HBR Consulting: LegalXchange 2018 executive summary
The legal industry is at an inflection point.
Yes, we may still be discussing some of the same challenges that surfaced years ago in the legal ecosystem, but now we have a sense of “vuja dé” – seeing something familiar with a fresh perspective – a viewpoint that allows us to gain new insight from old problems.
Everywhere we turn, change is afoot, and our industry is no different. In fact, disruption is accelerating in the practice of law. Both law departments and law firms are facing concurrent challenges, with companies and clients demanding improved services at a lower price. Lawyers everywhere need to reconsider their approach, adopt a more businesslike model, and innovate with new services and tools.
Despite the pressure to adapt, trained as they are to rely on precedent and tradition, many lawyers are reluctant to embrace transformation. Unfortunately, those who cannot or do not change will find themselves playing catch-up as technology and new delivery models gain traction.
In all the areas we discussed at LegalXchange — legal operations, cybersecurity, the public cloud, data analytics, artificial intelligence (AI) and blockchain — enormous innovative opportunities await, if we are ready to overcome the substantive challenges. Understanding these opportunities and their associated challenges will allow us to make better strategic choices as we reinvent our organizations.
We hope that our conversations, and this summary, will help you navigate the changing landscape of the legal industry in the coming years.
Read the full summary above.