Jim Chiang is the founder of My Legal Einstein, an AI-powered legal contract review tool. “So when you think about a time the value of that to actually have that much of a limiting factor in terms of getting to some point of value, you could have done a stand why Legal AI hasn't really gained a huge
Publish Date: Apr 11, 2021
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Jim Chiang is the founder of My Legal Einstein, an AI-powered legal contract review tool. “So when you think about a time the value of that to actually have that much of a limiting factor in terms of getting to some point of value, you could have done a stand why Legal AI hasn't really gained a huge amount of adoption. So My Legal Einstein really is intended to have a user who never actually has heard of My Legal Einstein.They actually go onto a site, they register, they log in and then they get you to try our algorithms against any of their contracts that they actually see. And our proof of value is very instantaneous and assess that as soon as they actually find ways to navigate their own contracts, to try it on their own contracts and be able to gain value from it when things that they actually might've missed come up very much in an instant.And when you talk to you about time to value for AI solutions, you really want to make sure that they get to the aha moment where they say, ‘Oh, I miss something’. And that light bulb goes on. And that basically means that the AI has helped them to find something that they have missed before and that's a huge moment for us.”You can subscribe to the newsletter for free at FringeLegal.com/newsletter.Show notes
Jim’s background and introduction to My Legal Einstein (01:33)
How is My Legal Einstein different from other AI contract review tools (04:18)
The challenges with delivery value, and how Jim approaches it (09:30)
Algorithmic differentiation (12:08)
Why focus on third party document (15:03)
Future plans (18:28)
“So my Legal Einstein really caught, differentiates a lot of punch for the pre-execution space because we're not really trying to be a better attorney. I would not try to tell the attorney what to do, but we actually tried to augment the attorney’s intelligence in terms of being able to address a lot of the intelligence and aspects of the mundane aspects”. The full transcript for the episode is included below. If it is cut by your podcast player, you can find it at www.FringeLegal.com