What you need to know from LegalTech aka Legal Week:
- There was no “Ah-Ha” moment to be found.
- eDiscovery is now officially a classic maturing market.
- There were more sessions on knowledge management and business management topics than there were in past years.
- The market leaders are adopting and innovating their business models at remarkably faster rates.
- 25% of the market is advancing and accelerating. This 25% is getting dramatically more productive, efficient and innovative. This 25% will pull away from the field.
- 50% of the market is unsure of the market direction, their investment strategy, or focus. This 50% is searching for what’s next, but likely too far behind to catch up with advancing and accelerating market leaders.
- This same 50% will consolidate and/or merge with one another or be picked off in the next 3-5 years — This means lots of talent with nowhere to go.
- The bottom 25% of the market will not make it at all. While some of the talent from this 25% will find homes elsewhere, there will be 25% less logos in the market by 2020- 2023. Again, lots of talent with nowhere to go in this industry. Again, a classic maturing market.
Demand and Flow of Talent:
At this point, you may be saying to yourself “Thanks Cowen, now that I am thoroughly depressed and a bit anxious about the future, what do I do?”
ENGAGE! If you are not with one of the top firms that are investing, innovating, disrupting and driving forward in this market – get ready for a bumpy road. 2020 will be here before you know it, and that means you have 3 years to elevate your game and who you are working with.
READ! You are what you read and reading will inform, instruct and inspire you to think. And hopefully take action. I cannot stress enough the importance of reading and how it helps you get from now to next. If you are not sure what to read, I highly encourage you to check out my reading list for numerous suggestions.
Above The Law
NETWORK! Network like your career depends on it.
Networking is a critical key to your professional development and your future. Network with peers and leaders in different spaces, outside your organization, and especially outside of your sector. Network with new technology providers and professionals outside of your immediate organization.
PLAN! Taking the extra time to plan your days, weeks and months more thoroughly with a focus on your career and professional development. Wake up 20 minutes early. Read three blogs – industry trends etc. Not the New York Times, Washington Post or your favorite news channel.
Over the next 8 blogs I will present ideas, suggestions and worksheets to help you move your career for now to next.