The Impact of Emerging Technology on Law Firm Economics

Each month, The Cowen Group hosts a think tank call with leading legalists, legal technologists and entrepreneurs. Thank you Jason Baron, Aaron Crews, Don Billings, Brian Stempel, Brent Kidwell, Eli Nelson, and Mike Boland for helping to lead this month’s exchange of ideas on the impact of emerging technology on law firm economics. Specifically, we discussed the cost of doing business, delivery of legal services, profits per partner and the deployment of associates.

It’s clear that many new analytical tools are beginning to show promise with regards to data analytics, business intelligence, case intelligence and simply getting to the facts faster and with less staff. And I don’t mean predictive coding, although that’s certainly part of the conversation. I am referring more to the IBM Watson momentum we are seeing.

These tools and technology platforms are allowing us to reshape the internal workforce of our various organizations and ultimately reduce the cost of doing business.

Currently, a number of senior legal and eDiscovery executives within Fortune 100 organizations are tasked almost exclusively with examining best case scenarios for how to employ new technology platforms and workflows and “Reinvent how we will litigate in 2020”.

Hint: Litigation in 2020 will involve dramatically less associates, be less costly and there will be winners and losers. Who will you be?

Our next call will take place on Wednesday, May 20. We will continue our discussion and focus on the following topics:

* Disruption and innovation by design

* Tactical solutions to strategic problems – next steps to our future

* The evolving roles and talent gap that these new tools and emerging workflows are creating for legalists, legal technologists and entrepreneurs

And of course, people, process and technology For an invitation to our next call, please email me at david@cowengroup.com

Don’t miss our next discussion.

davidsig