Law Punx - AI Can't Fix The Contract Problem.

We hear from Todd Smithline at Bonterms about how no matter how far we get with legal AI, the core problem with contracting remains - and the answer to that is standards.

Summary

In this episode of Law Punx, Richard Tromans interviews Todd Smithline, a pioneer in standardization within the legal industry. They discuss the punk spirit of innovation in contracting, the evolution of technology in legal processes, and the fundamental problem of achieving consensus in contracts. Todd emphasizes the importance of community-created standards and collaborative tools to facilitate easier contracting for both parties, contrasting this with the traditional adversarial approach enhanced by AI.

Takeaways:

• The punk spirit in standardization is about challenging the status quo.
• AI is currently the focus of investment in the legal industry.
• The real problem in contracts is achieving consensus, not drafting.
• Technology has changed the way contracts are negotiated but not necessarily improved outcomes.

• DocuSign's success is attributed to making contracting easier for both sides.
• Standards can help create a collaborative environment for negotiation.
• Community-created standards are free and accessible to all.
• The future of contracting lies in shifting fundamental behaviors.
• Collaborative tools can expedite the agreement process.
• The podcast serves as a platform for diverse legal opinions.

Sound bites

"We are the anarchy, we are the new energy."

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Chapters

00:00 Introduction to Law Punks Podcast

00:57 Todd Smithline's Punk Credentials

01:56 The Role of Standards in Contracting

03:46 The Evolution of Contracting Technology

06:00 Understanding the Fundamental Problem of Contracts

07:18 Collaborative Tools for Contracting

08:33 Is Contracting Broken?