Digital Technology, Future Lawyers and the Computable Contract Designer of Tomorrow
Research Handbook on Contract Design (Edward Elgar Publishing, 2022)
Posted: 21 Sep 2021 Last revised: 10 Nov 2022
Date Written: August 20, 2021
Abstract
This article explores the shifting character of contract design in the digital revolution, focusing on how emerging technologies are providing the contracting community with innovative new digital tools and resources that facilitate the creation of more user-friendly contracts. We identify emerging technologies that strive to deliver a smoother experience for both the creators and users of contracts. As a result of these technologies, we can imagine a future where contracts will not only be legally and operationally functional, but also code-based, interoperable across platforms, and built from library-stored modular components that utilize no- or low-code functionality. To remain relevant in this new environment, contract lawyers must operate as ‘relationship engineers’ who facilitate collaboration between different stakeholders with diverse expertise in multi-disciplinary teams comprising technology, business, and legal perspectives. The ‘computable contract designer’ of the future will be a key player leveraging the opportunities of digital technology to deliver the user-friendly contracts of tomorrow.
Keywords: contract design, smart contracts, computable contracts, AI, GPT-3, future lawyers
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