Podcast: The Hearing – Houman Shadab, Professor of Law NYLS

From the producers… Bitcoin: bringing FOMO since 2013.

What would your scream sound like if you had dismissed Bitcoin as a joke in your law class in 2013 at $100 dollars – when it sits at $60,000 today? Joe’s guest this week is Houman Shadab, the Director of the Innovation Center for Law and Technology at New York Law School. He’s here to tell us how lawyers can navigate, benefit from and translate today’s new wave of rapid technological advances.

Houman talks us through the greenroom snacks at the US Capitol before he testified – what we really wanted to know. And, in a throwback to Mark Zuckerberg’s uncomfortable testimony before congress (“Sir, we run ads”), he tells Joe about his experience of sitting in front of the US government explaining the implications of various securities laws on hedge funds.

We’re a curious bunch at The Hearing, so we asked Houman to tell us what lawyers and legal students can do to better enable themselves for success. The answer seems to lie in no-code. Houman explains what the heck this is and why it matters to the legal ecosystem. So, get your notepad and digital wallet ready and press play!

Podcast:

Apple Podcasts https://podcasts.apple.com/gb/podcast/ep-86-houman-shadab-new-york-law-school-icme/id1389813956?i=1000541095827

Spotifyhttps://open.spotify.com/episode/44txkHGm3JqLe3EKgewSCd

SoundCloud https://soundcloud.com/user-264672855/the-hearing-episode-86-houman-shadab-new-york-law-school-icme?si=1b56a97e30e5402397fb3bbca4c2b613

3 Geeks and A Law Blog – The Geek in Review Ep. 128 – Joseph Raczynski – The Red and Blue Pill Matrix of AI and Emerging Legal Tech

This was a ton of fun! I had the chance to record this “holding Joe’s feet to the fire” 😉 conversation about the future of legal industry and where we all may be going with dynamic duo of Marlene Gebauer and Greg Lambert. Thanks to both of them for the opportunity to go down the rabbit hole of technology and the legal industry!

https://anchor.fm/geekinreview/embed/episodes/Joseph-Raczynski—The-Red-and-Blue-Pill-Matrix-of-AI-and-Emerging-Legal-Tech-e164hli/a-a6ciluq

The Geek in Review Ep. 128 – Joseph Raczynski – The Red and Blue Pill Matrix of AI and Emerging Legal Tech

Podcast: The Hearing – Stan Litow, Professor Duke and Columbia University

From the producer… The achievements of this episode’s guest have been celebrated by the Council on Foreign Relations, Harvard Business Review, The Economist, The New York Times, Forbes and Wired. Joe is talking to the founder of P-TECH, and author of Breaking Barriers, Stan Litow.

They begin by discussing Stan’s early career – working for the mayor of New York City – which opened his eyes to issues in the education system. This stuck with Stan through roles in public service, the not-for-profit sector and into IBM – where he created “the private sector version of a Peace Corps”.

P-TECH is a global program that blends high school with higher education and on-the-job learning. It bridges the gap between employment and academic systems that lack the provision of workplace skills. These opportunities are available to all students, regardless of race or financial status, in a way that benefits the private sector as well as society. This episode is for lawyers who want to see change in the industry but aren’t sure where to start.

Listen here:

Apple Podcasts: https://podcasts.apple.com/gb/podcast/ep-81-stanley-litow-p-tech/id1389813956?i=1000529324591

Spotify: https://open.spotify.com/episode/16SLcBXiom5ObeGlkCITpb

SoundCloud: https://soundcloud.com/user-264672855/the-hearing-episode-81-stanley-litow-p-tech

Podcast: The Hearing – Stevie Ghiassi, Co-founder Legaler and Legaler Aid

Question: What do the Iranian national football team, NFTs, Hotel Rwanda and tennis great, Andy Murray have in common?

Answer: Stevie Ghiassi, Co-founder of Legaler and Legaler Aid. And my guest this week!

