Vexxit had the opportunity to attend this year's LegalTech Summit which looked quite different than ones prior. From our homes, we gathered virtually to learn, connect, and share insights. The last 6 months in the legal industry have been eventful, to say the least. This meeting of the minds brought together the best in LegalTech to participate in a series of panels and examine the changing demands in the law industry. Here are Vexxit’s top 5 takeaways:
Technology has the power to rapidly transform our processes. The power of tech is paving the way for the legal industry to adopt more agile, data driven, client-centered services. These modernizations, many would say, provide a substantial improvement in efficiencies. We were reminded in the session: Integrating Tech into Your Daily Practice, that the less time you can spend tracking down your clients, the more time you can spend billing.
A quote shared by Malcolm Mercer at morning Opening Remarks rang especially true to this theme.
“Any sufficiently advanced technology is indistinguishable from magic”. ~Arthur C. Clarke
In a session by Tauria CEO, Jesse David Thé, we were advised of the consequences that emerge from data security breaches. It was presented that as many as 25% of law firms will experience a security breach, costing upwards of $133,000 on average. Jesse was adamant in his proposal that nothing, including the technology you are using, should break the attorney-client privilege so deeply ingrained in the law industry.
The urgency for organizations to adopt cyber-resilience policies is greater today than ever before. The Financial Times reports: “Cyber crime is one of the fastest growing businesses right now.” Organizations have a legal and moral responsibility to ensure they are protected against a potential security breach in a tech-forward future.
In an excellent session: Collaboration and communication tools to take virtual client engagement to the next level, we learnt expert advice on building a business case for the right tool. Here’s what the presenters urge us to consider:
What problem are we trying to solve with this tool?
Who will be using the tool?
What is the level of savviness required to adopt the tool?
How will we implement training of the tool?
What are the non-negotiables needed in the tool?
What is the privacy of the tool? Is our information secure?
How will we get buy-in on this tool and ensure the ROI?
Tech is changing and evolving every aspect of our world - not excluding the legal industry. It is unavoidable and necessary to keep up. We were delighted with the discussions by the day’s presenters emphasizing the need to think outside the box and get comfortable with change. The benefits that come from change allow us to go in directions we never thought possible, expand our creativity, and make our lives easier.
James Cote led a lively session that dissected key factors that make your organization more effective at implementing change. The 3 levels of change being:
Awareness of the need to change
A desire to change
The knowledge to change
Find change champions in your organization who can determine the key problems, define success, align solutions with the business objectives, and get buy-in from all levels.
We were reminded of our own Vexxit mission when listening to presenters discuss the people-centered approach that should be adopted in tech. Relationship building is at the core of what we do here, and that is centered in the legal industry alike.
Technology makes access to justice more inclusive and empowers communities to have better access to legal services. Al Hounsell highlights examples such as offering free online tools, AI chatbots, building legal apps, or client portals that allow your firm to be proactive in meeting clients needs. Zena Applebaum expresses how when we work collaboratively, we can make the legal industry better and help our communities holistically.
We are so grateful to have been able to attend the LegalTech Summit this year. It was a great opportunity to learn and connect with several other businesses and brilliant professionals. We look forward to seeing all that has changed and evolved at the next summit!
We leave you with a quote from Malcolm Mercer’s opening remarks:
“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.”