We all know that video killed the radio star. Now Blockchain is set to kill the lawyer. My lawyer cousin sent me this article. It’s hard hitting truth.
https://thenextweb.com/syndication/2018/02/14/machine-learning-wont-kill-lawyers-blockchain-will/
This blog paraphrases parts of that article.
I've seen first hand how the legal sector does not like change. Their fingers have to be prized from their wigs and ribbon bound files. I still come across the odd lawyer who requires faxed undertakings and bank cheques.
As a young Office Junior in a large law firm in 1988, I used a Canon electric type writer and sent urgent messages via fax. The CHANGE happened in 1990’s. When PC’s and MS DOS Word Perfect 5.1 replaced the typewriter two rather older secretaries and their equally older solicitor refused to relinquish their typewriters and pink ribbon tied folders.
https://en.wikipedia.org/wiki/WordPerfect
I was later promoted to Land Titles Office search clerk. I would que with a paper chit to get a copy of a title. The large room was fill of filing cabinets, which were fill of paper Certificates of Titles. Staff took your chit, went to the drawer, took out the title, photocopied it. Stapled it together and put the title back.
Archaic! Don’t laugh too loud!
Then CHANGE happened. Land Titles when digital. The filing cabinets of titles were relegated to a museum corner to gather dust.
Lawyers don’t like change. A big one is coming. One day soon lawyers will not be the arbiters of contracts, charging large fees.
Change is challenging. An easier path is the one we are familiar with.
The legal sector needs to embrace change or go the way of Library Britannica who didn't foresee the internet making their services all-but extinct (If you said 'who?' that makes the point just nicely)
Wouldn't it be nice to do a transaction with no middle 'man'. No legal fees. No lawyers making things overly complex. No sending emails confirming a condition is satisfied. No running to the accounts department to make the payment. No sending confirmation "Payment is made in Same Day Cleared Funds and won't be reversed"...because we don't trust each other. No delays. No emailing documents for signing (print, sign, scan, email) and until you do, the transaction can't progress, but you are caught in a meeting - delays. No conflicts of interest - bias. Not being confined to doing business 9-5 or when your solicitor isn't at lunch/on holiday/busy/sick.
A nice simplified transaction.
But how?
Technology.
A software protocol that performs the contract terms as two parties require. It holds people to account. Your actions are on a publicly recorded ledger. It enforces contracts as per the facts. No bias.
Blockchain and smart contracts will be doing the work of the 'every day 'lawyer. It will know all legal statutes and case law to solve issues. Of course, the clever strategically minded lawyers will be needed for complex transactions.
Oddly, the legal profession don't see this tsunami coming because they cannot entertain the possibility that their historic foothold on the performance of contracts can be dislodged.
Kodak film didn't see their demise when digital cameras were invented (by them!)
The Postal service didn't see their demise when email arrived.
Taxi drivers thought they were safe forever, until Uber
It's a massive paradigm shift.
I'm not rubbing my hands with glee to see the demise of the lawyer in my transactions. I am rubbing my hands with glee to see the phenomenal change that will be occurring in business with Blockchain and smart contracts. It will make commerce easier. Business easier. More honest. Transparent. Fair. I won’t be inconvenienced to drive to my solicitor’s office to sign papers and present my passport, initial here and there.
I want to be a part of bringing this technology to the legal sector. I want to see the legal sector embrace change, not fear it.
In saying that the lawyers are not seeing the tsunami, I will contradict myself. There is a slow turn of heads .
In New Zealand the Lawfest conference being held on 8 March.
https://www.lawfest.nz/
It is about Innovation and Technology in Law. Lawyers can be exposed to the new technologies and the impacts on their business. Those who attend will be the type who front foot change and growth in business. They are not just lawyers, they are business people who want to provide the best service to their clients and who see if they fail to change they will be left behind.
Hopefully when this generation of early adopters takes this information back to the partnership, the partnership are opened minded enough to embrace change.
If not, they will go the same way as the electric type writer, fax machines and paper titles…..to a museum to gather dust!
BE CURIOUS - SEARCH LEARN GROW
Kiwicrypto