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THE TRANSFORMATION OF THE LEGAL PROFESSION

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by

Thierry WICKERS

on 3 June 2015

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Transcript of THE TRANSFORMATION OF THE LEGAL PROFESSION

THE TRANSFORMATION OF THE LEGAL PROFESSION
FIVE MAIN TRENDS
IN COMPUTERS FIELD AND INFORMATION TECHNOLOGIES
COMPUTERS CALCULATING POWER
BIG DATA
ANY DATA CAN BE FOUND ON THE INTERNET
A CONNECTED MANKIND
Everybody will be connected
ANY INTELLECTUAL SERVICE CAN BE SUPPLIED ON LINE
LEGAL SERVICES
EVERY OBJECT WILL BE CONNECTED
END OF THE DECADE, HUMAIN BRAIN CALCULATING POWER
2050 : ALL MANKIND CALCULATING POWER


ARE THESE TRENDS GOING TO CHANGE THE LEGAL PROFESSION ?

The lawyers were able to switch from paper to digital,
but...

ALL LAW FIRMS ARE STILL SOLUTION SHOPS
Giving high quality bespoke advice on a one to one basis
VALUE NETWORK BUSINESSES
NEW ENTRANTS LOGIC
INNOVATION
REDUCED PRICES
ADVERTISING
EXTERNAL CAPITAL
NEW ENTRANTS ON THE
MARKET adopting new models
Value chain businesses
NEW ENTRANTS
CHEAPER
SIMPLER
MORE ACCESSIBLE
Computerisation
THE FUTURE OF EMPLOYMENT : HOW SUSCEPTIBLE ARE JOBS TO COMPUTERISATION

LAWYERS
115/702 no risk of computerisation
Carl Benedict Frey and Michael A. Osborne
But most legal activities can be computerized
THE MAIN ISSUE
PROVIDING ACCESS TO JUSTICE
TO EVERYONE
Answering the needs of the latent market
BUT LAWYERS NEED TO CHANGE IF THEY WANT TO TAP THIS MARKET
A HUGE LATENT MARKET
UK SOLUTION
External capital and non lawyers ownership
Specialisation, standardisation,costs reduction
ABA SOLUTION
Dealing with "Rocket lawyer"
In the digital age who owns the platform gets the value
Franchises and networks
virtual firms, knowledge management and intelligence sharing
Delivering legal services in a more accessible way
Selling legal services as industrial products
The new market places
Full transcript