publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/221442
WHAT IS THE FUTURE OF TECHNOLOGY SECURE SOCIAL NETWORKING FOR BETTER ATTORNEY WORKFLOW upfront cost is $1,720 for a three-year term, and at $0.199 per hour per RDS instance (i.e., about $143 per month of continuous running). The multiAZ feature includes a standard redundant database stored in a different location. These cloud usage costs do not come close to the annual operating cost of an in-house system. Of course, this example is for illustrative purposes and is not meant to be an exhaustive price comparison between cloud and in-house implementations. TIME TO PIVOT AND TURN It's time for law firms to pivot workflow around people and processes — and be fit for success in the new legal era. Deploying and adopting a socialnetwork-based workflow system enables firms to increase productivity and the quality of its attorneys' work product, and at the same time increase client satisfaction. It is a system that complements and extends the social dynamics of a law firm and the necessary and evolving relationship between firms and the clients they want to retain. FOR LEGAL? Legal Technology Future Horizons, commissioned by ILTA and undertaken by Fast Future Research, is a forward-looking global study exploring how advances in information technology could impact the legal industry over the next decade. The study used a combination of desk research, workshops, two global surveys and interviews with managing partners and CIO's from law firms, vendors to the legal industry, external futurists and experts on technology and innovation. KEY TECHNOLOGY IMPACTS EIGHT CRITICAL CHALLENGES Among the most notable findings on the application and impact of IT on the legal industry were the following: Through the research, eight critical challenges emerged. These focal points will support the effective deployment of IT to help law firms survive and thrive in turbulent times: The capacity for rapid IT-enabled innovation will be a critical differentiator for law firms in the future. 1. MARKETS: Underpinning strategic growth ambitions 2. MASTERY: Driving the quality, efficiency and effectiveness of core law firm practices Technology firms increasingly will enter the legal industry, using disruptive innovations to provide direct legal service delivery. The transparency of legal processes will increase as a result of client demands. 3. MUSCLE: Building the critical new capabilities required to compete a changing world 4. MAGIC: Creating a distinctive point of difference around the firm's offerings that delivers a genuine "wow factor" for the client 5. MESSAGE: Aligning technology innovation to the firm's brand positioning and stated client focus. 6. MODELS: Experimenting with new models and approaches for organising internal activity and charging for services Chi Eng is the CEO of NeuLexa and a practicing IP attorney. NeuLexa uniquely combines an enterprise-grade document collaboration platform with project management features, transactional capabilities and team-building social tools which leverage the legal Emerging technologies are expected to become an integral part of courts in developed countries. 7. MINDSET: Encouraging and facilitating new thinking on how to compete in a rapidly evolving landscape 8. MANAGEMENT: Developing organizational and ARTIFICIAL INTELLIGENCE (AI) IS SEEN AS A POTENTIAL LONG-TERM GAME CHANGER FOR THE SECTOR, WITH 88% AGREEING THAT AI ADVISERS AND HELPER APPS WILL STRUCTURE LEGAL DOCUMENTS AND CHECK THE CONTENT GENERATED BY LAWYERS. individual capability to take full advantage of emerging technology solutions and perform effectively and efficiently with the tools available team knowledge base. Contact Chi at chi@neulexa.com. AND MORE TO COME . . . This is merely a snapshot of the breadth of findings, implications and recommendations that will be presented in the final report. The full publication will be announced by mid-January 2014.