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Fenwick, Mark; Kaal, Wulf A.; Vermeulen, Erik P. M. --- "FUTURE LAWYERS: HOW TO STAY UP TO DATE WITH THE LEGAL TECH REVOLUTION" [2019] ELECD 2019; in Madir, Jelena (ed), "FinTech" (Edward Elgar Publishing, 2019) 418

Book Title: FinTech

Editor(s): Madir, Jelena

Publisher: Edward Elgar Publishing

Section: Chapter 19

Section Title: FUTURE LAWYERS: HOW TO STAY UP TO DATE WITH THE LEGAL TECH REVOLUTION

Author(s): Fenwick, Mark; Kaal, Wulf A.; Vermeulen, Erik P. M.

Number of pages: 23

Abstract/Description:

Lawyers should not feel threatened by the exponential growth of new technology and the subsequent social and economic change that it brings. But they should also not deny such change and cling to traditional ways of operating. Instead, they should view new technology as a source of tremendous opportunity and growth. If, as seems likely, machines can reduce standardised legal work, there will be more time for lawyers to assist clients with the new and specific challenges of navigating the complexities of a digital environment. However, to enjoy the benefits of such opportunities, lawyers will need to acquire a new level of literacy in the various basic building blocks of disruptive technologies. In an age of ‘ubiquitous computing’, a crucially important element is code and coding. In this chapter, we argue that lawyers of the future will be ‘transaction engineers’ and that to perform this function effectively, legal professionals will all need to be able to understand the basic concepts and power of coding.