Legal in-house technology will challenge existing legal service models
Last week I attended the Alternative In-House technology summit, an excellent event for the legal in-house community, and it struck me that the combined buying power of those in the room (many from very large corporations such as Vodafone, BT, Accenture, Sky, Societie Generale, Barclays, Standard Chartered, Experian, Novartis, Prudential, National Grid, to name a few), combined with how technology is being considered, has the potential to dramatically transform legal service provision. It was interesting though to contrast this with the stage that many are at in the innovation journey which is quite embryonic, combined with their core challenge which is overwhelmingly to show value to their wider corporate business with limited resources. Interestingly, many are arguably not yet pushing their panel firms enough to support these challenges, perhaps to provide more “productised” legal services.
Some of the legaltech emerging on pricing and service analysis for in-house will perhaps in future drive a far greater economic dimension to the legal services model.
There was much to unpack from two days of excellent discussions and I can’t do it justice in one article, so will instead follow up with some more detail in what in my mind were the three main categories of focus around current in-house tech innovation (I’ll also try and reference some of the excellent speakers in follow-up pieces.