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Get up to speed on lawtech

Get up to speed on lawtech

By Law Institute of Victoria

Continuing Legal Education Innovation Technology 

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Cultural change may be the single greatest challenge facing law firms as the impact of legal technology is increasingly felt.

This was the clear message at the most recent ILTACON conference, where attendees focused on the need for law firms to consider the sustainability of their work.

Many of the sessions at ILTACON highlighted how artificial intelligence (AI) and machine learning can perform many facets of legal services faster and more cost effectively. This in turn enables firms who embrace technology to move up the value curve for their clients and remain relevant in this new world of lawtech.

Recalling the mood of the 2016 ILTACON conference, Macquarie Business Banking Division Director and Head of the Legal Segment Ian Marshall said it oscillated between hype and inflated expectations. Early enthusiasm about the potential for lawtech to enhance legal work was quickly followed by fear of the unfamiliar.

But conference sessions explored practical examples of how AI, data analytics technology and Blockchain will transform the daily operations of law firms.

Reflecting on Gartner’s Hype Cycle and Technology Adoption Lifecycle, the general consensus was that when it comes to AI, firms are now on the slope of enlightenment.

Marshall says there’s been a period of learning about the extent that technology will disrupt the practice of law and we’ll continue to learn while putting solutions in action.

“It's no longer hype,” he says. “Lawtech is here and there are practical applications in the market to make legal services more efficient, accurate, and cost-effective for their clients. It can also enable new revenue lines.”

Marshall also noted that ILTACON 2017 was all about dispelling the myths of lawtech. “In the past there’s been a lot of speculation in the media that robots will replace lawyers. But that’s not going to happen,” he says.

“Technology will change the way lawyers operate: they will have to move up the value curve for their clients, and this means a lot of challenges in the industry around human capital in a law firm."

“A lot of the work done today by paralegals and junior lawyers will be completely changed by AI. Firms need to consider what that means for the traditional training for lawyers as well as what new roles will appear in the industry.”

 

To learn more, join the discussion at LIV Intensive on March 21, where Macquarie’s Ian Marshall will be presenting on their recent Legal Benchmarking Results with a focus on technology and innovation. More information here.


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