SESSION:

Law Firm 2024

Rohit Talwar

CEO – Fast Future Research

Law Firm 2024

Unleashing IT

Law Tech Europe Congress

Prague

October 21st 2014

Rohit Talwar

CEO

Fast Future Research

rohit@fastfuture.com

www.fastfuture.com

ILTA Legal Technology

Future Horizons Project • Key business, legal and IT trends and developments

• Timeline of emerging technologies and IT developments

with high potential legal impact

• Explored IT’s transformative role in future legal business

models and service differentiation

• Strategic imperatives for effective legal IT

• Conducted 01/13- 03/14 Launch – 05/14

• 6 Sponsors

• Desk research; interviews with managing partners, CIO’s,

vendors, futurists and technologists; global surveys on

business applications of IT (499 responses) and emerging

technologies (223 responses)

‘Future Proofed’ Organisations

Work on 3 Horizons in Parallel

1-12 Months

Operational

Excellence

1-3 Years

Drive for

Innovation

Efficiency, Growth

4-10+ Years

Creating the

Future

When Worlds Collide

Can we Change our DNA?

Play by the

Rules of the

Game

Create a

New Game

Factors Redefining the Sector

Intense Competition

Strategy, Talent, Lawyer Ratings, ICT, Insight, Ideas, Responsiveness,

Innovation, Financing, Structure, Business Models and New Ventures

Environmental Turbulence

Accelerating Pace of

Technology Diffusion

and Disruption

...with Associated IT Management Challenges

Client Needs: Global, Transparency, Speed,

Quality, Insight, Value and Innovation

Complex Risks

67% Security Concerns

57% Shorter / Faster Business Cycles

Differentiation, Automation, Consumerization,

Commoditization, and the Battle for Premium

New Ideas Reshaping Industries

Barbarians at the Gate

58% New Entrants = Biggest Disruptors

77% IT Firms Offering Direct Delivery

Aliens

in our

Midst

‘Magic’ and Science are Blurring

Mapping and

Uploading the

Human Brain

Cognitive,

Genetic, Physical

and Electronic

Enhancement of

the Human Body

The biological era is emerging

Embracing the Transformative Role of IT

Customer

Centric

‘Hive Mind’

Talent:

Develop and

Leverage

Staff

Innovate to

Differentiate

Re-engineer

Processes

Technology Timeline

Our Technologies are Evolving From

the Desktop...

...to Portable and Mobile ...

...to Wearable...

...to Embedded...

... And Connected to an Immersive Multi-

Sensory / Multi-Sensor ‘Internet of Everything’

Artificial Intelligence is Going

Mainstream

88% AI advisers /

helper apps will

structure legal

documents and

check content

generated by

lawyers

Blockchain Technology

The Quest for

Response Speed,

Flexibility and ROI

Unleashing and Embedding Technology

73% Capacity for Rapid IT-

Enabled Innovation:

Critical Differentiator

88% Emerging Technology

Integral to Courts

Strategic Applications for IT

Value chain enabler

Value creator

Collaboration enhancer

Service reinvention

Force multiplier

Data driven insight

End to end visibility

Online delivery

Cost and efficiency

Just in Time Training

Pre-emptive Security Reporting

Multi-Level Collaboration

(Weightmans LLP)

Creating Magic – Developing ‘Wow

Factors’ for Different Customer Types

Unleashing Big Data

(Eversheds Big View)

Enable New Structures /

Business Models (Keystone)

Identify and Track Emerging Sectors

Firm Leadership Challenges

Global Mindset, Differentiated

and Magnetic

Acknowledge Chaos and Disruptors,

Rethink Talent and Redefine Risk

Embrace the Opportunity and Pursue

Process and Technology Excellence

IT Management Imperatives

• Strategic

• Value Adding

• Operational

Strategic - Think Like a Consultancy

(Taylor Wessing)

Close business alignment, strategic approach to management of IT and

building a radar / sense making

Value Adding

Enabling innovation, value creation, communication, collaboration and greater

employee mobility

Operational - Process and Project Management

(Seyfarth Shaw)

Evolving an strategic IT staff profile; delivering cost and efficiency gains;

mastering data and knowledge; management of external partners; flexible

technology infrastructure

Summary

• Worlds are Colliding

• Constantly Changing Reality

• Massive Opportunity

• No Business Without IT?

• Risk Rich Environment

• Hope is not a Strategy

…or be Consumed by them

Conclusion - Step into Our Fears…