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Thursday, October 24, 2019

Stanford Faculty Club, Stanford University
439 Lagunita Drive, Stanford, CA 94305
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Moderator:
Drew Amerson, Director of LexLab, UC Hastings

Panelists:
Patrick Barry, COO, Logikcull
Amélie-Sophie Vavrovsky, Co-Founder & CEO, Formally
David Wang, Corporate Strategic Innovation Counsel, Wilson Sonsini Goodrich & Rosati
Dan Jansen, CEO and Managing Director, NextLaw Ventures
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Lawyers have been around a long time — from long before Shakespeare. By some accounts, people have relied on the specialized knowledge of the legal industry for over 6,000 years. And everything is about to change. Recent technological and regulatory developments are poised to transform our access to legal expertise in radically new ways. How lawyers and startups adapt to these changes will significantly alter the landscape of a $300B industry.
As new digital services supplant traditional legal services, law firms will no longer need to hire huge teams to get the information they need. In theory, this will allow smaller firms to compete more effectively, increasing access and decreasing costs. When the cost of hiring a lawyer is calculated by the minute, the financial savings could be huge.

Additionally, regulatory changes could shift the distribution of revenue and profit substantially across the entire industry. For example, states such as California and Utah are exploring new rules that would allow legal firms to sell “shares” of ownership to non-attorneys, creating new opportunities for the savvy investor.

This expanded access to information, to services, and to capital has the potential to improve legal services and generate significant value.

*What will lawyers need to do to survive in this changing landscape?
*Will “live” attorneys be replaced by legal robots?
*Will these changes lead to greater competition?