LegalTech Future - China Corporate Counsel Festival

Things You'd Like To Know

思满科技 STG

LegalTech Future
-- China Corporate Counsel Festival

On June 15th, STG Technology was honored to be the co-organizer to participate in the China Legal Affairs Festival 2019 and the Legal Contribution Summit of the Company. At this summit, the MATTERLINQ, an electronic bill management SaaS platform tailored specifically for corporate legal affairs, debuted, which attracted a lot of corporate legal attention and caused heated discussions. For more information about MATTERLINQ, please click this link to read "The Evolution of Business Management from Electronic Billing".
At the same time, Steven Wang, CEO of STG Technology, was also in the legal science and technology sub-forum of this summit. Steven Wang talked with legal professionals on the current state of legal technology development, the future, and the possible impact and opportunities for the legal industry, affairs and lawyers. Those legal professionals include Mr. Zhu Jian, senior legal adviser of the Legal Department of Alibaba Group, Mr. Zhang Bo, General Manager of Sony Mobile Law, Mei Zhen, co-founder and legal director of FaDada, and Mr. Xu Hao, legal director of Daewoo Unlimited.
The following is a selection of Steven Wang's speech.
Q1:How should the legal science and technology ecosystem be established?
Steven Wang:
We have been in the legal technology industry since 2016. Previously, our domestic team focused on media platforms. There are two main reasons for choosing the legal technology industry. The first is based on the fact that I was rooted in the information supervision industry in the United States. I have seen the pressure resistance of legal technology. The second reason is that the timeline of enterprise-level solutions in Asia in this field is about three to five years later than in Europe and the United States, and the opportunities are very promising. The current trend of the software industry is how to become a fulcrum of the industry ecology, so as to develop better .
Looking at the history of the development of legal science and technology in Europe and the United States, it gave me an inspiration, that is, the issue of "standards". Last time, when I participated in the activity of Peking University Law School, I also raised the highest priority issue of Chinese law and technology, which is standards. In fact, it's not that we don't have anyone to develop, we have a lot of great development brains, and I concerned that I worked with many teams in the US at that time. Chinese development programmers are definitely better than Indian engineers. But back to one thing, the issue of standards. Now that China has developed, we have a lot of (legal technology) companies that are doing software in a very unadvanced way. One of the concepts that these companies lack is "standards." For example, in European and American countries, the lawsuit has a complete EDRM model, which defines all metadata, including the metadata that you can obtain at each step, thereby guiding many excellent tools and big data solutions.

So I believe that for China, we are not short of good development and good teams. What we are missing is "standards". However, the establishment of standards is often directly related to the actual implementation and promotion of the bill. The Electronic Evidence Law was promulgated in 2005. It is a question of how much progress we are promoting. In 1995, when the Saipans Act was passed, it propelled a huge industry, namely eDiscovery. After its appearance, many thrusts began to appear in the standard. With "standards", there will naturally be a market. We are not afraid that without entrepreneurs, as long as there is such a thrust, there will be good things out to provide good solutions.

Q2:As a multinational enterprise, how to ensure that the legal technology products used are safe and compliant?
Steven Wang:
This situation has a lot of repercussions in Asia. My suggestion is that multinational companies can follow Global, but in fact Global may not be clear about a certain jurisdiction. In this case, the first thing you have to consider is the Reference of my local industry. (I do n’t know which industry you are) Find the best in this industry. What are their choices, because this may do more for you . Just like Alibaba is your reference, they have done it again, what is Alibaba's model, then we go to learn his best practice, which is actually the most common state in the software industry.
I think the most important step is the DM, including all aasets, not the same as documents, not the same as PDF ..., and mail. Because you are a multinational company, in theory, you still have to consider Global Purchase, whether it is headquarters There is already a fully open solution around the world.

Q3:As the legal affairs of Japanese and Korean foreign companies, the concept and usage scenario of electronically managed billing are a bit fuzzy. Can you explain it in more detail?
Steven Wang:
Although the situation in Japan dare not be asserted, e-billing is actually very mature in Europe and the United States. Fortune 500 companies basically use such platforms, but they may not regard it as a financial system. Because the case itself, including the case staff, the performance of power consumption, are all displayed through this platform. The problems that this platform can solve include all aspects, especially in terms of billing, and basically rely on this system. I think that large-scale Internet companies are ahead, and Alibaba may be using them. Some of the vendors they contact may be more risky, so many in-houses are willing to use e-billing to control their costs. Of course, in fact, I have talked to some management and many of our legal directors. Indeed, there is no such system in China, so I believe this is a very big opportunity.
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MATTERLINQ is a platform for efficient management of corporate legal fees. Provide powerful electronic billing functions such as collection, organization, tracking, auditing and reporting for corporate legal affairs, so that you have complete control of all case information and complete control over case budgets and expenses. Its powerful big data global search completes the legal expenditure specification and decision-making. Manage internal and external requests on the same platform, ensure compliance with corporate workflow agreements, and manage and allocate internal resources. It can also formulate bills, budgets, accrued expenses and rates.
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