Combining Innovation & Technology for Real Change

Combining Innovation & Technology for Real Change

1. Entrepreneurs are a main catalyst for change that causes the most disruption by modifying our current process for delivering goods and services or by creating entirely new services.

2. How Does an Existing Organization Avoid Becoming Obsolete?

   • Legal Nexus of Forces breaks the analysis down into four categories
     • Client Sophistication
       • With the advancement and consumerization of technology, law departments are able to do more with less
     • Change in Competition
       • Legal Process Outsourcing (LPO) and Alternative Service Providers (ASPs) increasingly take market share away from law firms.
     • Law Firm Innovation
       • Those with the most support and direction from upper management tend to make the largest advancements and have the greatest ability to meet client demands for greater efficiency, predictability, and cost effectiveness in the delivery of legal services.
     • Emerging Technology
       • Today, vendors in the legal market are foundationally suited in two areas—advanced analytics (machine learning), and other forms of artificial intelligence such as natural language processing.

3. Now What?

   • Create a constant wave of creative destruction that stimulates economic growth by creating new inventions never before imagined.

4. Are we a Legacy Industry That Can Transform?

   • Because there is an early prize for those able to successfully innovate to the point that traditional companies must succumb to the pressure of new inventions. It is market power. Innovation has the ability to change markets and break down boundaries.

5. Name: Ronald Daniel Garcia

   • Group: 212032_28

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