stock valuations.

As you may have gathered, there is tremendous opportunity with ICOs for law firms, in-house counsel and government agencies. Blockchain practices within law firms have emerged across the globe, specializing in assisting companies with the process of the ICO. CooleyPerkinsCoie and Holland & Knight are three innovative firms that have highly specialized attorneys working in this space.


The amount of money invested in ICOs is remarkable. While at the conference, the value of all companies’ combined tokens or coins was pegged at more than $100 billion dollars! 


Also, many regulators are carefully watching from the sidelines which was a point of discussion during the event. To that end, some firms are providing guidance in areas considered confusing for all parties: Federal and State money services law, privacy and security, Intellectual Property and Money Laundering as it pertains to these cryptocurrencies and to Blockchain.

While the eruption of these coin offerings are in general considered to be very positive, lately there have been some challenges. Not unlike what happened during the dot-com IPO boom of the late-1990s, the ICO market is increasingly seeing potential phantom companies that are trying to leverage this mania to turn a quick buck without a real business case. In the coming days or months we will likely see an ICO go very wrong, resulting in thousands of people losing millions of dollars and ultimately upsetting the entire ecosystem.

At that point, several aspects of the legal industry will begin to take shape — first and foremost, there will be a call for regulation both domestically and internationally. Beyond that, I would foresee possible class action lawsuits following, also not unlike those that followed the dot-com bust of the early-2000s. Recently ICOs have strictly forbidden citizens of some countries (mainly the U.S.) from participating in their offerings for fear of lawsuits.

The Initial Coin Offering is an incredibly exciting use of Blockchain technology for business and individuals. The Blockchain’s use of the smart contract to record information, execute actions securely and in a distributed manner is revolutionary. At this moment in time, the technology slashes the middle man in what was a very profitable business once reserved for the big banks and whale investors. With that said, we are in early days — so while billions of Euros, Dollars, Yen and every other major currency races toward these new company ICOs, the legal industry is charting a path to assist… or eventually, help sort through the wreckage.

Building Our Blockchain Future (Part 3) – Beyond Bitcoin – Blockchain and the Legal Impact

By Joseph Raczynski

This is the third and final post in a series about blockchain, an online public ledgering system, and how it will soon significantly impact many aspects of the legal industry. In the first post, I demonstrated the potential and the pitfalls of Bitcoin and its underlining blockchain technology; and in the second post, I described what full global adoption of a cryptocurrency would entail. In this installment, I will explain the potential legal implications of blockchain technology.

Part 3: Beyond Bitcoin — Blockchain and the Legal Impact

While Bitcoin may disappear in a few years — doubtful, but possible — the underlining technology is by far the most important development going forward. Blockchain is a public ledger. It can be applied to almost anything that you would normally save to a database or spreadsheet.

In the Bitcoin example, the blockchain shows the exchange of all the money that has ever changed hands in Bitcoin transactions. It does not list who owns the coins per se, just that they exist or that they changed hands. It is controlled by no single person but by all parties connected to the exchange. This public, but encrypted spreadsheet in the sky is in theory more secure and open than our current system of money exchange. The network maintains a collective history of all of the transactions that have ever occurred on the network. You can view all of the Bitcoins changing hands every moment of the day at Blockchain.info.


I have little doubt that blockchain technology will revolutionize the legal industry in the coming years… there is almost no doubt that this technology will be a significant disrupter to the legal profession and the overall market on many fronts.


And as you see the transactions scroll up, you soon identify several important legal implications. For one, none of this money has been passed through a bank or other financial institution, nor has it be screened by any government agency. That is, if you have a major transaction of $10,000 or more coming or going from the US — one that is normally required to be reported — it is not being reported via Bitcoin today. As you might surmise, many positives with this technology exist, but significant challenges, mostly concerning government regulators and current US laws, are also present.

While Bitcoin created the first blockchain, many other such chains have been created since. For example, there are other cryptocurrencies that use the technology. However, where this becomes most interesting is how related businesses could use a ledger-based blockchain platform. Fundamentally it is a program from which to build a system of accounting or process. One network called Ethereum, which has been described as a “decentralized virtual machine that can execute peer-to-peer contracts” is leading the charge with smart contracts and the law.

Here is how I see blockchain affecting the legal industry.

Blockchain and the Law

Creation of Contracts: The blockchain could alter the landscape of contract attorneys. Part of what makes the blockchain so special is that not only does it keep records which are immutable, it also creates a process around that. For example, I could create a contract which stipulates that when my patent was approved by the Patent and Trademark Office (PTO), my four partners would receive a 10% share in my company. How would that work? The contract on the blockchain would check to see if the patent was approved, then trigger a process releasing the shares to the partners. All of this would be automated and fall outside of human legal action. Indeed, you could go one step further and tie-in a payment system so that when that patent was granted, bonus funds could be dispersed automatically into the accounts of said partners.

Intellectual Property: If blockchain is ripe for anything it is IP. This technology creates a publically accessible, indisputable ledger of each filing which could be held not solely by jurisdiction but on a global scale benefiting everyone. This information would offer clean and clear rights of use for all parties. You could even submit your trademark through the system. Leveraging an algorithm identifying any likeness to the trademark, the system could then grant or dismiss it. All of which would become part of the public ledger for anyone to review.

Land Registry: Some Latin American countries are beginning to use blockchain as a means to keep track of who owns which land deeds. Wealth is created through ownership, and one of the most challenging aspects of developing countries is determining who owns a piece of land. Disputes often occur because of corrupt governments or individuals taking advantage of the under-educated. Having a public blockchain ledger would allow for everyone to be aware of who owns which parcel of land; and it would make the exchange of those plots much easier and more equitable.

If a family were to buy a plot of land that could be registered on the legal blockchain, it would be much more verifiable than even perhaps government records. All parties would be able to authenticate this as compared to one entity (the government) holding onto all the records. This process would even create a better base for the government to fairly tax individuals and businesses.

Establishing Records: In some African countries they are looking at using blockchain technology to keep census information. Voter records could also be added to this process as a means to have a central repository of eligible citizens. In this area, currently under development, blockchain seems primed for tremendous growth.

Financial Service Industry: The banking industry also is jumping into this arena. The theory is that our stock exchanges will become blockchain enabled. The idea is simply that every stock bought or sold would be on the ledger. You could trace back your own ownership of that equity and even tie that to your estate-planning documents. Extrapolating this out, those documents also could be housed on a blockchain with respective triggers for when you eventually die. Ultimately that information is then released to your beneficiaries based on that event (Date of Death) recording by the Social Security Administration (SSA).

Personally I have little doubt that blockchain technology will revolutionize the legal industry in the coming years. The question is if it will be more like HTML — a behind the scenes technology — or if it will be a more obvious, almost tangible technology that we will all reference by name. There is almost no doubt that this technology will be a significant disrupter to the legal profession and the overall market on many fronts. The biggest industries — government, banking, legal, healthcare and others will either use it or be significantly impacted by it.