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Trends, Spends and Clouds: 3 Takeaways from LegalTech Bloggers

3 Takeaways from the LegalTech Bloggers Breakfast-1

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

 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.

Related LegalTech Events and News 

Photo: Flickr, Sam Howzit, CC BY 2.0

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.