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Process Is the Key To Success When Applying Legal Technology To Discovery
The litigation industry is awash with technology. According to consulting firm Gartner, law firms, corporations and service providers spent almost $2 billion in 2014 buying or licensing e-discovery software, almost none of which existed just 10 years ago. See, 'Magic Quadrant for E-Discovery Software.' Why? The primary driver has been the explosion in the amount and variety of discoverable data in the world. Without software, litigators today simply cannot get their job done, and corporation spend on discovery would be unfathomable. So far, so good ' our industry has made progress.
Yet there remains a significant challenge. In November 2013, Legal Tech Newsletter's ALM sibling, Law Technology News, published an article with the byline: 'Humans Are Still Essential in E-Discovery.' The article summarized results from an extensive study conducted by the Electronic Discovery Institute and involving two leading Stanford statistics professors. The study compared the results of 19 technology assisted review providers with an entirely human review of a 1.7 million document data set. The headline conclusion was 'software is only as good as its operators.' The article included a chart that ranked the 19 providers' performance as 'optimal,' 'average,' and 'low' for each of three reviews (responsive, privilege and hot documents). The range of performance was dramatic. Only one provider scored 'optimal' in all three categories, while five others scored 'optimal' in two of the three categories. Four scored 'low' in all three categories. And many used the exact same software. The range of spend was equally wide, with one provider's total cost under $50k and another's over $1.5 million, a 30x difference.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?