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Back from ๏ปฟ#CGI24 – insp๐—”๐—œring as always

2,300 participants, 2 from Germany, over 100 conversations, 95 sessions, parties, lack of sleep, met the President Jenn McCarron.

๐—ข๐—ฏ๐˜€๐—ฒ๐—ฟ๐˜ƒ๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€

โžก๏ธ The entire legal operating and commercial model changes; I expect to see at least 5 business models (see below).

โžก๏ธ CLM tools without “built-in” AI are obsolete; meticulous due diligence on suppliers is crucial.

โžก๏ธ New AI solutions that act as connectors “in-between” systems.

โžก๏ธ Tons of use cases under development and real-life – some of them far beyond the “first mile”.

โžก๏ธ The really hard thing: Project Management, Change Management, Training, Implementation and Adoption.

โžก๏ธ Standardization of data thanks to Damien Riehl (SALI) will expedite standardization of work types and data exchange.

โžก๏ธ Multidisciplinary teams (MDT) are becoming standard. Managing culture and change is a top priority for leadership. I will discuss this further in “Die Zukunft der Rechtsberatung”.

โžก๏ธ My favorite topic: how legal departments and law firms are already experimenting with ๐——๐—”๐—ง๐—” – some of the use cases will rebalance the inhouse/law firm relationship, others the positioning of legal departments to move up the ladder from Business ๐—˜๐—ป๐—ฎ๐—ฏ๐—น๐—ฒ๐—ฟ to Business ๐—–๐—ฟ๐—ฒ๐—ฎ๐˜๐—ผ๐—ฟ. Data opens up entire ๐—ป๐—ฒ๐˜„ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ผ๐—ฝ๐—ฝ๐—ผ๐—ฟ๐˜๐˜‚๐—ป๐—ถ๐˜๐—ถ๐—ฒ๐˜€ ๐—ณ๐—ผ๐—ฟ ๐—Ÿ๐—ฎ๐˜„ ๐—™๐—ถ๐—ฟ๐—บ๐˜€.

๐—–๐—ผ๐—ป๐—ฐ๐—น๐˜‚๐˜€๐—ถ๐—ผ๐—ป

๐—”๐—œ ๐—ฑ๐—ฒ๐—บ๐—ผ๐—ฐ๐—ฟ๐—ฎ๐˜๐—ถ๐˜‡๐—ฒ๐˜€ ๐—ธ๐—ป๐—ผ๐˜„๐—น๐—ฒ๐—ฑ๐—ด๐—ฒ ๐—ฎ๐—ป๐—ฑ ๐—ฐ๐—ฎ๐—ฝ๐—ฎ๐—ฏ๐—ถ๐—น๐—ถ๐˜๐—ถ๐—ฒ๐˜€. Some market participants are beyond the ideation phase: legal departments are aiming to cut their external spend by >50% on selected work types, Equity Partners worry about a significant drop of their Profit, Law Firms add Chief Data Scientists to their Board.

I expect the following segmentation of the legal market:

โœ… Traditional Law Firms
โœ… Legal ops driven suppliers (aka ALSP, MDT)
โœ… Tech driven suppliers (AI et al.)
โœ… Consulting (on legal ops)
โœ… Legal Shared Service Center (Outsourcing)

It’s uncertain whether traditional law firms are ideally structured for tech/data-driven/Consulting models.

Nevertheless, the rules are changing, and with them supply and demand.

๐—ฅ๐—ฒ๐—ณ๐—น๐—ฒ๐—ฐ๐˜๐—ถ๐—ผ๐—ป

I’m in Legal Ops since 2018, have been to
#CGI multiple times, what I’ve seen this year follows patterns of tech-driven change in other industries in which I was allowed to work: Some may remember that booking a flight once required some sort of coding skills in a CRS, specialized knowledge of a select group of people. Need a Website? Years ago you had to hire an agency, nowadays a question of 1h from ideation to go-live for 2 EUR/month. Less travel agents? Less coders? Less Webdesigners? No, companies transformed themselves, roles changed, new services have been developed.

AI is an opportunity as well as a risk, it’s just a question of perspective.

๐—ฉ๐—ฒ๐—ด๐—ฎ๐˜€: ๐—œ’๐—น๐—น ๐—ฏ๐—ฒ ๐—ฏ๐—ฎ๐—ฐ๐—ธ.

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