In this episode, Stevie chats with me about his unlikely journey from running a chain of souvenir shops to becoming a legal tech entrepreneur. He also talks about the important work that Legaler Aid is doing, and ways in which legal tech and blockchain have helped them pivot after Covid took away traditional fundraising streams.

Yet again we’re seeing innovative ways that cryptocurrency and blockchain are being used, and how they offer real opportunities for the legal industry.

Apple:

https://podcasts.apple.com/us/podcast/ep-78-stevie-ghiassi-legaler/id1389813956?i=1000524478029

Google: https://podcasts.google.com/feed/aHR0cHM6Ly9wb3J0YWwtYXBpLnRoaXNpc2Rpc3RvcnRlZC5jb20veG1sL3RoZS1oZWFyaW5n/episode/aHR0cDovL2F1ZGlvLnRoaXNpc2Rpc3RvcnRlZC5jb20vcmVwb3NpdG9yeS9hdWRpby9lcGlzb2Rlcy9FcDc4X1N0ZXZpZV9HaGlhc3NpX21peGRvd24tMTYyMjgxMTgwNDQ2MjA3MzUyNi1NekkyT1RFdE56VTVNelkxTkRBPS5tcDM?sa=X&ved=0CAUQkfYCahcKEwjAm42r05XxAhUAAAAAHQAAAAAQCg&hl=en

Amazon law and innovation take center stage at Legal Geek’s Uncertain Decade summit

What do you enjoy about your Amazon experience? Likely everything. The company’s success is derived from a few simple words of company CEO Jeff Bezos’ ethos: “Delight your customers.”

Yet, when you think about innovation, what does that look like inside a law firm? To be honest, it’s probably very different than perhaps it should look. These were the headline topics of discussion at last week’s Legal Geek Uncertain Decade Summit held virtually with Mark Cohen, Executive Chairman of the Digital Legal Exchange, and Richard Susskind, President of the Society for Computers and Law. In their respective lectures, they laid out in stark fashion where they believe law firms are missing the mark on innovation for their clients.

As was artfully illustrated by Cohen in the first of the two talks, Amazon is a corporate conquistador whose North Star is its customers. His premise is that law could learn a great deal from Amazon, and one day be as much of a disrupting force as the Seattle colossus.

What Cohen suggests the legal industry do, is think more like Bezos. While technology is a core component to the company, it is only an enabler. Where Amazon excels is with data. That means, law firms must get to know their clients much better, in order to delight them, Cohen explains, and that means everything must be measured. “You need to know your customers better than yourself,” he adds.

Unfortunately, very few law firms are operating under this ideal, according to Cohen.

If you think about the entire beginning-to-end process of engaging with that client, can you anticipate how they may feel through each gate? “It’s about what happens when they buy something,” Cohen states. “It’s how they buy something, what they want, and when they want it.” Ultimately, it is an end-to-end customer experience, and tech is an enabler to make it happen.

And Cohen did warn — if you read the clouds forming on the horizon — that Amazon law could enter into the legal industry, noting the company’s early inroads into legal with its IP Accelerator, a trademark registration arm that automates IP registrations for people and or companies. Cohen also mentioned Amazon Marketplace, where legal technology companies can add their wares to a legal app store to be downloaded and used. That means that even though Amazon isn’t involved in the practice of law, it is integrating into this space by enabling legal technology as part of delighting customers.

Legal Geek

In the second section of their talk, Susskind takes law firms to task on innovation, saying many of them have overpromised and underdelivered. Over the last five years, lawyers have spoken a lot about innovation, he said, but it was often vague as to what that meant. For some firms, innovation means process improvement, for others it means transformation, and for yet others it means marketing.

Susskind outlined 10 features that separate law firms on innovation, placing them in two different camps — second-generation innovation firms that baked innovation into their planning; and first-generation innovation firms that just want “quick wins”.

