Here is the February 2014 report from Gartner on the future of the legal industry (Gartner Legal IT Scenario 2020), which is forecasting significant changes to Legal IT and to the legal industry. We do not have access to the full report but the conclusions seems pretty clear. Many of the disruptions discussed are well underway, such as the increasing demand for legal process outsourcing (LPO) and the use of advanced analytics — so what’s new?
Apparently, new are the dramatically disruptive effects arising from the accelerating adoption of legal IT. Here are a few predictions:
- By 2020, 75% of U.S. and U.K. corporations will use LPO.
- By 2019, 75% of corporate legal and IT departments will have shared staff.
- By 2018, legal IT courses will be required for the graduates of at least 20 U.S. Tier 1 and Tier 2 law schools.
As Bill Gates once said: We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.
Legal Industry – time to listen? And time to start moving?
One additional comment – many people seems to think this is about the law firms to be or not to be. First – a lot of legal work has already left the law firms. From my on backyard – I can conclude that the operational contract work is now a question for in-house or contract managers. Secondly – the changes opened up by IT will affect many more.
One of the first to come is advanced Contract Analytics – just around the corner. Who wants to take first mover advantage?