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

See all articles by Marcelo Corrales Compagnucci

Marcelo Corrales Compagnucci

Centre for Advanced Studies in Biomedical Innovation Law (CeBIL), Faculty of Law, University of Copenhagen

Mark Fenwick

Kyushu University - Graduate School of Law

Helena Haapio

Lexpert Ltd; University of Lapland - Faculty of Law; University of Vaasa, School of Accounting and Finance, Business Law; Tampere University - Faculty of Information Technology and Communication Sciences; JARGONFREE Research Group

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

Suggested Citation

Corrales Compagnucci, Marcelo and Fenwick, Mark and Haapio, Helena, Digital Technology, Future Lawyers and the Computable Contract Designer of Tomorrow (August 20, 2021). Research Handbook on Contract Design (Edward Elgar Publishing, 2022), Available at SSRN: https://ssrn.com/abstract=3908370 or http://dx.doi.org/10.2139/ssrn.3908370

Marcelo Corrales Compagnucci (Contact Author)

Centre for Advanced Studies in Biomedical Innovation Law (CeBIL), Faculty of Law, University of Copenhagen ( email )

HOME PAGE: http://https://research.ku.dk/search/?pure=en%2Fpersons%2F662698

Mark Fenwick

Kyushu University - Graduate School of Law ( email )

744 Motooka, Nishi-ku,
Fukuoka, Fukuoka 819-0395
Japan

Helena Haapio

Lexpert Ltd ( email )

Ritarikatu 7 A 2
Helsinki, FI-00170
Finland

HOME PAGE: http://www.lexpert.com

University of Lapland - Faculty of Law ( email )

Yliopistonkatu 8
Rovaniemi, 96300
Finland

University of Vaasa, School of Accounting and Finance, Business Law ( email )

P.O. Box 700
Wolffintie 34
Vaasa, FI-65101
Finland

Tampere University - Faculty of Information Technology and Communication Sciences ( email )

Tampere
Finland

JARGONFREE Research Group ( email )

HOME PAGE: http://www.jargonfree.fi

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