Here, according to Susskind, is what second-generation firms are doing:

1. Process improvement first, rather than new business models — Often law firms are thinking of innovation as “process improvement”, but that is not enough. Firms need to think bigger and ask themselves, “How might we reinvent the business model to delight our customers?”

2. Marketing noise rather than progress — One of the most popular first-generation innovation models is the marketing bullhorn. Many law firms still churn out noisy press releases declaring various “process improvements” as innovation. However, if you pull back the layers, “there isn’t much there,” says Susskind, adding that the focus should be on real innovation, with major steps forward in re-examining their business model.

3. Automation v. transformation — Automation is certainly popular and important, but transformation is even more critical. In the second-generation mindset, the lens is on the long-term vision for the firm — and that’s better for the firm and its clients. With second-generation innovation, the goal is to transform the business and the practice of law.

4. Pilot programs rather than fully operational systems — Pilot programs are playgrounds to learn, even if many of these pilots never make it beyond the jungle gym. And while that is naturally the case with pilots, Susskind emphasizes that second-generation innovation firms push to go beyond the playground. On this new plain, the goal is to learn and create new fully operational systems.

5. Little impact on figures as compared to serious revenue profits — Another concept Susskind discusses is the idea that innovation will have little impact on returns. Attorneys tend to believe revenue generated from innovation is inconsequential. Yet, if an organization pursues the second-generation path, there can and will be serious revenue profits from these new approaches if they’re done thoughtfully.

6. Arguments v. evidence — Many firms are still in the mindset that they can argue for or against the importance of innovation. Indeed, there are many firms that argue against it. Instead, the focus should be using evidence to support the case for innovation, and that evidence is all around us. However, it needs to be uncovered, cited, and then used to support innovative movements inside the organization.

7. Minority of partners involved rather than majority — In the early stages of innovation, it is usually the stakeholders that support it, Susskind says, but that is not always enough. When a firm sees the majority of partners actually buy in, that is when the real innovation takes place. Firms need a collective majority.

8. Intellectual grasp, rather than emotional grasp — In a very relatable narrative, Susskind talks about stakeholders who “get it” intellectually, but again, that is not enough. As he physically pounded his chest with his fist, Susskind says he knows when firms “get it” because that’s when they get emotional about it. You can see that firms leaders feel it in their guts and understand the importance of innovation at its very core. Then they will make sure it is the lifeblood of the organization.

9. Avoiding competitive disadvantage rather than seeking competitive advantage — In first-generation innovation, firms are generally attempting to hold their own against their competition, Susskind describes. They simply try to emphasis preservation, such as asking, “How can we stay alive in this pitch?” Second-generation innovation means firms are thinking differently, and asking “How can we steal the business from our competition?” The latter is far more aggressive as a result of baked-in firm innovation that came from long-term planning.

10. Preference for short-term ‘tactical’ v. long-term ‘strategy’ — Most of the firms that are just wrapping their arms around innovation still think in the short term and tend to be more tactical. Instead, firms should be thinking of how they can think differently along a decade-long strategy rather than a year-to-year outlook that’s focused mainly on profits per partner.

Cohen summarized the landscape in regard to innovation within the legal industry. “We are at the foothills now, and our clients are scaling the mountain.” Both Susskind and Cohen agree that most law firms are lagging behind where they should be in transforming themselves through innovation. And they feel that the Amazon ethos of delighting your customers should be emblazoned on the border bezel of every attorney’s computer.

Indeed, the acceleration of change is only increasing, and law firms face increasing competition from alternative legal service providers (ASLPs), and the Big Four consulting companies. Clearly, the clock is ticking.

“Don’t wait to change your model when you get pressure to do so by your competition,” Susskind warns. “It will be too late.”

Podcast: The Hearing – Federico Ast – Cofounder & CEO – Kleros

From the producer: Here at The Hearing HQ we’ve really missed travelling. So being whisked (virtually) to Buenos Aires for this week’s episode was a real treat!

