I am excited to announce The Cowen Group’s return to ILTA this year for our 10th Annual ILTA Kickoff Breakfast on Monday, August 31st.
This kickoff breakfast event is really about creating awareness for what’s now and what’s next. In other words, the 5 big drivers of change that are impacting our space, the market, your firms, and most importantly… your careers.
Let’s jump in with the 5 major drivers of change that are impacting your career so that you can identify the gap and fill the gap or what I like to call – moving from now to next.
From where I’m currently sitting, the Top 5 Drivers of Change are:
- Evolving Client Expectations
- Corporate Control of eDiscovery
- Emerging Technology – Automation Analytics – Machine Learning
- Internet of Things – and new data sources
- Market Consolidation
Ultimately, if you ask me what the number 1 macro change I see or the most important macro change I see aka challenge and opportunity, it would be the coming consolidation of firms and the elimination of associated partner roles across the NLG 350 – (National Law Journal)
Now here is the good news/bad news:
Bad News: This significant and meaningful consolidation will therefore eliminate ⅓ of the associate and partner roles and the “NOW” as we know it.
Good News: 5,000 net new roles and positions will be created in the coming years that will address the revolution that machine learning, artificial intelligence, advanced analytics, automation, big data, smart data and the like are advancing, creating, disrupting and being caused by this innovation of disruption.
Now here is the reality:
Look to the left – look to the right = one of you will no longer be working in the legal industry.
Now look to the left – look to the right again = one of you will not be doing what he/she are doing today and what that means will not be in the same role performing the same tasks that you are today. Which shouldn’t be a surprise… Think about how different your roles are today compared to 2005 and or 2010.
In 2005, most of you were hired or promoted to understand, manage and handle the chaos of eDiscovery, in 2010 (5 years ago) you were promoted to manage and lead organized chaos.
Like 2004 and 2005, when eDiscovery was organized chaos at best, that was a once in a decade opportunity to elevate and accelerate your career into a new new space with new roles, opportunities, challenges and compensation.
We are at that inflection point again, a once in a decade opportunity…
Now is the time to figure out the organized chaos that is big data, smart data, automated analytics, and the ongoing convergence of privacy, security and eDiscovery, etc – Now is the time to focus on your 2020 career plan and now is the time to focus on the muddled challenges of the current state of work, business and legal environment.
I read a great quote this morning by Tom Peters, former managing partner of the McKinsey & Co. and author of “In Search of Excellence” and “Thriving on Chaos”. Tom consults with over 125 Fortune 500 companies on an ongoing basis at the CEO and board level and he says, “If you are not confused.. you’re not paying attention.”
And my response is, find the gap and most importantly, fill the gap… make yourself indispensable to your organization and that is your challenge between now and 2020.
My intention at the 10th Annual Cowen ILTA Kickoff Breakfast is to inform, instruct and most importantly, inspire you to action.
I hope you will join me on Monday, August 31st at ILTA for this informative workshop on the next 5-10 years of your career and what you can do to make yourself indispensable in this ever-changing space of eDiscovery. Register Here.
President and Managing Director
The Cowen Group