constantly changing reality global trends, emerging technologies and the future of corporate legal...

Constantly Changing Reality Global Trends, Emerging Technologies

and the Future of Corporate Legal IT

February 4th 2014Rohit Talwar - CEO

Fast Future Research

www.fastfuture.com rohit@fastfuture.com

Twitter @fastfuture

Legal Tech New York 2014

Objectives of ILTA Legal Technology Future Horizons Project

• Identify key business, legal and IT trends and developments

• Build timeline of emerging technologies and IT developments with high potential legal impact

• Explore IT’s transformative role in future legal business models and service differentiation

• Highlight strategic imperatives for effective use and management of legal IT

• Conducted January – December 2013

• Publication – March 2014

• 6 Sponsors

• 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)

• 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

Operational Excellence

1-3 Years

Drive for Innovation

Efficiency, Growth

4-10+ Years

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 Normale.g. Assets: ‘Usership’ vs. Ownership

Rapid Execution e.g. Superfast ConstructionArk 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

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

Artificial Intelligence is Going Mainstream

88%AI advisers / helper apps

will structure legal

documents and check

content generated by

lawyers

Technology Timeline (0-12 Months)

Technology Timeline (2-5 Years)

Technology Timeline (6-10 Years)

Technology Timeline (10+ Years)

Turning Insight into Opportunity

MasteryMarkets

Models

Magic

ManagementMindset

Muscle

MessageMessage

Needs of Fast Growth Activities

Leverage Existing Strengths / Relationships

Develop New Capabilities

Emerging Market Activity / Needs

New Science and Technology

Markets – Do we Understand How the Business is Changing?

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

Bradford Barthel – AI Case Analysis

Muscle – What New Survival and Growth Capabilities do we Need?

Magic – How to Create ‘Wow Factors’ for Different Customer Types?

Bryan Cave - Innovation Department

Message – How do we Align our Actions with our ‘Brand Story’?

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?

MasteryMarkets

Models

Magic

ManagementMindset

Muscle

MessageMessage

Strategic Imperatives - Embedding IT in the DNA

Embed Horizon Scanning and Anticipatory Planning

Develop IT Vision and Roadmap

Globalized Delivery Model

63%Increasing

Globalization

81%Mobility

Raise Business Awareness of IT as Disruptor and Differentiator

Regular Review of Law Firm IT Vision, Strategy and Capabilities

Conclusions – 21st Century Survival Skills

• Foresight / Curiosity• Sense making• Accelerated learning• Uncertainty tolerant • Scenario thinking• Embrace complexity• Networking• IT Innovation

Useful Reference Sources• 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-brain-mapping-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-for-computers-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/Tesla-Wor

king-on-Autonomous-Car.aspx

– http://www.popsci.com/cars/article/2013-09/google-self-driving-car