Meet Joe’s guest, Federico Ast, the CEO and founder of Kleros. He’s deeply intelligent, thoughtful and one hell of an aggravator in the world of justice. Federico has a philosophy-centered approach to improving judicial systems around the world, and talks to Joe about how deliberative democracy can fast-track access to justice.

Kleros is an online dispute resolution system based on blockchain, crowdsourcing and game theory. We hear how Federico has used his experience of the Argentinian economic collapse of the 90s to problem-solve dispute resolution for the internet age.

Listen Here:

Apple: The Hearing – A Legal Podcast – EP. 73 – Federico Ast (Kleros) 

Google: The Hearing – A Legal Podcast – EP. 73 – Federico Ast (Kleros) 

ILTA-ON goes on: Biggest legal tech conference of the year presses onward

Originally published on the Legal Executive Institute.

By Joseph Raczynski

In a year like no other, the most prominent legal technology conference recently wrapped their weeklong virtual event as the International Legal Technology Association (ILTA) morphed its annual ILTACON event into ILTA>ON.

After initially vacillating on a hybrid in-person and virtual event, before ILTA decided to go with a fully virtual event with more than 100 sessions and various virtual activities. According to the site, ILTA>ON (as it was known) had roughly 3,800 attendees and vendors compared to past years of around 5,000 — a very respectable haul given the circumstances.

As with the 12 other ILTA conferences in which I have partaken in the past, each day begins with a keynote speaker. One of the highlights from the daily keynotes was the first day presentation by Stephen Carver, a professor at Cranfield University in the U.K., titled Leadership Under Stress: Exploring Project Failure at NASA, which dissected the 1986 space shuttle Challenger disaster.

ILTA

Prof. Carver’s talk explored NASA’s failures in planning, procurement, leadership, and change management with the intent to help attendees apply the learning to law firm technology projects. “It’s all about a really small bunch of people not communicating and not learning from their mistakes,” Carver said, adding that sometimes from failure, you have to reimage the entire organization.

Another keynote highlight was provided by Jia Jiang, CEO and founder of Rejection Therapy, a social self-help game, who regaled participants with story after story of his own self-induced humiliation tests — done as experiments in 2012 — to overcome his own fear of rejection. His goal? To be rejected every day for 100 days.

Embarrassing examples included asking strangers on the street for $100 to see their reaction, requesting Krispy Kreme create him donuts in the shape and color of the Olympic rings, and asking a pilot at a rural airport if he could fly his plane, even though Jiang had no flying experience. His underlining theme — fear of rejection can hold you back. It is our natural tendency is to avoid rejection at all costs, which can be detrimental to our businesses, careers, and lives, he said. His goal was to teach the importance of becoming rejection-proof, the basic principles of turning a No into Yes, as well as how to get more Yes answers.

Lastly, another keynote speaker, Richard Punt, who leads legal strategy and market development at Thomson Reuters, offered his insights in a talk titled, After the Quake: Predictions for an Uncertain Legal Futurewhere he took the audience beyond the here and now to see what the future of the legal industry might look like.

Making a virtual event work

The monumental efforts of the ILTA community of volunteers fostered as close to an in-person event as possible. The numerous educational sessions were available via Zoom and ran the gamut from leadership, business development, company track updates, data science, knowledge management, legal services, legal operations, marketing, and finally finishing on the future of the legal tech space.

Intelligently sprinkled among sessions were activities and events facilitated in a networking fashion, with the Watercooler and Hallway as places to meet informally. People could simply jump into the Watercooler and connect with small groups, or one-on-ones via video. Often after a specific session, people were encouraged to meet with the speakers in the watercooler room. This compares to the often bum-rushing of speakers that occurs at typical live ILTACONs, post-session. Other events included wine tastings and comedy events.

Overall, the level of engagement and content delivered at ILTA>ON was impressive. Another highlight included a session that walked participants through how law firms can create workflow apps using a combination of web services and data to build a process on Microsoft Power Automate. In their example, participants learned how they could build a COVID-19 check-in app for firm employees. Another great set of sessions was on data science, unpacking internal data at firms and how it can be leveraged.

