transforming business practices and
TRANSCRIPT
Transforming Business Practices and Processes in Tomorrow’s Law Firms
and Law Departments
Rohit Talwar CEO – Fast Future Research
Project Director - ILTA Legal Technology Future Horizons Study
Objectives of ILTA Legal Technology Future Horizons Project
• Identify key business, legal and IT trends and developments
• Build timeline of emerging technologies and IT developments with high potential legal impact
• Explore IT’s transformative role in future legal business models and service differentiation
• Highlight strategic imperatives for effective use and management of IT in legal.
Contents • Presentation p. 4
• About Fast Future p. 69
• Image Sources p. 78
‘Future Proofed’ Organisations Work on 3 Horizons in Parallel
4-10 Years
Creating the Future
1-12 Months
Operational Excellence
1-3 Years
Drive for Innovation Efficiency,
Growth
The New Normal – Disruption and Change
What’s your appetite?
Turbulent and Uncertain
Shift Of Wealth, Influence and Power to Emerging Markets.
Business-Wide Forces Shorter, faster
business cycles
Talent shortages
Disruptive innovation
Rapid spread of
science and technology advances
The World in 2025
The Evolving Legal Agenda Increasing: • Client demands for transparency, information,
efficiency and innovation • Demographic shifts and changing customer
expectations • IT in the front line • Regulatory scrutiny / complexity • Security, data protection and data privacy issues • Consumerisation, price competition and
commoditisation • Spread of alternative business structures • Impact of disruptive new market entrants
New Technologies and Investors Drive Sector Entrants
Strategic Challenges
Leverage Transparency, Expertise and IT /AI
New Thinking, Working Practices and Models
Over Capacity / Supply of Talent at all Levels
New Sectors - New Approaches
Future Proofing the Business
Mastery Markets
Models
Magic
Management Mindset
Muscle
Message Message
Markets – Where Will Future Business Come from and Work be Done?
Demographic Destinies 2 billion more people in 40 years –
Demographics is Driving Economics
1998
448 691
729
5231
4216
740
1051
346
596
Source : United Nations 2011 2050
Markets – Focus on Growth Industries and Sectors
Mastery – Foresight, Insight, Processes, Service, Collaboration, Change Management and Technology
Mastery – Foresight and Insight e.g. ‘Horizon Scanning’ and Timeline Development by Sector
Process Excellence – e.g. High Throughput Surgery Narayana Hrudayalaya Hospital
Technology Priorities and Challenges
Real Time, Sense Making, Facilitation, Nimble, Bottom up, User Generated, Social, Communities, Rich Media, Video, Augmented Reality, Gamification, Virtual Worlds
and Knowledge Curation
Muscle – New Capabilities
Muscle – Rapid Decision Making
Muscle – Speed of Execution e.g. Ultra-Quick Construction
Muscle – Apps & Social Media Reynolds Porter Chamberlain - Edge
Bryan Cave - Innovation Department
Naspers – ‘Fail Fast and Cheaply’
Magic – Creating the Wow Factor
A&O - Client Knowledge Tools
Morrison & Foerster Courtroom Dashboard
Message Alignment
Baker Donelson - Client Access to Workflow
Business Models – Multiple Pre-emptive Solutions
Assets: ‘Usership’ vs. Ownership
Innovation: e.g. Kickstarter.com
Revenue: E.g. Auctions
£3088 £8791.50 £81
Mindset - 3 Horizon Thinking
• 12 Months
• 1-3 Years
• 4-10 Years
Mindset - Tolerant of Uncertainty, Curious, Sticky and Magnetic
Encourage Experimentation
Management - Lead or Follow?
Management - Make Time and Space for Change
Tackling Complexity • Customer Interface
• Process
• Organisation
• Information / Systems
• Regulatory
• Human
Future Proofing the Business
Mastery Markets
Models
Magic
Management Mindset
Muscle
Message Message
Conclusions
The future is largely a matter of choice
Which emerging technology developments are you pursuing today or could you see having the greatest impact on expert decision making, knowledge management and the conduct of legal processes?
Deep Technology Immersion
SoMoClo and BYOD
Universal Translators
The ‘Internet of Things’
“What happens when the smartest thing in the room is the room itself?” Madeleine Albright
Digital Currencies
Intelligent Web
Temporary Social Media
Collaboration - Orrick Distributed Telepresence
3D / Immersive Telepresence
Real Time Multi-party Editing
Shared Data / Knowledge Bases
Gamification
AI - IBM Watson wins Jeopardy
Artificial Intelligence
Speech / gesture / image recognition,
integrated analytics,
knowledge management, image / video / voice mining,
client self-service, intelligent
documents, expertise systems,
collaboration, secure email,
virtual assistants, intelligent agents
and collective intelligence
Deep Learning Systems
Intelligent Agents / Assistants
Collective Intelligence
Knowledge Management Next
Big Data and Predictive Analytics
In-Memory Real-Time Analytics
Which emerging technology developments are you pursuing today or could you see having the greatest impact on expert decision making, knowledge management and the conduct of legal processes?
What capabilities are required to leverage and manage emerging technologies effectively in tomorrow’s law firm / law department?
