Photo: Mona Datt, Loom Analytics
As part of a weekly series leading up to The Pitch, the first-ever legal innovation startup competition hosted by the Canadian Bar Association and LegalX, we’re asking each finalist the same 5 questions. This week’s Q&A is with Loom Analytic’s Mona Datt.
National: What made you realize that you wanted to build a business?
Mona Datt: Loom Analytics is actually my second venture. I have spent the last ten years building eDecree, a BPO that works with the legal and insurance sectors. I’ve always had an independent streak, and the freedom to create something from scratch is what attracted me to starting eDecree and Loom Analytics.
After graduating, I wrote my LSATs and was accepted into law school, but chose to continue practising engineering, before I started eDecree. I decided to start Loom because it is the perfect opportunity to blend my interest in law with my engineering background.
N: What unique problem are you trying to solve?
MD: We are trying to bring metrics and structure to case law. If a lawyer can sit at their desk and decide more quickly and more intelligently whether they want to pursue a particular motion, bring a case to trial or settle, take on a case in the first place, or assess business risk, then we’ll have achieved our goal.
N: What insight do you have about the legal marketplace that is the one thing traditional legal service providers don’t want to hear?
MD: That intuition and case-law review are not enough for legal analysis. Lawyers should be leveraging legal data and metrics, not just anecdata. The challenge for lawyers has been that although this data was available, it only existed in a completely unstructured format. Our system solves this problem by allowing lawyers to gain critical insights from the vast amount of structured data contained in our database.
N: What’s your take on the legal start-up scene?
MD: Unfortunately, until recently, the Canadian legal tech start-up scene has significantly lagged behind other jurisdictions. For example, in the US there seems to be much greater awareness and acceptance of legal tech in the traditional legal industry. Events such as Stanford's Codex, the ABA Techshow and ALM Legaltech have been great at showcasing the latest and greatest. However, it's really exciting to see that type of enthusiasm spreading north of the border through great organizations like LegalX, LIZ and the CBA.
N: What do you think is the best thing since sliced bread?
MD: Thanks to Moore's Law and beyond, the once impossible is now possible. A machine can learn and think as fast as the human brain.