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Sunday, November 17, 2024

Revolutionizing Legal Tech in 48 Hours

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John Taylor, Professor of Economics at Stanford University and developer of the "Taylor Rule" for setting interest rates | Stanford University

John Taylor, Professor of Economics at Stanford University and developer of the "Taylor Rule" for setting interest rates | Stanford University

In a recent event at Stanford University, a team of students from the schools of Law, Business, and Computer Science came together to revolutionize the legal tech industry in just 48 hours. The team's innovative tool, Vet's Claim, designed to streamline the process for disabled veterans seeking benefits, took the spotlight at the CodeX Hackathon.

The team behind Vet's Claim, including co-creator Camila Chabayta, JD ’25, and Graduate School of Business student and Army veteran Matthew Champion, aimed to address the challenges faced by veterans in filing disability claims. Chabayta highlighted the importance of getting applications right the first time, stating, "Approximately 75 percent of veterans’ applications for disability benefits are rejected the first time they are submitted." Champion, drawing from his personal experience, emphasized the need for a more efficient and effective process, sharing, "It took me 26 in-person meetings, and over three years for my application to be accepted."

Chabayta, reflecting on the success of Vet's Claim, expressed her surprise and gratitude, stating, "It is all still sinking in and is so much more than I even expected going into the hackathon." She also mentioned plans to further develop AI legal tools in the future, with potential interest from venture capitalists to support the real-world implementation of Vet's Claim.

Another standout project at the hackathon was DueDiligent AI, created by Kevin Yan, JD ’26, and his interdisciplinary team. This generative AI tool automates M&A due diligence processes, providing quick identification of risky contract provisions and potential business value risks. Despite the intense schedule of the hackathon, Yan, who is also pursuing a medical degree, found the experience both challenging and rewarding, sharing, "I slept some, but not a lot."

Yan's interest in AI and its impact on law and technology was a driving force behind DueDiligent AI. He highlighted the value of interdisciplinary collaboration during the hackathon, stating, "It taught me a lot about cooperation and collaboration." Megan Ma, CodeX Associate Director, praised the unique approach of DueDiligent AI, emphasizing its focus on business valuation verification, a gap not covered by existing tools in the M&A space.

Overall, the CodeX Hackathon showcased the power of innovation and collaboration in transforming the legal tech landscape. With projects like Vet's Claim and DueDiligent AI leading the way, the future of AI applications in the legal field looks promising.

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