Here you can find the the key points about our vision from a business perspective. Its a preview of our official white paper, which we will release closer to the ICO.
Being a LawTech company to us means putting the law at the center, not at the periphery, of our technology.
What makes us different is that we build technology that tackles fundamental legal problems from the inside. We are not interested in selling barely modified FinTech solutions to lawyers or in putting together another redundant case management system. Solving law means embedding the particular nature of legal problems in our technology from the ground up.
We are researching one of humanity's most important and oldest subjects with architectures that weren't even available 5 years ago.
The law is one of the defining features of civilisation. Still, it remains virtually unexplored by data science. We are changing that. We use artificial intelligence to gain new insights about the law. We follow AI research closely to ensure we are using state-of-the-art models. Our goal is to establish computational jurisprudence as an academic field between law and computer science.
We think knowledge is more valuable when it is shared and has an impact.
Our technology is packaged into different services and products that make a difference to our users and clients. From ChatBots to GUIs and system integration, we make sure that our legal intelligence solves problems for good. We don't think that total automation is always better than partial automation - the best solution always depends on the specific problem.
The value of legal services in the UK in 2016 was £ 30 billion GBP.
Case outcome predictions are important to almost any legal service. Even if case outcome predictions accounted for only 1% of legal services, and even if we could only achieve a 10% market share, our annual revenue would be in the order of £ 30 million GBP.
Various studies forecast the increasing automation of the service sector. Our technology fits right in.
We are opening up opportunities for innovation and automation in the legal sector that many would not have thougt possible a few decades ago (some still don't.) Much work related to case outcome prediction can be automated and enhanced by machine intelligence. Our system is one of the first to implement that possibility practically.
Wherever people use words to manage their relationships with one another, our technology has an application.
Our technology is easily adaptable to other jurisdictions. Case outcomes are important in every legal system. Legal systems exist in almost every country in the world. And wherever case outcome predictions are important, our technology offers a high-value solution.
Some technology companies offer artificial intelligence services specifically for legal problems, but almost none of them specialise in case outcome predictions.
Our main competitor in our core field is Premonition AI. Premonition improves litigation winning chances by recommending the best lawyer for a specific case based on that lawyer's track record. Our product is different because our predictions are based on factual and legal descriptions of the problem - giving our system a broader scope and a competitive advantage over Premonition AI.
Other technology companies such as Palantir Technologies or ROSS offer artificial intelligence solutions for law firms. Again, our specialisation in the core area of case outcome predictions gives us an advantage over these companies, which do not cover case outcome predictions. We also have a strategic advantage over these companies in the UK market because we are based in Cambridge and have an extensive network in England and beyond.
For some applications, our technology is in competition with legal companies. Because of our focus on one specific task - predicting case outcomes - we can outperform lawyers by multiple orders of magnitude.
Lawyers do a lot more than supply a win/lose prediction. Still, predicting case outcomes is something clients want and lawyers often are asked to supply. Our system takes seconds instead of weeks to make a prediction, is much less expensive, and in some specific applications is more accurate than a lawyer.
We have been in touch with regulatory bodies from day one.
LawTech is a relatively new field and AI can have serious social and ethical implications. We have been in touch with regulatory bodies in the UK since the beginning of our pilot project and periodically review our services to ensure they are in full compliance with applicable regulations. We also follow strict internal GDPR and cybersecurity guidelines and ensure compliance with data protection regulation. We have recently been asked to join a working party for the digitalisation of the English court system by a reputable organisation.
We calculate our cash flow carefully to make sure that we always have enough available capital to make it through the next 12 months.
We keep a close, Suabian eye on everything we spend and keep our costs as low as possible. We follow the lean startup strategy and periodically review every expenditure critically to assess whether the return is worth it. We only assume contractual obligations that we can fulfill and minimise our exposure legally and commercially.
We care a lot about the people working at Elexirr and provide them with a perspective.
Every member of the core team has been working at Elexirr for over a year and is committed to the company. We select our interns and employees very carefully and only introduce them to essential tasks once we are certain that we can rely on them. We have clear communication channels and a professional operations structure that adapts to the size and capacity of the company.