Thank You
Don’t forget to take the Surveys
Survey 1 - explores the potential business impact of information technology on business in general and the Legal Industry over the next ten years: http://s.zoomerang.com/s/futurehorizons Survey 2 - presents and explains a wide range of emerging and possible future technology developments and asks for an assessment of when they might be picked up by pioneers: http://s.zoomerang.com/s/ILTAEmergingTech
About Fast Future
Fast Future – Core Services
• Live Events - Speeches, briefings and workshops for executive management and boards of governments, investment funds, development agencies , companies, airlines, airports, hotels, venues, CVB’s and associations
• Future Insights - Customised research on emerging trends, future scenarios, technologies and new markets
• Immersion - ‘Deep dives’ on future trends, market developments, emerging issues and technology advances
• Strategy - Development of strategies and business plans
• Innovation - Creation of business models and innovation plans
• Engagement - Consultancy and workshop facilitation
Fast Future • Research, consulting, speaking, leadership • 5-20 year horizon - focus on ideas, developments, people, trends and forces
shaping the future • Clients
– ING, ABN Amro, Laing O’Rourke – Marks and Spencer – Airports - Aeroports de Paris / Schiphol Group – Vancouver Airport Services – Industry Associations – ICCA, ASAE, PCMA, MPI – Corporates - GE, Nokia, Pepsi, IBM, Intel, Orange, O2, Siemens,
Samsung, GSK, SAPE&Y, KPMG, Amadeus, Sabre, Travelport, Travelex, ING, Santander, Barclays, Citibank, DeutscheBank
– Governments - Dubai, Finland, Nigeria, Singapore, UK, US – Convention Bureaus – Seoul, Sydney, London, San Francisco, Toronto,
Abu Dhabi, Durban, Athens, Slovenia, Copenhagen – Convention Centres – Melbourne, Adelaide, Qatar, QEIICC – Hotels - Accor Group, Preferred, – Intercontinental – PCO’s - Congrex, Kenes
Our Services Bespoke research; Identification & Analysis of Future Trends, Drivers & Shocks
Accelerated Scenario Planning, Timelining & Future Mapping
Identification of Opportunities for Innovation and Strategic Investment Strategy Creation &
Development of Implementation Roadmaps
Design & Facilitation of Innovation, Incubation & Venturing Programmes
Expert Consultations & Futures Think Tanks
Personal Futuring for Leaders and Leadership Teams
Public Speaking, In-Company Briefings, Seminars and Workshops
Example Projects • Public and private client research e.g. :
– Reinventing the Airport Ecosystem
– Development of Market Scenarios, emerging trends and strategies for key clients
– Government and OECD Scenario Projects – e.g. Migration 2030, Future of Narcotics, Chemical Sector, Family 2030
– Scenarios for the global economy for 2030 and the implications for migration
– Designing Your Future (Published August 2008) – book written for the American Society of Association Executives & The Center for Association Leadership
– Global Economies – e.g. The Future of China – the Path to 2020
– The Shape of Jobs to Come – Emerging Science and Technology Sectors and Careers
– Winning in India and China
– The Future of Human Resources
– Exploiting the Future Potential of Social Media in UK Small to Medium Enterprises
– Convention 2020 – the Future of Business Events
– Future Convention Cities Initiative – Maximising Long-term Economic Impact of Events
– One Step Beyond – Future trends and challenges for the events industry
– Hotels 2020: Beyond Segmentation – Future Hotel Strategies
– The Future of Travel and Tourism in the Middle East – a Vision to 2020
– Future of Travel and Tourism Investment in Saudi Arabia
Hotels 2020 – Objectives • Identify key drivers of change for
the globally branded hotel sector over the next decade
• Examine the implications for: � Hotel strategy � Brand portfolio � Business models � Customer targeting � Innovation
• Global strategic foresight study to help the meetings industry prepare for the decade ahead - Industry-wide sponsors
• Multiple outputs Nov 2009 – December 2011
• Current studies on future strategies for venues and destinations
Convention 2020
Rohit Talwar • Global futurist and founder of Fast Future Research. • Award winning speaker on future insights and strategic innovation –
addressing leadership audiences in 40 countries on 5 continents • Author of Designing Your Future • Profiled by UK’s Independent Newspaper as one of the Top 10 Global
Future Thinkers • Led futures research, scenario planning and strategic consultancy projects
for clients in telecommunications, technology, pharmaceuticals, banking, travel and tourism, environment, food and government sectors
• Clients include 3M, BBC, BT, BAe, Bayer, Chloride, DTC De Beers, DHL, EADS, Electrolux, E&Y, GE, Hoover, Hyundai, IBM, ING, Intel, KPMG, M&S, Nakheel, Nokia, Nomura, Novartis, OECD, Orange, Panasonic, Pfizer, PwC, Samsung, Shell, Siemens, Symbian, Yell , numerous international associations and governments agencies in the US, UK, Finland, Dubai, Nigeria, Saudi Arabia and Singapore.
• To receive Fast Future’s newsletters please email [email protected]
• 50 key trends • 100 emerging trends • 10 major patterns of change • Key challenges and choices for
leaders • Strategic decision making framework • Scenarios for 2012 • Key futures tools and techniques • Published August 2008 • Price £49.95 / €54.95/ $69.95 • Email invoice request to
Designing Your Future Key Trends, Challenges and Choices
Image Sources
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