Finally, I had the privilege of being selected to report on how ILTA did on their Law Firm 2020 Predictions that were made seven years ago. With a Back to the Future movie theme in the background, I reviewed past predictions to see what came true and what industry sages got wrong with legal technology between 2013 and today. I also peered into the abyss of legal tech’s future over the next five years, before taking a 1.21 gigawatts ride and shooting into that future, focusing on technology in 2030, 2040, and into the Singularity.

It was a Great Scott! moment indeed.

LegalTech Report Card and Predictions 2020 to 2060 – ILTA Conference 2020

I had the privilege of being selected to report on how ILTA (International Legal Technology Association) did on their predictions from 2013 up to today, during their 2020 ILTA-ON Conference. Even more fun, predicting what technology and LegalTech will look like from 2020-2025, and then going out to 2060.

Remember back when we had ‘Law Firm 2020 predictions’? In the first part of my ILTA-ON presentation, we will go ‘Back to the Future’ reviewing past predictions to see what came true and what we got wrong. Then, we will blast into a journey of what LegalTech looks like in the next five years. Lastly, for those who get motion sickness, grab your Dramamine, because we will take a 1.21 gigawatts ride, shooting into the future. We will predict what the technological and legal landscape will look like in 2030, 2040, and into the Singularity! Great Scott!

Part 1 – Jump Ahead (9:17): Grading the Law Firm 2020 report from 2013: https://youtu.be/UgyDyBSJ3AA?t=558

Part 2 – Jump Ahead (22:55) Predictions for 2020-2025: https://youtu.be/UgyDyBSJ3AA?t=1377

Part 3 – Jump Ahead (40:17) Technology Predictions 2030, 2040, 2050, and 2060: https://youtu.be/UgyDyBSJ3AA?t=2419

Part 2: APIs: The cardiovascular system of the legal platform

Originally published on the Legal Executive Institute.

By Joseph Raczynski

Previously, we discussed how platforms create an ecosystem or environment that allow people and businesses to interact and accomplish tasks and ultimately create a network that can connect and benefit the entire community.

Within this environment, of course, interoperability flourishes – pushing early adopters and innovators to think boldly about workflow and connectivity. How can connecting various applications help attorneys do their job better?

One core component enabling a successful platform to help lawyers be more efficient is the use of Application Programming Interfaces (APIs). These API services allow applications to call upon another computer server to retrieve information. For example, if you check the temperature on your phone and it instantly tells you, then what likely occurred is that your phone’s weather app, working on the phone’s platform or operating system, made a request called a post that asked for the temperature, then listened for a response called the get. Your phone then received this get — some small snippets of computer code in a format that the app could understand — and then displayed it on your phone.

How an API works: The App searches via a “post” and receives a “get” in the form of data from a remote server to display

Increasingly, we are seeing the legal community open large repositories of data so that applications on the platform can interact with it. The legal industry has know-how products that utilize APIs for both the search of that remote content as well as ingesting content into a firm repository. The latter, a data API, permits the legal know-how to be searchable using metadata or full text search.

In this way, a firm could leverage their universal search inside the firm to find answers from said remote data as well as their own internal repositories of information with APIs facilitating efficiency across the platform. Apps can connect with other apps and pass on information and usher in the ability for developers to build possibilities left only up to the imagination. No longer is software or data siloed, where people must swivel chair back-and-forth as the only path to solve problems and get answers.

Law firms can incorporate APIs into a platform that creates near infinite possibilities for more efficiency, access to data, and collaboration. For example, imagine that a law firm hopes to win a REIT (Real Estate Investment Trust) as its client. In this instance, the REIT owns and manages a collection of 100 office buildings around the US and the UK.

