Legal Tech Blog
  • Home
  • Tech & Innovation
  • Startups
  • Resources
    • Videos
    • Literatur
  • About us
  • Kontakt
Legal Tech Blog
  • Home
  • Tech & Innovation
  • Startups
  • Resources
    • Videos
    • Literatur
  • About us
  • Kontakt
Mrz 18

Forbes: Legal Innovation Is happening

  • 18. März 2017
  • Blog

A recent Forbes article by Mark A. Cohen pointed out several interesting points about legal innovation including drivers and impediments. The article stressed that especially corporate clients are drivers behind legal innovation for several reasons:

  1. an increasing willingness to procure services from providers with delivery models different than the traditional law firm partnership model;
  2. taking more work in-house;
  3. sourcing work—either internally or externally—to providers that are better aligned than law firms with the company’s risk tolerance and enterprise objectives;
  4. utilizing technology, process, and ‘the right person for the right task’ to promote efficiency, mitigate risk, and reduce cost; and
  5. rejecting the longstanding myth that only law firms—and lawyers—must perform all ‘legal’ tasks. Legal problems are increasingly viewed as business challenges raising legal issues.

On the flip side, there are – according to Mark A. Cohen – also several reasons why law firms haven not taken more aggressive steps to innovate and protect market share:

  1. there was little need to innovate until the global financial crisis of 2008 changed the way business is conducted—even law;
  2. law firm senior partners lack the financial incentive to invest in the firm’s future because their ‘equity’ is not residual;
  3. law firms were able to prop up profits by internal cost-cutting measures rather than client-centric innovation—no more;
  4. firms lack the investment capital to make long-term investments in innovation and there is a generational/economic divide between older and younger partners; and
  5. rather than innovate, many firms have tried to ‘reinvent’ their brands by merger.

The article concludes with the following predictions:

  1. The pace of innovation in legal delivery will continue to accelerate during the next few years.
  2. Disruption in legal delivery will not be a ‘one-size-fits-all’ approach. Clients assign different values to different tasks, functions, matters, and portfolios. Value is derived from context. The value of a matter drives the election of resources most appropriate to meeting the client’s objective. The disruptive legal delivery model will be one that provides a scalable array of solution tools—human and technological; legal and business; embedded and agile– that produce efficient, cost-effective, and risk-appropriate resolutions to client challenges.

Twittern

Related posts:

  1. Is Legal Ripe for an Uber-like Disruption?
  2. Legal’s role in innovation
  3. Is Legal Innovation just a Smoke Screen?
  4. 10 things that law firms are saying that kill innovation
  • Twitter
  • LinkedIn
  • E-Mail

Comments are closed.

Newsletter

Search

Latest Posts

  • CodeX FutureLaw 2021 took place virtually
  • Decision Automation Company BRYTER announces $66 million Series B funding round
  • Neue Medienpartnerschaft zwischen dem Legal Tech Verband Deutschland e.V. und der MMR Zeitschrift für IT-Recht und Recht der Digitalisierung
  • BRYTER partners with Cognia Law to provide digital legal services
  • Legal Tech Verband Deutschland e.V. hat einen neuen Vorstand
  • BlockAxs erzielt 7-stellige Seed Round Finanzierung
  • recode.law studentischer Partner des Legal Tech Verbandes Deutschland

Most Popular Posts

  • RAK Hamburg: E-Mails mit Mandanten müssen nicht unbedingt verschlüsselt sein – wenn Einwilligung vorliegt
  • AI in Law: Definition, Current Limitations and Future Potential
  • The 10 Best Legal Tech and Legal Innovation Books
  • 20 legal tech startups from the Legal Geek Road Trip 2017 awarded by Nextlaw Labs
  • The Problem of Blockchain Oracles – Interview with Alexander Egberts
  • Die spannendsten 7 Legal Tech Startups in Deutschland
  • Legal Tech Startups in Germany

Archive

Impressum und Datenschutzerklärung

© LegalTechBlog