The annual Bloggers Breakfast at LegalTech aimed to address three pressing questions this year:
1. Is the US legal market on a path for revival?
2. What tech trends do you expect to see in 2015?
3. How did cloud technologies played out in 2014 and what’s in store for 2015?
Ron Friedman published an exceptional live blog of the event which is a good synopsis for those who prefer to read rather than listen. For the latter, an audio recording posted to SoundCloud is embedded below, which makes for easy listening during a commute or on the go from a mobile device. In addition, our three takeaways follow below the jump.
The Panelists Included
- Bob Ambrogi | LawSites Blog
- Ari Kaplan | Ari Kaplan Advisors
- Ryan McClead | Norton Rose Fulbright | 3 Geeks and a Law Blog
- James Paterson | LexisNexis Software Division
Three LegalTech Trends
1. Cautiously optimistic. The panelists seemingly expressed consensus the legal industry is on a path to revival – but it won’t return to pre-2008 levels. As an industry, the legal community needs to do a better job of embracing technology or face the risk of substitutes and new entrants. Also see: Porter’s Five Forces for the Legal Industry.
2. Transforming big data into knowledge. Those who buy legal services are able to make better decisions through data. For example there is nearly $17 billion in legal spend CounselLink Enterprise Legal Management system that provides corporate legal with better insights into the matters and associate resources. Also see: Enterprise Legal Management Trends Report.
3. Terminate the Cloud Debate. The cloud conversation has changed from whether it’s secure to how we can make it more secure. For service providers, the cloud is a better path to reducing costs and improving profitability while for vendors developing cloud law firm practice management tools – ease of use will win over features and functions. Also see: The Legal Cloud: A Question of Security, Ethics.
Note: Mr. Ambrogi also serves on the LexisNexis Firm Manager Advisory Board.
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