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Constantly Changing Reality Global Trends, Emerging Technologies and the Future of Corporate Legal IT. Legal Tech New York 2014. February 4 th 2014 Rohit Talwar - CEO Fast Future Research www.fastfuture.com [email protected] Twitter @fastfuture .

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Constantly changing reality global trends emerging technologies and the future of corporate legal it

Constantly Changing Reality Global Trends, Emerging Technologies and the Future of Corporate Legal IT

Legal Tech New York 2014

February 4th 2014

Rohit Talwar - CEO

Fast Future Research

www.fastfuture.com

[email protected]

Twitter @fastfuture


Objectives of ilta legal technology future horizons project

Objectives of ILTA Legal Technology Future Horizons Project

  • Identify key business, legal and IT trends and developments

  • Build timeline of emerging technologies and IT developments with high potential legal impact

  • Explore IT’s transformative role in future legal business models and service differentiation

  • Highlight strategic imperatives for effective use and management of legal IT

  • Conducted January – December 2013

  • Publication – March 2014

  • 6 Sponsors

  • Combined desk research, interviews with managing partners, CIO’s, vendors, futurists and technologists, global surveys on the business applications of IT (499 responses) and emerging technologies (223 responses)

  • Key findings are presented on the following pages including the highest ranked responses in the surveys


Future proofed organisations work on 3 horizons in parallel

‘Future Proofed’ Organisations Work on 3 Horizons in Parallel

1-12 Months

Operational Excellence

1-3 Years

Drive for Innovation Efficiency, Growth

4-10+ Years

Creating the Future


The future is being created now

The Future is Being Created Now...


Economic and political uncertainty and turbulence are the new normal

Economic and Political Uncertainty and Turbulence are the ‘New Normal’


Continued global shifts of influence wealth and power to emerging markets

Continued Global Shifts Of Influence, Wealth and Power to Emerging Markets


Socio demographic forces are reshaping society

Socio-Demographic Forces are Reshaping Society

Free education is a game changer


Sustainability issues will play a bigger role in decision making

Sustainability Issues Will Play a Bigger Role in Decision Making


Financial innovation is the new normal e g assets usership vs ownership

Financial Innovation is the New Normale.g. Assets: ‘Usership’ vs. Ownership


Rapid execution e g superfast construction ark hotel dongting lake china

Rapid Execution e.g. Superfast ConstructionArk Hotel - Dongting Lake - China


Magic and science are blurring

‘Magic’ and Science are Blurring

Mapping and Uploading the Human Brain

Cognitive, Genetic, Physical and Electronic Enhancement of the Human Body

The biological era is emerging


Big science is the battleground

‘Big Science’ is the Battleground


Our technologies are evolving from desktop to mobile

Our Technologies are Evolving From Desktop to Mobile ...


To wearable

...to Wearable...


To embedded

...to Embedded...


To grown and grafted

... to Grown and Grafted...


And totally connected via the internet of everything

…and totally Connected via ‘The Internet of Everything’

“What happens when the smartest thing in the room is the room itself?”

Madeleine Albright


Artificial intelligence is going mainstream

Artificial Intelligence is Going Mainstream

88%

AI advisers / helper apps will structure legal documents and check content generated by lawyers

Speech / gesture / image recognition, integrated analytics, knowledge management, image / video / voice mining, client self-service, intelligent documents, expertise systems, collaboration, secure email, virtual assistants, intelligent agents and collective intelligence


Technology timeline 0 12 months

Technology Timeline (0-12 Months)


Technology timeline 2 5 years

Technology Timeline (2-5 Years)


Technology timeline 6 10 years

Technology Timeline (6-10 Years)


Technology timeline 10 years

Technology Timeline (10+ Years)


Turning insight into opportunity

Turning Insight into Opportunity

Models

Markets

Mastery

Muscle

Magic

Management

Mindset

Message

Message


Markets do we understand how the business is changing

Markets – Do we Understand How the Business is Changing?

Leverage Existing Strengths / Relationships

Develop New Capabilities

Emerging Market Activity / Needs

Needs of Fast Growth Activities

New Science and Technology


Constantly changing reality global trends emerging technologies and the future of corporate legal it

Mastery – Where do we Need to Excel?E.g. Collaboration, Service, Managing Change, Operational Processes, Technology Planning, Foresight and Insight

Baker Donelson - Client Access to Workflow


Bradford barthel ai case analysis

Muscle – What New Survival and Growth Capabilities do we Need?

Bradford Barthel – AI Case Analysis


Magic how to create wow factors for different customer types

Magic – How to Create ‘Wow Factors’ for Different Customer Types?


Bryan cave innovation department

Message – How do we Align our Actions with our ‘Brand Story’?

Bryan Cave - Innovation Department


Models asset finance innovation and revenue

Models – Asset Finance, Innovation and Revenue


Mindset uncertainty tolerant experimental curious sticky and magnetic

Mindset – Uncertainty Tolerant, Experimental, Curious, Sticky and Magnetic

Allen & Overy – Technology Fair


Management what critical actions can we take to drive the future

Management – What Critical Actions can we Take to Drive the Future?

Reynolds Porter Chamberlain - Edge


Which are we pursuing

Which are we Pursuing?

Models

Markets

Mastery

Muscle

Magic

Management

Mindset

Message

Message


Constantly changing reality global trends emerging technologies and the future of corporate legal it

Strategic Imperatives -

Embedding IT in the DNA


Embed horizon scanning and anticipatory planning

Embed Horizon Scanning and Anticipatory Planning


Develop it vision and roadmap

Develop IT Vision and Roadmap


Globalized delivery model

Globalized Delivery Model

81%

Mobility

63%

Increasing

Globalization


Raise business awareness of it as disruptor and differentiator

Raise Business Awareness of IT as Disruptor and Differentiator


Regular review of law firm it vision strategy and capabilities

Regular Review of Law Firm IT Vision, Strategy and Capabilities


Conclusions 21 st century survival skills

Conclusions – 21st Century Survival Skills

  • Foresight / Curiosity

  • Sense making

  • Accelerated learning

  • Uncertainty tolerant

  • Scenario thinking

  • Embrace complexity

  • Networking

  • IT Innovation


Useful reference sources

Useful Reference Sources

  • Genetic profiling - https://www.23andme.com/

  • X Prize - Breakthrough innovation projects - http://www.xprize.org/

  • Google brain uploading - http://digitaljournal.com/article/352787

  • Brain mapping projects - http://www.technologyreview.com/news/513011/why-obamas-brain-mapping-project-matters/

  • Global Future 2045 (immortality) http://2045.com/

  • Human enhancement - http://en.wikipedia.org/wiki/Human_enhancement

  • Wearable technology – Google Project Glass - http://www.google.com/glass/start/

  • Emotiv Epoc Brain-Computer Interface - http://www.emotiv.com/

  • AI Essay Grading Software - http://www.nytimes.com/2013/04/05/science/new-test-for-computers-grading-essays-at-college-level.html?pagewanted=all&_r=0

  • Crypto currencies –

    • http://www.abc.net.au/technology/articles/2013/09/25/3855973.htm

    • http://en.wikipedia.org/wiki/Cryptocurrency

    • http://en.wikipedia.org/wiki/List_of_cryptocurrencies

  • Autonomous cars -

    • http://www.engineering.com/DesignerEdge/DesignerEdgeArticles/ArticleID/6357/Tesla-Working-on-Autonomous-Car.aspx

    • http://www.popsci.com/cars/article/2013-09/google-self-driving-car


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