Future Proofing Your Law Firm and Legal Technology 3.0

http://ow.ly/6yYyp

An article by Ron Friedmann posted on his blog Prism Legal.

This article discusses a presentation provided at the recent International Legal Technology Association conference which was held in Nashville.

As the article states, "I was a panelist for Future Proofing Your Law Firm. I share here an overview of the themes we prepared in advance (click here for the published slides (PDF).

My co-panelists were Gerard Neiditsch, Executive Director Business Integration and Technology, Mallesons Stephen Jaques; Jeffrey Rovner, Managing Director for Information, O’Melveny & Myers LLP; Michael Mills, Kraft & Kennedy, Inc.; and Mary Abraham, Counsel, Debevoise & Plimpton LLP."

The article goes on further to state, "

Planning, never easy, is even harder today because of several trends: loss of control, volatility within and across markets and economies, the proliferation of mobile devices, the ascent of social media, and the virtualization of everything (not just IT but also organizations).

Loss of control presents the most problems:

• Pricing as we knew it - up only - may go extinct with alternative fee arrangements.
• Lawyers have lost their monopoly on legal know-how. DC-based lawyers fretted when the Internet meant that everyone had equal access to agency publications. That was just the beginning. Today, lawyers’ roles as priests, exclusive “knowers” and interpreters of the secret sacraments, is long gone. Clients can learn deal terms and much other legal information as easily as lawyers. Buying access to West, Lexis, PLC, KIIAC and many other readily available third-party sources is equal opportunity.
• The IT gods have lost control of IT and of data. Consumer devices rule: Android and i-Device tablets and smartphones change how, when, and where users interact with computers, data, and applications. Consumer services also rule: prohibitions notwithstanding, many use personal e-mail accounts and other web services (e.g., YouSendIt) for business. And finally, data volume has exploded. It’s not clear which is easier: preventing leaks or making effective use of it.
• Offices belong on the endangered species list. Lawyers want to work from home, coffee shops, or clients. And with IT everywhere, why not?
• Hierarchy has flattened. Clients don’t defer to law firms, associates question partners, and partners are often free-agents who often would rather than peel away than share. Aside from changing mores, the free flow of information via social and other tech has further flattened the hierarchy and reduced the boundaries between organizations.
• Time is no longer our own. Fax and Fedex reduced multi-day turnaround times to hours or overnight. Digital communication now requires instant response and 24x7 availability.

Given the loss of control and an uncertain future, how can and should a firm plan for its future? We suggested five strategies a firm could follow: (1) Think about the business model; (2) Wait and see; (3) Hedge using a portfolio approach to try multiple strategies, weighing risk and potential reward; (4) Plunge into a single new strategy; and (5) Agility - adapt rapidly, by constantly trying new things, keeping those that work, tossing those that don’t."

The article discusses the advice that the panelists provided.  Given the challenges, it will be no easy task.