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Is the Future of Law a Driverless Car?: Assessing How the Data-Analytics Revolution will Transform Legal Practice

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  • Eric L. Talley

Abstract

Data analytics are quickly transforming law, challenging its survival as a vibrant profession for natural persons. I argue that data analytics will continue to penetrate law, even in domains heretofore dominated by human decision-makers. I demonstrate this claim by describing how machine-learning techniques can be used to identify important fiduciary waivers. Notwithstanding their transformative power, however, I remain doubtful that data analytics will substantially displace law. The most powerful approaches in data analytics as applied to law require human practitioner inputs to train, calibrate, and supervise machine classifiers. Moreover, law's normative/prescriptive commitments are irreducibly dynamic and complex - traits poorly matched to algorithmic prediction.

Suggested Citation

  • Eric L. Talley, 2018. "Is the Future of Law a Driverless Car?: Assessing How the Data-Analytics Revolution will Transform Legal Practice," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 174(1), pages 183-205, March.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(201803)174:1_183:itfola_2.0.tx_2-p
    DOI: 10.1628/093245618X15135819919253
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    More about this item

    Keywords

    machine learning; natural-language processing; artificial intelligence; data analytics;
    All these keywords.

    JEL classification:

    • K0 - Law and Economics - - General
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
    • M51 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Firm Employment Decisions; Promotions

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