For law firms and corporate counsel alike, information technology is perhaps the single most disruptive factor that will dominate their agenda over the next 10 years. Of all the forces for change converging on the industry, leaders may be the least prepared to tackle legal technology. Legal training, business acumen, and experience are simply not enough when it comes to deciding how best to use IT to counter competitor actions, respond to sophisticated customer demands, and innovate to gain commercial advantage.

Clearly not every lawyer has been cast adrift, many have worked effectively with their IT colleagues to embrace emerging technology — and the role of IT is already changing rapidly for some in-house legal departments and law firms. For example, IT-enabled innovation is providing tools to interrogate the characteristics and outcomes of past insurance disputes, and predict the likelihood of legal success for current claims. In parallel, clients have a better understanding of the cost efficiencies IT can deliver, and are increasingly auditing law firm IT systems and starting to assess the IT capabilities and proficiency of lawyers assigned to their account. Technology is enabling different strategies, new business models, collaborative working arrangements, establishment of virtual law firms, and innovative service delivery models.

However, the pace of change will surely accelerate — creating a clear imperative for legal leaders to truly understand how IT offers to drive efficiency, service, innovation, and market disruption.We need to explore the implications for business strategies, charging approaches, rewards, financial models, working practices, training, and governance. The challenge is to adapt and keep pace with — or ahead of — the curve, rather than continuously being on the receiving end of trends, with ever-shortening windows in which to respond.

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Tags: business acumen, Future of Law & Legal Technology, Information Technology, law firms, legal technology