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Law firms are facing more pressure than ever before to innovate, as technology continues to advance and their client bases become more well-informed. Clients are starting to demand more from their outside counsel, seeking greater transparency and efficiency, as well as better pricing. The implementation of new technologies, such as AI or the use of alternative service providers can help firms respond to that pressure. However, the legal industry as a whole has been historically resistant to change, particularly when it comes to the adoption of new technologies or processes. The reasons for this hesitancy vary from the overall cost considerations of implementing new technologies or processes, to the fear that such changes could render human lawyers obsolete.
While some may fear the deployment of new technologies will take away work from the average lawyer, the benefits provided by embracing innovation can be abundant. In fact, an overwhelming majority of firms recognize the need for innovative changes to take place within the industry, but most have yet to act on that need.
However, most does not mean all, and there are several firms that have embraced innovation in an effort to adapt to the changing landscape of the legal sector. Clifford Chance is one of the firms leading the innovation charge. Since the beginning of the year, the firm has joined both the Accord Project, a group of law firms that establish best practices for legal technology, and R3’s Legal Center of Excellence, a platform designed to serve as a way for the legal community to learn about and collaborate on blockchain technology.
Orrick is another firm that is embracing innovation and was rated the #1 most innovative North American law firm in 2016 by the Financial Times. In 2017, it launched a technology lab focused on the development of cutting-edge legal services solutions, allowing it to innovate in areas where an optimal solution wasn’t already available on the market.
Allen & Overy is further example of a law firm that is setting the pace in terms on innovation. The firm launched it tech innovation unit Fuse in 2017, which recently unveiled a structured blockchain solution linked to the FTSE 100 index on Ethereum. The firm has also taken advantage of the multitude of alternative service providers such as aosphere and MarginMatrix, as well as Relativity and Kira Systems. The focus on innovative solutions led to the firm having one of its strongest years ever in 2017.
Market Intelligence: A source of innovative solutions
Market intelligence provides you with answers to your critical innovation questions such as what is next? How will my firm adapt? And which innovative solution works best for us? ShiftCentral’s mission is to provide executives with key insights on innovative answers that can guide their firm to the next level.
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This article was originally published on ShiftCentral, now part of LAC Group.