Constantly Changing Reality
Global Trends, Emerging Technologies
and the Future of Corporate Legal IT
Legal Tech New York 2014
February 4th 2014
Rohit Talwar - CEO
Fast Future Research
www.fastfuture.com
rohit@fastfuture.com
Twitter @fastfuture
Objectives of ILTA Legal Technology
Future Horizons Project
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Identify key business, legal and IT trends and
developments
•
Build timeline of emerging technologies and IT
developments with high potential legal impact
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Explore IT’s transformative role in future legal business
models and service differentiation
•
Highlight strategic imperatives for effective use and
management of legal IT
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Conducted January – December 2013
•
Publication – March 2014
•
6 Sponsors
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Combined desk research, interviews with managing
partners, CIO’s, vendors, futurists and technologists,
global surveys on the business applications of IT (499
responses) and emerging technologies (223 responses)
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Key findings are presented on the following pages
including the highest ranked responses in the surveys
‘Future Proofed’ Organisations
Work on 3 Horizons in Parallel
1-12 Months
1-3 Years
4-10+ Years
Operational
Excellence
Drive for
Innovation
Efficiency, Growth
Creating the
Future
The Future is Being Created Now...
Economic and Political Uncertainty
and Turbulence are the ‘New Normal’
Continued Global Shifts Of
Influence, Wealth and
Power to Emerging Markets
Socio-Demographic Forces are
Reshaping Society
Free education is a game changer
Sustainability Issues Will Play a
Bigger Role in Decision Making
Financial Innovation is the New Normal
e.g. Assets: ‘Usership’ vs. Ownership
Rapid Execution e.g. Superfast Construction
Ark Hotel - Dongting Lake - China
‘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
‘Big Science’ is the Battleground
Our Technologies are Evolving
From Desktop to Mobile ...
...to Wearable...
...to Embedded...
... to Grown and Grafted...
…and totally Connected via
‘The Internet of Everything’
“What happens when the smartest thing in the room is the room itself?”
Madeleine Albright
Artificial Intelligence is Going
Mainstream
88%
AI advisers /
helper apps
will structure
legal
documents
and check
content
generated by
lawyers
Speech / gesture / image recognition, integrated analytics, knowledge management,
image / video / voice mining, client self-service, intelligent documents, expertise
systems, collaboration, secure email, virtual assistants, intelligent agents and
collective intelligence
Technology Timeline (0-12 Months)
Technology Timeline (2-5 Years)
Technology Timeline (6-10 Years)
Technology Timeline (10+ Years)
Turning Insight into Opportunity
Markets
Message
Mastery
Models
Muscle
Magic
Mindset Management
Markets – Do we Understand
How the Business is Changing?
Emerging Market
Activity / Needs
Needs of Fast Growth
Activities
Leverage Existing
Strengths / Relationships
New Science and
Technology
Develop New
Capabilities
Mastery – Where do we Need to Excel?
E.g. Collaboration, Service, Managing Change, Operational
Processes, Technology Planning, Foresight and Insight
Baker Donelson - Client Access to Workflow
Muscle – What New Survival and
Growth Capabilities do we Need?
Bradford Barthel – AI Case Analysis
Magic – How to Create ‘Wow Factors’ for
Different Customer Types?
Message – How do we Align our
Actions with our ‘Brand Story’?
Bryan Cave - Innovation Department
Models – Asset Finance,
Innovation and Revenue
Mindset – Uncertainty Tolerant, Experimental,
Curious, Sticky and Magnetic
Allen & Overy – Technology Fair
Management – What Critical Actions
can we Take to Drive the Future?
Reynolds Porter Chamberlain - Edge
Which are we Pursuing?
Markets
Message
Mastery
Models
Muscle
Magic
Mindset Management
Strategic Imperatives Embedding IT in the DNA
Embed Horizon Scanning and
Anticipatory Planning
Develop IT Vision and Roadmap
Globalized Delivery Model
Raise Business Awareness of IT
as Disruptor and Differentiator
Regular Review of Law Firm IT
Vision, Strategy and Capabilities
Conclusions –
21st Century Survival Skills
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Foresight / Curiosity
Sense making
Accelerated learning
Uncertainty tolerant
Scenario thinking
Embrace complexity
Networking
IT Innovation
Useful Reference Sources
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Genetic profiling - https://www.23andme.com/
X Prize - Breakthrough innovation projects - http://www.xprize.org/
Google brain uploading - http://digitaljournal.com/article/352787
Brain mapping projects - http://www.technologyreview.com/news/513011/why-obamas-brainmapping-project-matters/
Global Future 2045 (immortality) http://2045.com/
Human enhancement - http://en.wikipedia.org/wiki/Human_enhancement
Wearable technology – Google Project Glass - http://www.google.com/glass/start/
Emotiv Epoc Brain-Computer Interface - http://www.emotiv.com/
AI Essay Grading Software - http://www.nytimes.com/2013/04/05/science/new-test-forcomputers-grading-essays-at-college-level.html?pagewanted=all&_r=0
Crypto currencies –
– http://www.abc.net.au/technology/articles/2013/09/25/3855973.htm
– http://en.wikipedia.org/wiki/Cryptocurrency
– http://en.wikipedia.org/wiki/List_of_cryptocurrencies
Autonomous cars – http://www.engineering.com/DesignerEdge/DesignerEdgeArticles/ArticleID/6357/TeslaWorking-on-Autonomous-Car.aspx
– http://www.popsci.com/cars/article/2013-09/google-self-driving-car