Formal
Description: The next ten years could see a dramatic rewriting of the law firm
playbook as innovators and entrepreneurs break from the pack to change the
rules of the game. What's driving these changes and how can law firms respond?
...Global futurist Rohit Talwar will deliver a
keynote presentation and then be interviewed by Monica Bay, editor-in-chief of
Law Technology News. In his presentation, Rohit will draw on ILTA's latest
'Future Horizons' research to highlight how law firms can leverage emerging
technologies coupled to new paradigm thinking to transform everything from firm
strategies and business models through to the way tomorrow's lawyer is
recruited, developed and rewarded. Rohit will illustrate his talk with the
latest findings, technology opportunities and case examples emerging from
ILTA's Legal Technology Future Horizons research Project. The study is designed
to examine how emerging technologies could impact the design and delivery of
legal services over the next 10-15 years. The research is also exploring the
resulting implications for how law firms need to evolve the management of the
IT function to address an ever-quickening pace of technological change.
Speakers: Rohit
Talwar, Monica Bay
See twitter conversation at #key2.
He's the CEO of Fast Future in London. He's the project director of
ILTA's Law 2020. His legal sector clients include LinkLaters and Norton Rose.
How do we use insights on emerging technology to drive better
decisions today?
Where could technology impact legal organizations?
The study involved interviews with vendors, peers, and legal
technology thought leaders.
His cross-industry research concludes that organizations that innovate
and adjust to technology change think in three time horizons. Over 12 months
they look for operational excellence. Over 1-3 years they try to innovate,
grow, and be efficient. Over 4-10 years they create the future. Corporations
need to allocate people to these different areas and allocate time at
management meetings for future-oriented discussions.
The next decade will be quite turbulent. The global economy is $65-70
trillion, there are still around $700 trillion in derivative contracts. There
is no historical model from which we can learn because of the internet and
rapid changes in technology.
The growth of the middle class will occur in Brazil, China and India.
Business cycles are faster. There are talent shortages, disruptive
technologies, and rapid spread of science and technology advances.
For instance, if autonomous cars can't have accidents, why would
consumers buy insurance? How would we work out who is responsible in accidents
between manual and autonomous cars?
The landscape by 2025 will be quite different. The population is aging
and life extension technology is evolving. We're looking at extending life by 4
to 10 times. How do you motivate a 190 year old network manager? Looking after
the elderly will be a phenomenal growth sector for the economy and the legal
industry.
Every business is having to think about the potential impact of rising
energy costs.
The "23 and me" website will provide a personal genetic
profile for $99-299. We'll be starting to use the information in contracting or
purchasing.
New materials might lead to novel energy sources or indestructible
materials.
The internet will be more immersive, conveying touch, taste and smell.
Could we knock out genes for rage, obesity, and stress? Human
enhancement is a real present development.
Every industry will have to go through 2-3 iterations. Vertical farms
may transform the food industry. All the industry changes will lead to
opportunities for legal work. Let's make our partners and associates have the
same awareness of the future of the industries as the industry participants.
Clients will press to innovate around making information more
available and online. Traditional services will be provided at a commoditized
price.
Don't panic, ask how you want to engage and stay informed.
There are five strategic challenges for the legal industry.
How do you leverage transparency, and artificial intelligence?
What are the new working practices and models for delivery of legal
services?
Is there an over capacity of talent at all levels?
New technologies and investors are driving new players into the
marketplace with a different perspective ("legal is about big data and
process improvement")
New types of companies have different expectations for their law
firms.
He's set out recommendations for the legal industry in a series of
ideas organized around words beginning with "M."
Markets
Technology gives us the ability to create new services. 60% of the
world is in Asia. With the new technologies come opportunities to focus on
growth industries, like 3-D printing, energy, robotics, and biomimicry.
Mastery
You can't wait for others to do things, you need to have foresight.
What are the big trends in a sector that have been announced? Lawyers and
accountants create maps, for instance, about the future of travel and tourism.
Taking an insight map to a client shows that you're thinking about their
business.
Process excellence is another aspect of mastery. In the Narayana
hospital in India they can do heart surgery at 4% of the cost with a higher
success rate. They do a lot of the same kind of surgeries and work out the
complete process with all of the possible variations.
How do we create more insight from the data? One insurance defense
firm looked at the characteristics of success & failure at trial and
created a platform for analyzing & predicting when to go to trial. They are
then selling that platform to insurance companies.
How will we gear up technology solutions for the future platforms?
Instantaneous translation will change business.
Artificial intelligence-IBM's Watson is being used to diagnose cancer,
and it does better than human doctors at that and at recommending
post-diagnosis care.
Muscle
The anatomy of faster decisions is part of muscle. Coke looked at a UK
firm that put out smaller tasty drinks at great speed. How to execute faster is
also muscle. A company in China can build an energy-efficient office building
in six days (after the foundation is laid).
Internal social media might be more effective than traditional
knowledge management systems at providing good answers. For instance, someone
looking for help with an oil contract in Uzbekistan might post about that need,
and receive not only sample contracts but a message to call a particular
subject matter expert.
Magic
How do we give our clients access to the scarce knowledge of our
partners?
Latham has a series of apps called “The Book of Jargon,” on various
corporate, capital markets, and investment topics.
Mofo has a court analyzer / dashboard that shows the key information
about complex financial litigation.
Baker Donelson is providing client access to workflow, so the client
can see what is happening on their matters.
Mindset
Build in the three-time-period orientation. Be tolerant of
uncertainty, encourage people to try things.
Management
Make time and space for change.
Conclusions
Turn risks into opportunities. We can choose how to address the
future.
Survey
Monica Bay then interviewed Mr. Talwar. The Law2020 survey will close
in January. Take it at http://s.zoomerang.com/s/futurehorizons
and http://s.zoomerang.com/s/ILTAEmergingTech
.
30% of respondents see the role of CIO shifting to embrace innovation.
You also have to reengineer to deliver to mobile.
Key
Takeaways
It's very hard to maintain a strategic conversation if the DMS isn't
working. CIOs need to talk to firm leaders about using technology to create new
business opportunities and delivery models, how to create value and open up
innovation.
Motivate lawyers to change by framing the problem as the risk of
losing something.
Some of the most disruptive technologies are artificial intelligence,
the next generation of collaboration tools (spanning law firms and law
departments), and human enhancements.
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