Presentation of ILTA Legal Technology Future Horizon Project to LTEC (Law Tech Europe Congress) 2014 in Prague October 21st 2014. The future of IT in the legal field.

2. SESSION:
Law Firm 2024
Rohit Talwar
CEO – Fast Future Research

3. Law Firm 2024
Unleashing IT
Law Tech Europe Congress
Prague
October 21st 2014
Rohit Talwar
CEO
Fast Future Research
rohit@fastfuture.com
www.fastfuture.com

4. ILTA Legal Technology
Future Horizons Project
• Key business, legal and IT trends and developments
• Timeline of emerging technologies and IT developments
with high potential legal impact
• Explored IT’s transformative role in future legal business
models and service differentiation
• Strategic imperatives for effective legal IT
• Conducted 01/13- 03/14 Launch – 05/14
• 6 Sponsors
• Desk research; interviews with managing partners, CIO’s,
vendors, futurists and technologists; global surveys on
business applications of IT (499 responses) and emerging
technologies (223 responses)

5. ‘Future Proofed’ Organisations
Work on 3 Horizons in Parallel
1-12 Months
Operational
Excellence
1-3 Years
Drive for
Innovation
Efficiency, Growth
4-10+ Years
Creating the
Future

6. When Worlds Collide

7. Can we Change our DNA?
Play by the
Rules of the
Game
Create a
New Game

8. Factors Redefining the Sector

9. Intense Competition
Strategy, Talent, Lawyer Ratings, ICT, Insight, Ideas, Responsiveness,
Innovation, Financing, Structure, Business Models and New Ventures

10. Environmental Turbulence

11. Accelerating Pace of
Technology Diffusion
and Disruption
...with Associated IT Management Challenges

12. Client Needs: Global, Transparency, Speed,
Quality, Insight, Value and Innovation

13. Complex Risks
67%
Security Concerns
57%
Shorter / Faster
Business Cycles

14. Differentiation, Automation, Consumerization,
Commoditization, and the Battle for Premium

16. New Ideas Reshaping Industries

17. Barbarians at the Gate
58%New Entrants = Biggest Disruptors
77%IT Firms Offering Direct Delivery

18. Aliens
in our
Midst

19. ‘Magic’ and Science are Blurring
Mapping and
Uploading the
Human Brain
Cognitive,
Genetic, Physical
and Electronic
Enhancement of
the Human Body
The biological era is emerging

20. Embracing the Transformative Role of IT
Customer
Centric
‘Hive Mind’
Talent:
Develop and
Leverage
Staff
Innovate to
Differentiate
Re-engineer
Processes

21. Technology Timeline

22. Our Technologies are Evolving From
the Desktop...

23. ...to Portable and Mobile ...

24. ...to Wearable...

25. ...to Embedded...

26. ... And Connected to an Immersive Multi-
Sensory / Multi-Sensor ‘Internet of Everything’

27. Artificial Intelligence is Going
Mainstream
88%
AI advisers /
helper apps will
structure legal
documents and
check content
generated by
lawyers

28. Blockchain Technology

29. The Quest for
Response Speed,
Flexibility and ROI

30. Unleashing and Embedding Technology
73%
Capacity for Rapid IT-
Enabled Innovation:
Critical Differentiator
88%
Emerging Technology
Integral to Courts

31. Strategic Applications for IT
 Value chain enabler
 Value creator
 Collaboration enhancer
 Service reinvention
 Force multiplier
 Data driven insight
 End to end visibility
 Online delivery
 Cost and efficiency
 Just in Time Training

32. Pre-emptive Security Reporting

33. Multi-Level Collaboration
(Weightmans LLP)

34. Creating Magic – Developing ‘Wow
Factors’ for Different Customer Types

35. Unleashing Big Data
(Eversheds Big View)

36. Enable New Structures /
Business Models (Keystone)

37. Identify and Track Emerging Sectors

38. Firm Leadership Challenges

39. Global Mindset, Differentiated
and Magnetic

40. Acknowledge Chaos and Disruptors,
Rethink Talent and Redefine Risk

41. Embrace the Opportunity and Pursue
Process and Technology Excellence

42. IT Management Imperatives
• Strategic
• Value Adding
• Operational

43. Strategic - Think Like a Consultancy
(Taylor Wessing)
Close business alignment, strategic approach to management of IT and
building a radar / sense making

44. Value Adding
Enabling innovation, value creation, communication, collaboration and greater
employee mobility

45. Operational - Process and Project Management
(Seyfarth Shaw)
Evolving an strategic IT staff profile; delivering cost and efficiency gains;
mastering data and knowledge; management of external partners; flexible
technology infrastructure

46. Summary
• Worlds are Colliding
• Constantly Changing Reality
• Massive Opportunity
• No Business Without IT?
• Risk Rich Environment
• Hope is not a Strategy

47. …or be Consumed by them
Conclusion - Step into Our Fears…