Law firms and innovation are rarely mentioned in the same sentence - until now.
Traditionally, law firms have been notoriously slow at adapting to emerging technology and driving innovation.
Built upon the foundations of processes, rules, and precedents, the underlying attitude can be typically summed up as "Why change something that has been working for years?"
Unfortunately, this attitude is no longer helpful especially if law firms are looking to thrive in the coming decades.
From artificial intelligence to the blockchain, advances in technology alongside business model innovations are altering the traditional world of legal services. In addition, client expectations are transforming both consumption and practice of law.
Thankfully, there are firms that have the foresight to position themselves ahead of the curve.
Spanning across five continents with over 5,000 employees, they serve corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations.
They recently announced the launch of their Tech Academy - a global training program dedicated to learning about the emerging technology such as smart contracts.
Partnering up with Collective Campus, we put together a training program comprising of webinar sessions, plus face to face workshops covering a range of topics - from e-commerce and connected vehicles to artificial intelligence, blockchain, data privacy, and cybersecurity.
Tim Sherwood, Director of the Clifford Chance Academy explains:
Our training programmes are under constant review to ensure they adapt to client demands and the market environment and the Tech Academy is an excellent example of this.
Combining flexible online learnings and resources with in-depth face to face training, it will help our people to keep on top of the latest developments in this fast-moving space.
They invested half a million dollars into AsiaPac's first legal start-up accelerator - attracting legal tech startups from across the world.
As the result, they are partnering with several participants to roll out innovative legal projects and stay ahead of the game.
This supported them in winning the ALPMA / Lexis Nexis Thought Leadership Award - strengthening their brand as an innovative firm.
While legal disruption is still in its early stages, the firms who move early enjoy a huge competitive advantage over the rest of the field.
By understanding how their clients' industries are getting disrupted, they are able to speak the same language as their clients.
In addition, they can leverage emerging technologies and business model to stack the odds in their favour.
If your firm has not taken steps to execute on innovation programs, it's not too late.
We encourage you to download a copy of our ebook "Disrupting Legal Services". It contains valuable insights on how to make sense of emerging trends and actionable steps to get started on your innovation journey.
Law firms have long held a monopoly when it comes to providing legal services but changes in technology and just as importantly, client expectations, are transforming both the consumption and practice of law. This eBook provides insight into how the legal industry is changing, the impact of technology and how law firms can innovate in order to succeed and stay relevant.