The legal industry must debate and discuss the future themselves, effecting transformation from the inside.
Ready or not, New Tech and Innovation is also happening in the legal market. Digital platforms for acquisition, online service providers, and a variety of new products and automated processes are shaking the foundations of the legal industry. With these trends, future lawyers will be assisted or even replaced by new technology and the shift to digital will transform both legal services and legal businesses.
Rapid developments in technology, new business models and redefined legal practice throughout the sphere of global law will also affect the law and cross-border regulations.
Winning legal practitioners and service providers alike are directly facing the inevitable: convergence with the future of new technologies, data intelligence and the new legal economy in a race to the next generation of services, products and roles for people - and machines - across all sectors of the legal world.
Along with accelerating changes in legal tech capacities and the new businesses of law, global demand is also accelerating for such functions, insights and advancements, creating a perfect storm of opportunity to embrace the next phase.
If the legal industry does not adapt to the new needs and latest trends of the future, someone else will do the job. In other words: Change, or the other party wins.