The quarterly publication of the International Legal Technology Association
Issue link: http://read.uberflip.com/i/230349
10. ILTA'S LEGAL TECHNOLOGY FUTURE HORIZONS PROJECT – ILTA STEPS UP, AGAIN! ILTA is undertaking a thought leadership study on the future of technology for legal. The team is working with Fast Future Research Limited's Rohit Talwar, a futurist thought leader who advises global companies, governments and associations on how to survive, thrive and develop innovative growth strategies in the coming decades. The study is designed to challenge current thinking by providing critical insights, case examples and practical takeaways. It will inform the development of future IT strategy and decision-making for ILTA members across the globe. The study will provide long-term insights into the development of the following over the next 10-15 years: • Key driving forces shaping business and the legal profession • A likely timeline of IT developments • How those IT advances can be leveraged to help enable and enhance tomorrow's legal organizations • Possible scenarios for the role and management of IT in tomorrow's legal organizations • Strategic IT imperatives specific to law firms, legal departments and technology providers FIRM IMPACT: Projects such as this, commonly led by ILTA as visionaries in the legal technology space, will help mold the future of technology for everyone, not just the legal vertical. I'm looking forward to the information that this project will provide so that I can become a "futuristic thought leader" for my firm. Thank you ILTA! WHAT IS THE FUTURE OF TECHNOLOGY 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 ITenabled innovation will be a critical differentiator for law firms in the future. • Technology firms will increasingly enter the legal industry, using disruptive innovations to provide direct legal service delivery. • The transparency of the legal process will increase as a result of client demands. 1. MARKETS: Underpinning strategic growth ambitions 2. MASTERY: Driving the quality, efficiency and effectiveness of core law firm practices 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. • Emerging technologies are expected to become an integral part of courts in developed countries. 6. MODELS: Experimenting with new models and • Artificial Intelligence (AI) is seen as a potential long-term game changer. 7. MINDSET: Encouraging and facilitating new approaches for organising internal activity and charging for services thinking on how to compete in a rapidly evolving landscape 8. MANAGEMENT: Developing organizational and 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. individual capability to take full advantage of emerging technology solutions and perform effectively and efficiently with the tools available Peer to Peer 45