File Size: 1655 KB
Print Length: 481 pages
Publisher: Oxford University Press (October 3, 2016)
Publication Date: October 3, 2016
The point of Part I is that " law" is a way in which governments provide, among other things, the mundane guidelines to support economic life - giving individuals and businesses the ability to protect property, get compensated for work and opportunities, hold sellers of goods and services accountable for the standards of quality they marketed, allow reasonable access to credit and insurance, etc. Importantly, there is a chicken-and-egg effect: without such legal infrastructure in place, it is difficult to create the wealth required to sustain a strong and responsible government in the first place. The problem is that as economic activity evolves, governments have fallen behind in continuing to generate functional legal infrastructure controlled by see accountable oversight.
Part 2 explains how the supply of legal services in america became a " closed loop" that, by the fundamental structure, now stifles the necessary innovation and risk taking which characterizes improvements in other areas of society and the economy. She covers court oversight of legal services despite courts having woefully inadequate resources, the protectionist ways in which legal ethical rules prevent cooperation between attorneys and technology providers, and so forth Hadfield's basic narrative is that the American Pub Association through the professional age managed to vest attorneys and courts alone with the power to manage how legal services are provided, and after this we need to unbundle that structure because it can no longer address fundamental problems such as improper pricing, too much complexity and lack of fairness. The woman proposed course out of this current quandary is market driven, because marketplaces are an essential tool for innovation. Regardless of this free market creed, she nevertheless highlights the imperative of governments to ensure that systems are politically dependable.
Currently, the legal service industry lacks diversity of thought, lack of appropriate feedback for the providers, and lack of risk-taking opportunity. Which results in her great question: " EXACTLY WHERE WOULD BE THE GARAGE GUYS IN LAW"?? Answer: nowhere, due to the structural limitations that the lady ably describes. (Every " legal tech" entrepreneur should at least read this section of her guide, to grasp the institutional rigidity of the legal profession that they're upwards against. )
Part III is called Global Lawful Innovation. It seems to meld access to proper rights issues, insofar as the lady talks a lot about lack of legal rights and services for those socioeconomically at the Bottom of the Pyramid (BOP), with a lot of discussion of cross-border and international defining of rights in a globalized world.
Her bottom line includes prescriptions about what needs to change:
(1) Change the conversation - so that building a suitable legal infrastructure for the 21st century rises in priority to other big issues such as climate change and disease eradication;
(2) DON'T LEAVE THAT TO THE LAWYERS - because their closed loop (of standard education, group-think, lack of external feedback, etc. ) makes them now uniquely unhelpful in leading necessary change;
(3) Change the rules - which essentially means that legal policy is the same as economic policy;
(4) Catalyze and fund research on these topics, instead than concentrate on the navel-gazing and self-referential " professional" subjects studied by most law schools;
(5) Spend in legal Innovation - for example we require things like tech-driven solutions for specific legal services, new tech-driven regulatory systems provided by 3rd party providers, and tech-driven legal system generally.
Overall this is an impressive book. This attempts to bring together the very disparate yet necessary lines of considering into one comprehensive look at how we might think again about the making of laws and rules. It also explores the strands of thought needed in order to rethink the services available to allow individuals and businesses benefit from those rules.
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