The legal profession has always been identified as being traditional, unsusceptible to change, and guided by precedent as opposed to innovation. However, despite the fact that in comparison to other industries legal innovation has lagged behind, the scope, pace and reach of innovation and technology in the legal industry has, over the last years made significant strides.
Law firms across the globe are under tremendous pressure to adapt to a market place led by increasingly price-conscious clients (who themselves are under tremendous internal pressure to cut costs), and affordable, innovative technologies, coupled with an ever growing pool of service providers whose business models are not based on the traditional service delivery charged by the hour. The result is that innovation and technology are rapidly changing the way legal services are being delivered and by whom.
An International Bar Association hosted seminar in London recently considered âBuilding the Law Firm of the Futureâ â a look at how different law firms will be in 5 to 10 yearsâ time.
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