ILTACON (aka International Legal Technology Association) just wrapped up its annual conference in National Harbor, Maryland last week and we couldn’t help but share Adi Elliot’s 5 Key Takeaways from Legal Tech News. The bottom line, all firms will need to embrace technology if they plan to compete in the very crowded legal industry in the US.
Elliot, from Legal Tech News, has succinctly outlined the top 5 key trends happening right now:
1. We’re in a time of transition. Law firms, corporate legal teams and the legal technology companies who serve them are operating in a sea of change that holds both opportunities and risk. Any firm that wants to be around in three years needs to commit to the right tools in order to compete well in an already crowded marketplace.
2. Find better ways to run your business via data. Machine learning and artificial intelligence were mentioned in virtually every session about the future of legal technology. While predictive coding has been around for years, these were by the far the most talked-about industry trends at ILTACON 2016. Both were discussed primarily in the context of benefits, such as time gained, cost transparency and efficiency.
3. Data security is top of mind for all. Once a topic that was a concern for IT and risk teams only, data security concerns were top of mind throughout ILTACON 2016 sessions. In a summary session held on Wednesday, the point was raised that, in many cases, the security vulnerabilities of internal employees pose more risk to your firm than external threats. To combat these vulnerabilities, companies must do their due diligence and put proper controls and monitoring in place for anyone who handles their sensitive data.
4. Beyond technology, innovation can be found in new business models.Putting a smart strategy in place to succeed in a whirlpool of change requires the right technology, but may also include shifts in how you run your business. One example of this is managed services—creating an in-house solution to e-discovery.
5. Don’t forget that it’s still about people. Those enabling change within their firms or teams need to remember that no matter what cool techy tools they use, creating greater efficiencies and effectiveness is of utmost importance for clients. This means making sure that teams are communicating, collaborating and sharing knowledge—all of which require strong processes, and most importantly, leadership.