The practice of law involves various forms of prediction and analysis, and historically legal professionals have relied on personal professional experience to attempt to accurately predict various outcomes. This professional experience may be augmented using the combination of detailed historical data and data analytics to increase the accuracy of predictions. Data analytics enhance attorneys’ ability to recognize business opportunities and to provide effective representation by arming them with better predictions about the future.
In this open innovation Challenge, Thomson Reuters and CodeX – The Stanford Center for Legal Informatics (http://codex.stanford.edu/) – have partnered to invite legal professionals, programmers, entrepreneurs, data scientists and any other interested parties to utilize years of federal court dockets along with outside data sources and Thomson Reuter’s PermID to develop an application that provides high value analytics to legal practitioners.
This Challenge has a special award structure with three awards of $20,000,$15,000, and $10,000 for 1st, 2nd, and 3rd place, respectively, for granting the Seeker a non-exclusive license to practice the solutions. In addition, up to four more Honorable Mention awards will be given. Each awardee will have the opportunity to attend the 2015 Thomson Reuters/CodeX Legal Tech Showcase event to be held at Stanford in November 2015 and be provided with a $2,000 stipend to attend the event.