Legal Innovation & Tech Fest 2018 Research Report
The legal sector is in the middle of major disruption. During the recent legal innovation roundtable discussions, our community agreed that if our organisations aren’t adapting to this change now, they are doomed to fail.
Businesses operate in a VUCA world: Volatile, uncertain, complex and ambiguous. Long-term strategic planning is more difficult and its success is more unpredictable. The ability for lawyers to adapt to support the appropriate business model and service delivery for the here and now is essential to survive.
So how do people make good decisions in times of uncertainty? The pace of change is accelerating so fast that making decisions is impossible without knowing what is coming. We need to understand that ‘reactive’ is not a dirty word. Reactive performance needs to be a strength. The reality is that despite a planned approach, we need to react to changes in context and circumstances that drive the need for change and the evolution of our organisations.
There is increased pressure to ‘early adopt’ – how do we know which technologies and changes have a lasting impact on the business? What are the genuine opportunities that exist for the legal profession to continually improve?
Whilst there are many challenges facing the industry, the opportunities that exist for those willing to disrupt their thinking are significant and it is an exciting time to be working in the legal innovation space.
Key Themes for 2018
The following seven themes emerged from our roundtable discussions as being most important to the legal innovation community:
1. Getting Key Buy-in for Funding and Investment in Innovation
2. Overcoming Challenges in Cyber-Security
3. Change Management and Fatigue
4. Getting Tech Teams and Lawyers on the Same Page
5. Making Practical Progress with AI
6. Making Lasting Vendor Relationships
7. The Future of the Law Firm
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