Biography of Cheryl E. Zuckerman

Biography of Annette Torres

We are pleased to present the latest issue of the Compliance Elliance Journal (CEJ). In this edition, we will focus on legal education and professional training re compliance and ethics.

This issue focuses on the sanctioning of corporate crime.

We are pleased to present you a new edition of the Compliance Elliance Journal (CEJ). This edition will focus on questions regarding Legal Tech and Compliance.

Under the heading of “Compliance in Science” we want to tackle an issue on our own behalf. Since its first edition, CEJ has been published as an open-access journal.

We are pleased to present you a new edition of the Compliance Elliance Journal (CEJ). This edition will focus on questions regarding Legal Tech and Compliance.

If you have not been hiding under a rock you have heard the whispers about Bitcoin and Blockchain, and they are going to revolutionize everything we do (or scam everyone into debt at the very least). One very interesting part of this technology is the idea of Smart Contracts – programs that automate the process of an agreement between two entities essentially to circumvent aspects traditional problems with executing and enforcing said contract. While in the legal community Smart Contracts have been talked about at length about whether they can truly succeed in replacing certain functions of the legal system, one question that has yet to be asked is if they are a viable substitute are many people immediately placed in a detrimental or even harmful situation. The pervasiveness of Blockchain and Smart Contracts will not affect everyone in our society equally and that must be taken into consideration.

Smart contracts allow for automated compliance with contractual rules. They derive their “smartness” from an execution software that catches the most typical defaults and responds by mechanically triggering a compensation payment or another prearranged consequence. Through this self-enforcement mode, smart contracts are able to save time and effort that is associated with more customary rights enforcement mechanisms. Now, whereas compliance with in-house rules or corporate governance standards is common today, compliance with contract law only occurs on a voluntary basis. This might, however, change if businesses should be obliged to automatically meet customer claims through smart contracts. On the basis of a sample case, this article examines the pros and cons of smart consumer contracts and carves out the most suitable applications of smart contracts as a means to ensure private law compliance.

This article introduces the idea of legal chatbots and how legal chatbots might affect the legal market in the near future. We define chatbots as computer programs that automatically chat with users and assess their potential for legal consultation. We identify four potential strengths of legal chatbots: providing access to justice, serving as contact points for customers, reducing the knowledge gap between lawyer and client and automatically generating documents and taking further actions. In the concluding section we briefly discuss ethical aspects of legal chatbots and possible future developments.