There are so many ways law firm automation can improve your client onboarding process and make it more efficient. From enabling electronic signatures for legal documents to creating smarter, simpler forms for onboarding customers. Another barrier to building an innovation team might be who to include, specifically: what areas of expertise and expertise are needed to produce a truly skilled innovation team? The same questions apply to finding the right CINO, as leading the legal innovation process is an important undertaking that is likely to require a variety of skills, ideas, and most importantly, a genuine commitment to innovation, despite the resistance and skepticism that this person is likely to face. Law firms that have already made great strides in this area include Reed Smith, Orrick and Blank Rome, who have hired CINOS, focused on developing innovation strategies, and even created an innovation lab. The law has long been untouched by this wind of change. The Center on the Legal Profession hosted a conference on disruptive innovation in legal services at Harvard Law School in the spring of 2014 (see video), sparking a year of discussion, including an issue of American Lawyer devoted to the topic. When it comes to technology, „I like to say I`m trying to bring law into the twentieth century,“ Ron Dolin, a technology angel investor and researcher at Stanford Law School, said at the conference. Cultural change is the biggest challenge for law firms to keep pace with innovation and technology. The legal industry is at an inflection point as law firms struggle to remain relevant to consumers. Consumers are increasingly looking for the level of personalization and digital experience they get from other industries. Law firms urgently need to consider the long-term impact of technological change on their company`s business strategy. In May 2020, we launched a speakers` forum to connect with dynamic thinkers and leaders inside and outside our organization on a variety of topics.
Our lecturers work with legal peers to challenge and inspire forward-thinking behaviours and innovations in our practice by leveraging advances in other industries. The State of Practice Survey surveyed 382 law firms and corporate lawyers about the development of innovation teams and initiatives (or lack thereof) in their current organizations. Despite the search for new business models and technologies, which increased with the outbreak of the pandemic in 2020, most respondents surprisingly reported a lack of concrete growth and progress in innovation in their businesses and legal departments. I think the next two years could be a turning point for AI adoption. As the legal department explores these technologies and becomes more exposed to skills, professionals will realize the true purpose of technologies such as AI. AI algorithms are not there to replace lawyers, but to equip them with tools to automate everyday and repetitive tasks so they can focus more on specialized tasks that require their creativity and intelligence. The theory of disruptive innovation, highly influential in the business world, was developed by Christensen in books such as The Innovator`s Dilemma (Harvard Business Review Press, 2000) and The Innovator`s Solution (Harvard Business Review Press, 2003). The theory describes how markets change over time as new entrants outperform existing successful firms. The information provided is not intended to provide a comprehensive overview of all developments in law and practice or to cover all aspects of these aspects.
Readers should seek legal advice before applying it to a particular issue or transaction. Ashurst LLP, New York, NY, responsible for content in the United States. For the above reasons, innovation in law is crucial. Legal advisors of large companies who want to be taken seriously by their internal clients accept the need to become business-oriented, digital and value-oriented. While many are on the right track, much remains to be done. Calls for innovation by the legal profession have made headlines in recent decades. As commentators have pointed out, the industry has often been slow to adopt new technologies that could help companies reinvent their business models and reduce costs for customers, while delivering services faster and more efficiently. Panelists also focused on the role technology plays in changing the legal industry.
Among the aspects discussed was the fact that many companies are digitizing their operations and developing their own digital products (e.g. intelligent document creation software) to become more efficient and save customers time and money. If lawyers want to remain relevant in this emerging landscape, they need to fully understand why innovation matters in law – an understanding that goes far beyond appreciating hype. Here are some of the most relevant reasons for the recent change in the legal industry. The good news is that you don`t have to implement everything at once. Innovation in the workplace is an ongoing process. By taking a step-by-step approach to implementing new technology-driven approaches, you can improve everything from onboarding new clients to case case management to employee morale. „A lot in Ashurst,“ Tidswell said, listing ancillary services and new businesses the company now operates. These include Ashurst Advance, a „new law“ division focused on innovative alternative methods of providing legal services.
For centuries, law firms have been successful through a culture of excellence. Long winning streaks can produce a culture of conservatism. I repeat the often used saying „culture eats strategy at breakfast“. Innovation involves risks, failures and new ways of working. The appetite for these ingredients in a culture of conservative excellence can be extremely low. It takes brave sponsors and the empowerment of our fantastic global talent to break free from it. The pace of change in legal technology and the opportunities to solve some of our known problems are exerting welcome positive pressure. What changes do you see in legal technology over the next 5 years? The other challenge is the focus on billable hours and paid time, which does not encourage individuals or law firm teams to spend time innovating – although we are working with other law firms to develop strategies to address this challenge. The legal industry must value the goals and desires of the next generation of lawyers if it is to harness its many talents. The other is risk – part of what lawyers give is peace of mind.
To do this, they rely on best practices to do legal work. Innovation is the opposite – so you have to put a lot of work into something new to make sure it doesn`t make mistakes or increase risk because customers don`t want it. What could such a disruption ultimately accomplish? The Center on the Legal Profession sees issues of quality, access, price and scope (especially compared to global accounting firms) as well as notions of professionalism involved. What lawyers clearly do could be redefined in an era of disruptive innovation and related regulatory change – which will have a broader impact on our definition and understanding of the law itself. Legal departments may be about to change, but savvy businesses can adapt. Now more than ever, excellence requires continuous innovation in the way companies do business and connect with customer business.
