The two companies are challenging teams around the world to use blockchain technology to innovate the centrally important area of legal billing.
The two companies said that the Blockchain Legal Billing Challenge has been designed to explore how ‘legal billing is part of the financial nervous system of the legal industry, but is often a source of friction and expense – and frequent aggravation – for both law firms and clients.’
‘As an ecosystem technology, blockchain holds the promise of improving accuracy, streamlining reconciliation, and speeding up payments for all stakeholders, worldwide,’ the added.
The Blockchain Legal Billing Challenge will recognise one outstanding team from around the world that demonstrates a high impact application of blockchain technology related to legal billing.
To facilitate the challenge, Clause and Integra Ledger are making their blockchain development tools available to GLH participants.
Peter Hunn, Founder of Clause, said: ‘The Clause technology enables hackathon teams to quickly and easily develop and deploy smart legal contracts and connect them to Integra and other systems for payments, invoicing, and accounting.’
While, David Fisher, founder of Integra Ledger and the driving force behind the GLH, added: ‘Integra will make its blockchain smart document technology available to all hackathon participants, to enable computable legal bills.’
The Global Legal Hackathon is exactly one week away, and participants are preparing in 47 cities and 24 countries around the world. This will also include the GROWL initiative – Global Rise of Women in LegalTech – which is launching a global network of women leaders in the legal industry who will mentor and advise women-led teams during the hackathon.
There is still time to register to participate in the Global Legal Hackathon, which is free for participants. Participants are also not obliged to use any particular technology that is provided, and can do in effect whatever they want.
Plus, in other GLH news:
iManage’s downtown Chicago headquarters will serve as the incubator for this year’s teams.
Oliver Yandle, JD, CAE, Executive Director, ALA, said: ‘During the hackathon, we plan to focus our efforts on developing practical applications, tools and resources leveraging the Uniform Process Based Management System (UPBMS), ALA’s comprehensive system of codes – a taxonomy – that encompasses the wide variety of processes needed to support the practice of law.’
Dean Leung, Chief Customer Success Officer, iManage, added: ‘iManage is a big proponent of innovation in the legal community. The Global Legal Hackathon is a great way to spur innovation in legal technology by bringing people together to brainstorm solutions that could revolutionise how legal professionals work for years to come.’