Promoting efficiencies in workflow

By using APIs throughout this process, we can see how the law firm can create efficiencies focusing on workflow and transactions. Let’s see how this process would work and how many APIs the law firms must employ.

First, the firm’s new client initiation begins in the legal platform through an automated form that is linked to multiple APIs so that each process can talk to the other. Each potential client will need a conflicts check, done as a Legal Entity Identifier Service (that’s one API), which affirms the proper and standardized name of the REIT is used. Simultaneously, the firm may want to run an automated docket scan (the second API) for any recent litigation the client has been involved in; thus, producing a risk score as well as creating possible business for the firm’s litigation practice. If legal action is necessary, after the conflicts check, the firm can send all filings electronically to a court via another API (that’s three).

Each one of these steps may trigger alerts to support staff or lawyers, adding tasks to their caseload and resulting in the use of yet another API on the Legal Case Management side (API #4). Additionally, a legal project manager or partner can see a dashboard view of hours spent, tasks completed, and gates remaining, as each task or portion of a task moves through its stages (API #5).

Once the firm confirms the client, the firm’s next step is to review all 1,500 leases the REIT has with its tenants. The firm would bulk load these leases to its cloud-based repository so it could then tap into a hypothetically huge number of APIs to review or analyze. First, the firm’s review would focus on contract anomalies that could put the REIT at risk; then, the firm would apply a Contract Review API to the 1,500 documents which automagically looks for specific words or phrases with a set of predetermined flags for concern (API #6).

From there, the system would automatically send relevant documents to attorneys to review using a document review tool for analysis (API #7). Noting that real estate laws or tax codes change frequently in both the US and UK, additional alerting and vetting tools could analyze the language in the contracts citing new or changed regulations and flag those documents for review (API #8). Another process could identify contracts with end-of-lease terms that could trigger a reminder for lease-renewal to tenants. Updating terms, the documents would be sent to tenants, requesting their digital signature via another API (and that’s #9). As you see in this simple example, nine APIs were utilized for a single client on-boarding.

The next iterative and logical shift within legal tech is now surfacing. The legal platform, an outgrowth of a burgeoning tech infusion from start-ups around the globe, is being built. At the same time, clients are pushing for legal automation, which can be an innate part of a platform. Indeed, automation baked into a platform, enable by connectivity, and buoyed by APIs, is a potent mixture.

The interoperability of applications and data, bolstered by the ability for these platforms to operate on a containerized security mechanism, is paramount going forward. Underpinning all of this, of course, is the user experience. Will the platform enable users — lawyers, paralegals, firm administers, and technologists — to have an easy intuitive experience? Further, can those users interact with applications with ease, just like consumers experience on the Apple App Store or Google Play?

The promise is there, and the stars, they are finally aligning.

A legal tech boom, automation explosion, and a desire for interoperability & security pushes the legal platform forward

Part 4: Legal Geek’s Uncertain Decade – The future of legal technology & digital transformation

Originally published on the Legal Executive Institute.

By Joseph Raczynski

By 2030 we will see significant lawyer work being done by machines. As exponential growth of technology consumes to world, the legal industry is especially appetizing. As a result, legal services will be fundamentally different than today in terms of both job function and the way legal services are provided.

In the final of a four-part global webinar series, The Uncertain DecadeLegal Geek brought us bold concepts and vision about the future of the legal industry, bringing together two of the most respected names in the legal industry — Mark Cohen, CEO of Legal Mosaic; and Prof. Richard Susskind — to delve into the how digital transformation impacts the legal function and then peer into the future of legal technology.

The future of legal technology

Machines will dominate the industry, Susskind offered, starting the discussion of what he termed, The First 60 Years, where the legal industry was marked by a time of automation from 1960 to today. While that continues, he emphasized the pivot will be from automation to transformation in the future.

Underscoring this concept, he cited various examples of technology’s progress, including memory chips becoming cheaper yet larger in capacity, and a “huggie bot” that can read human feelings and offer a hug based on perceived emotions of sadness, joy, or comfort.

