This week on The Geek in Review, we discuss the future of legal technology with Dr. Megan Ma, a distinguished research fellow and Associate Director of the Stanford Program in Law, Science, and Technology at the Stanford Center for Legal Informatics, also known as Codex. Dr. Ma’s groundbreaking work in integrating generative AI into legal applications takes center stage as she shares her insights on translating legal knowledge into code and the implications of human-machine collaboration in the legal field.

Dr. Ma discusses her unique background in law and linguistics, emphasizing the challenges of translating legal language into deterministic computer code. Her fascination with language and its nuances has inspired her research at Codex, where she explores how legal concepts can be effectively communicated through technology. She recounts her academic journey, explaining how her multilingual skills and interest in natural language processing have shaped her approach to developing legal tech solutions.

At Codex, the mission is to empower the legal system through innovative technology. Dr. Ma describes Codex as a collaborative hub, where experts from various fields work together to address inefficiencies and pain points in the legal system. She highlights the center’s commitment to human-centered design, ensuring that their technological advancements are co-created with relevant stakeholders. This approach ensures that the tools and solutions developed at Codex are practical and beneficial for both lawyers and clients.

One of the standout initiatives at Codex is their mentorship model, designed to mirror the traditional mentorship found in law firms. Dr. Ma explains how they use AI to create legal personas based on the redline practices of experienced partners. This innovative approach allows junior associates to receive focused guidance, helping them improve their skills and knowledge in a more efficient and impactful manner. By integrating AI into the mentorship process, Codex aims to bridge the gap between theoretical legal education and practical experience.

Dr. Ma introduces the concept of agentic workflows, where AI agents make autonomous decisions based on specified goals rather than predefined tasks. This dynamic interaction is particularly useful in legal negotiations, where unforeseen circumstances often arise. The negotiation model developed by Codex includes features like client rooms, expert consultations, and various levels of difficulty to simulate real-world scenarios. This hands-on training tool is designed to help young lawyers navigate complex negotiations and improve their problem-solving skills.

In the Crystal Ball segment, Dr. Ma shares her vision for the future of legal technology. She emphasizes the importance of developing tools that tap into the legal brain, focusing on the process behind legal decisions rather than just the end product. By capturing the experiential knowledge of seasoned lawyers, Codex aims to create more effective and intuitive AI tools that can support the legal profession in new and innovative ways. Dr. Ma’s insights highlight the potential for AI to transform the legal field, making it more efficient, accessible, and responsive to the needs of both practitioners and clients.

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Music: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jerry David DeCicca⁠⁠⁠⁠⁠⁠⁠⁠

Transcript

Continue Reading Training AI to Mentor Like a Partner: Insights from Dr. Megan Ma

This week, we sit down with Conrad Everhard, founding partner of Flatiron LLP, a pioneering law firm that has revolutionized M&A services with their innovative flat fee model. Conrad shares the fascinating origin story of Flatiron, its unique approach to legal services, and the challenges and successes they’ve encountered along the way.

Everhard recounts the inception of Flatiron LLP, co-founded with Mark Haddad and Lenny Nuara, former big law partners, who sought to modernize legal services post-financial crisis. Despite their elite backgrounds, reentering the private law firm space proved challenging due to their detachment from Big Law for a few years. Driven by their frustrations with Big Law’s resistance to change and the convergence of factors such as acceptance of virtual models and access to senior labor, they took the bold step of founding Flatiron. This new model law firm leverages technology and client-focused solutions to disrupt traditional legal services.

When it comes to Flatiron’s groundbreaking flat fee M&A services, Conrad explains that the motivation behind this disruptive approach was to bring more transparency, predictability, and cost-efficiency to the fee structure. Over several years, Flatiron has honed a model that relies on low overhead, innovative labor deployment, and technological advancements. They operate on a general contractor model, utilizing a network of expert contractors on a project basis, which allows them to offer high-quality services at a lower and more predictable cost compared to Big Law.

Conrad highlights Flatiron’s development of “Deal Driver,” a workstream efficiency platform that streamlines the M&A process. Initially created as an internal tool, Deal Driver organizes and manages data through each phase of a deal, incorporating AI and human intelligence to enhance efficiency. This platform has not only improved their internal processes but has also gained popularity among clients, leading to its spin-off as a proprietary platform. The success of Deal Driver underscores Flatiron’s commitment to innovation and client satisfaction.

Flatiron’s unique labor pool taps into senior associates and counsel with elite firm backgrounds who, for various reasons, seek alternative work environments. Flatiron offers better pay and a more flexible, engaging work culture, attracting highly skilled professionals. Conrad emphasizes the importance of their “coolness factor” in recruitment and client acquisition, noting their collaborations with Stanford Codex and the positive reception from private equity clients who appreciate their efficiency and data management capabilities.

In the crystal ball segment, Conrad speculates on the future of the legal industry. He predicts that traditional Big Law firms may eventually adopt more innovative models, possibly through spin-offs or off-brand ventures, to stay competitive. Additionally, he foresees alternative legal service providers and sandbox experiments in places like Utah and Arizona challenging the traditional legal market. Despite the potential for disruption, Conrad remains confident in Flatiron’s model, emphasizing the green field of opportunities ahead and their readiness to adapt and innovate continuously.

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Music: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jerry David DeCicca⁠⁠⁠⁠⁠⁠⁠⁠

Flatiron LLP: flatiron.legal
Conrad Everhard on LinkedIn: Conrad Everhard
Email: ceverhard@flatiron.legal
Flatiron’s Deal Model
Negotiation Simulator
Demo at Codex
Article on Fixed M&A Deals

TRANSCRIPT

Continue Reading Inside Flatiron’s Flat-Rate M&A Model with Conrad Everhard

I had the opportunity to speak at the CodeX, FutureLaw Conference at Stanford Law School last week.  Its my second time attending, and I continue to be impressed with the diversity of topics, professions and people who participate.  One of the presentations to catch my attention was conducted by Professor Daniel Linna, from Michigan State University.  Professor Linna is the Director of LegalRnD, the Center for Legal Services Innovation, and gave a presentation showcasing an index he has developed to measure legal innovation in law firms and universities.  The measurement of innovation adoption is challenging.  Casey Flaherty established test criteria to grade lawyer’s mastery of technology, and Jeff Ward at Duke Law has spoken at the AALL conference about innovation levels students reach as they progress in law school.  I think even Professor Linna will be the first to say his index is version 1.0, and there is much room for further development (OK, he did say that actually), but the point is all these people are trying to tackle the measurement and data presentation challenge.
Continue Reading Is Measuring Legal Innovation Adoption a Thing Now?