Combining Innovation & Technology for Real Change.

Combining Innovation & Technology for Real Change.

1. Technology refers to innovation.

   • innovation happens when the underlying processes are examined and transformative new ways of solving a problem or creating a new service are identified.
     • Innovation appears to be all the rage these days -> technology as a solution comes later in the process.
       • "Technology" is considered as a disruptor in the legal industry.
         • for that reason legal information professionals are experts who are dedicated to understanding how to apply innovation and technology for the benefit of their member organizations, as well as their own firms’ underlying business imperatives.
           • As expleined above, for industries it is necessary to innovate on a daily basis or run the risk of becoming obsolete.
             • According to Joseph A. Schumpeter; The opening up of new markets, foreign or domestic, and the organizational development from craft shop and factory illustrate the process of industrial mutation, that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.
               • In his book "capitalism, Socialism and Democracy", Schumpeter emphasizes on entrepreneurs and their ability to create a new good or service, a new production technique, or even open a completely new market.
             • But??? How Does an Existing Organization Avoid Becoming Obsolete?
               • One option is to incorporate the R&D department
                 • Legal Innovation team’s use of its Legal Nexus of Forces framework.
                   • Gartner’s made a modification, named “Nexus of Forces,” which is used to explain the disruption that social, mobile, cloud, and information would have on industries everywhere.
                   • The Legal Nexus of Forces frames the issues from a law firm point of view, and it surfaces many fundamental issues being driven and changed by technology. Namely, it identifies new competitors and new strategies of existing competitors, and it provides insights on how technology modifies firms’ relationships with clients.
                     • The Legal Nexus of Forces breaks the analysis down into four categories.
                       • Client sophistication undoubtedly drives legal technology changes. With the advancement and consumerization of technology, law departments are able to do more with less—and that trend will continue. Reports show that law firms have been losing market share, and while corporate clients are seeing a modest increase in legal spend, the only increase in spend is occurring within the law department.
                       • Change in Competition; Legal Process Outsourcing (LPO) and Alternative Service Providers (ASPs) increasingly take market share away from law firms, these providers are growing rapidly and represent services once provided by law firms.
                       • Law Firm Innovation, Law firms continue to leverage technology and new services to differentiate themselves in the marketplace. One key observation is that some firms have created dedicated teams to focus on innovation. The market is ripe for firms to drive innovation and transform delivery of legal services. It is a formative time for attorneys, information professionals, and technologists to explore solutions together. Innovation teams provide great settings to rethink both the business and the practice of law.
                       • The emerging technology category is a direct reference to the Gartner Nexus of Forces, but treamlined to the legal industry. The legal industry faces a far greater challenge in unstructured data. Most information created by attorneys is simply unstructured, with nearly every document and email in the document management system falling into this category. Technology that creates insight from unstructured data will transform both the business and practice of law. Motion metrics, clause analytics, and time entry/narrative analytics all have profound implications.
                 • The research and development groups/department has the mission to support a more routine approach to innovation or assign direct responsibility to an internal intrepreneur that is responsible for taking an idea to a finished product.

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