Concluding with this thought and pushed by exponential growth, Susskind suggested we will see an increasingly capable, pervasive, and connected world pushing legal to change.digital transformation

Richard Susskind’s future legal tech

While Susskind raised the concept of virtual reality in legal — something he said likely will have a significant impact in five to ten years — he also introduced a tantalizing concept called embedded law. That’s the idea of placing legal components into everything, Susskind described, drilling into this futuristic idea by discussing how at various times, the law could be baked into the process by being coded into workflow or documentation. Extrapolating out from that, Susskind predicted the legal industry could see algorithms helping to curate current legal guidance. and in turn, the possibility of decisions or recommended advice, also called augmented intelligence. (I would suggest that blockchain may play a significant role in this, especially in the area of smart contracts.)

It is really about the systems going forward not the lawyer, Susskind said, as Cohen peppered him with questions. Lawyers not close to retirement will have to re-engineer themselves, he explained, adding that at the core of this thought process “is how can lawyers deliver the outcomes that clients want.”

With his polite Scottish accent, Susskind further explained that people have been confusing “our services with how we get there and how we have always worked.” While the industry has been about automation for the past several decades, transformation is what will take hold going forward, he noted.

Indeed, law firms have been so keenly focused on the plumbing technology (e.g., accounting, computers, and connections) for the back office that they have missed the boat on technologies to deliver legal advice to their clients and identify dis-intermediaries in the business.digital transformation

Richard Susskind’s future machines

In concluding his vision of the future of legal technology, Susskind said we need to “put the fence at the top of the cliff rather than the ambulance at the bottom” — meaning, we should utilize technology to improve the customer experience by providing preventative guidance and information technology.

For example, he said, several law firms have rethought their office lobby to make it more welcoming as a reception area, sharpening a focus on user-centered design and design-thinking enabled by technology. That will be the future, Susskind noted.

Getting practical with digital transformation

Historically, digital transformation has been under discussion in other industries for years, and now, the legal industry is catching up. Indeed, Cohen cited studies by Gartner that show this is the most important function for businesses, immediately followed by finding talent to provide outcomes for new ways of delivering services to clients.

Cohen further defined digital transformation as being “about customers, by finding new ways of gaining access, ensuring customer satisfaction, and not about the latest technology.” Technology is simply an enabler or tool, Cohen explained, adding that data, on the other hand, is monumental.

Lawyers have traditionally used their gut, which will no longer work, he noted, mentioning that findings from McKinsey & Co. show that those organizations that have performed a digital transformation are “23-times more likely to acquire customers, 6% more likely to retain customers, and 19-times more likely to be profitable.” Digital transformation also has an impact on diversity, collaboration, and the organization’s ability to culturally adapt, he said, adding that the industry needs to do a much better job of being inclusive of every group — lawyers, technologists, data analysts, and people of various backgrounds, genders, and ethnicities.

“Others out there can do what lawyers are doing right now,” Cohen said. “Lawyers must become aware of digital transformation and either adapt to it or be marginalized.” Unfortunately, again citing a Gartner survey, a very small percentage of the legal industry is ready for change, he added. The industry must be open to new paradigms around who is hired, how they’re educated, and how regulators could get involved as the industry is moved beyond self-regulation.

This is the central question for legal professionals going forward, both panelists contended. How can lawyers prepare themselves for the future of the legal industry and digital transformation? Both agreed that people need to think long and hard about what a legal career will look like in 2030, and what the reality is behind that. If you are winding down your career, you should be fine, they said, but if you are younger, you may want to rethink your role.

The legal industry’s openness to the full spectrum of people, cultures, legal and non-legal roles, and technologies will be paramount to its future sustainability, they added. And while the horizon could be fabulous for most, in practice, lawyers in the future will be working to enable legal machines, far more so than today. Fighting that concept is inevitable for some, and losing is almost certain. The winners in this legal evolution are those that find a way to adapt.