Legaltech and innovations in the spotlight at #Lexpo17

Day 2 of the #Lexpo17 conference in Amsterdam this Tuesday, May 9. We were there to follow European and American legaltech trends. 

Changing market

First, the observation of a profound and irreversible change in the legal market is shared by all the speakers. From a situation of “price makers”, legal professionals are now “price takers”. Concretely, they can no longer impose their prices or the way they sell. They must adapt to the wishes and needs of the customer.

From this profound change in the market, three conclusions stand out: 

  • we must increase productivity to produce better and faster
  • customer relations are more essential than ever
  • the digital transformation of the firm is a sine qua none condition for growth

One of the first speakers was Professor Wilkins.

Professor Wilkins is the Lester Kissel Professor of Law, Vice Dean for Global Initiatives on the Legal Profession, and Faculty Director of the Center on the Legal Profession at Harvard Law School.

David shared his proven knowledge of strategic developments in the legal profession, in the United States and in Europe.

The Future of legaltech and Legal Services in the Global Age of More for Less by David Witkins

First, customers today favor more standard and less expensive services. Today, expensive “haute couture” services are reserved for very specific needs. On a daily basis, the challenge for lawyers is therefore to offer a level of advice and understanding of clients' problems at acceptable prices.

To make this change, the first difficulty is to first move from the old organization to the new.

This transformation then involves a multidimensional questioning:

  • attract/retain the right people
  • rely on efficient technologies
  • reorganize governance
  • clarify the firm’s values.

The other challenge is the specialization of lawyers in a world requiring an ever-broader understanding of client problems. Let's listen to the presentation of this problem by Professor David Witkins (in English).

Thus, as we understand, the legal market has changed under pressure from clients, who are demanding a profound change in pricing and level of service. 

In conclusion, the transmission of knowledge is the main vector of transformation. For this, practice management software is a fundamental tool. 

Next article on strategies for improving customer relations and firm marketing.