The delivery of legal services is changing, due to advances in technology, AI (artificial intelligence), and business model innovation. This includes a slow shift towards more affordable, efficient and standardised methods of delivery. Future law firms are likely to be structured and run very differently than they are at present. The impact of the variously named ALSPs/NewLaw firms/law companies has already been felt in this regard.
We are witnessing a period in which legal services are increasingly becoming “unbundled”; whereby the delivery of legal work is a collaborative effort combining traditional law firms, ALSPs (NewLaw/law companies etc.), and increasingly, software providers (legaltech etc.). Over the last few years, there has been several new types of AI developed to help solve pain points for lawyers with regard to legal process delivery. AI has still a long way to go but at the same time it represents a lot of potential in terms of the delivery of services and processes by professional services sector firms.
In this era of rapid disruption, smart, forward-thinking law firms must be committed to providing cost-effective and innovative legal solutions. Utilising the right technology will lead to improvements in legal productivity, which provides a strong foundation towards building success in the legal industry, particularly in a highly competitive market like Hong Kong. Taking steps now to understand the landscape and think creatively about legal service delivery is imperative. This is one reason why Cognatio Law CEO Lesley Hobbs stays committed to attending such a wide range of seminars and legal industry events. She knows that learning, exploring and embracing new ideas and continually innovating is crucial to positive personal and professional growth and a successful business environment.
Are you looking for more flexibility and cost savings from your external legal services providers? NewLaw can save you and your company both time and money. Visit the Cognatio Law website to learn more about us.