We see two different markets for legal services around the world. An approach in which law firms and a growing number of alternative legal service providers cater to the legal needs of private consumers and SMEs (small and medium-sized enterprises). At the other end of the scale, large commercial law firms cater to the needs of large organizations. It should be noted that these commercial law firms are increasingly competing with growing in-house legal teams. A consultant dedicated to success will accompany you from start to finish. They will be available online during office hours to provide administrative and technical support for the duration of the course. The second segment includes large commercial law firms that serve large corporations and government. This is the B2B segment. Here, we continue to see that many companies generate very attractive returns, especially in the high-end and niche markets. LegalTech is less common in these law firms, and there are good reasons for that.

It is extremely difficult to convince the best partners that the market is undergoing a fundamental change and that they need to be there or miss out. Surprisingly, many of these customers also don`t demand the use of technology to improve customer service and deliver better value. This part of the legal services market presents a classic example of the “innovator`s dilemma”. Until recently, few major commercial law firms have noticed the arrival of IT-powered legal service providers, including the legal branches of some of the Big Four accounting giants. Law firms that have stayed up-to-date with their operational systems are in a much better position to use LegalTech to serve clients and collaborate with in-house legal teams via modern platforms. A law firm that has not yet invested in these technologies is well advised to connect with its clients and build this critical infrastructure as soon as possible. In the first segment, the business-to-consumer (B2C) legal market, we are witnessing rapid changes, with LegalTech and Internet applications redefining entire market segments and creating new ones, such as automated flight delay claims processing. Law firms in this market are more likely to already rely on LegalTech and provide their services directly and cheaply to consumers, or they are “on the verge of disappearing.” Gerard Neiditsch, a LegalTech strategy consultant at the Executive School – University of St. Gallen with more than 25 years of CIO experience in leading global law firms, talks about the use and implementation of technology in law firms and what to do if a law firm has not kept pace with technological change.

What happens to law firms that minimize the use of legal technology or even refuse to use it? It`s never too late, but any law firm that hasn`t yet invested in its own production technology needs to make up for lost time. It is advisable to consult experienced consultants to avoid costly mistakes. The market has evolved to include a number of consulting organizations specializing in LegalTech. Many of them have Anglo-Saxon origins. There are also well-known legal IT consultants in Switzerland, Germany, the Netherlands and Scandinavia. The challenge could be convincing the partners in these law firms to invest in something they may not fully understand and may not see the full benefits of during their tenure. This is even more difficult for senior partners who are only a few years away from retirement. In the B2B market, we see interesting geographical differences in the acceptance of LegalTech. A handful of large B2B law firms in Anglo-Saxon countries (US, UK, Australia, New Zealand, South Africa) and parts of Asia are starting to invest or collaborate with innovative tech players. At the other end of the scale, few, if any, firms in continental Europe have shown much interest in LegalTech. I think a very active engagement with LegalTech is a good insurance policy in a rapidly changing market.

Pressure on profits will continue for companies that don`t make good use of technology. Management is well advised to get a very accurate understanding of LegalTech`s specific options that align with their company`s overall strategy. If they can`t do it alone, there are organizations that can help inform and lead that discussion. Gerard, could you briefly explain what you are currently seeing in the legal industry in terms of the use and implementation of technology? Do you see an advantage in building your own legal software/technology instead of borrowing or buying it? I think we have to distinguish between the big law firms, a handful in Switzerland, and “the rest”. The latter employ the vast majority of lawyers. There are currently around 10,000 lawyers in Switzerland, of whom less than 1,000 are believed to work for leading law firms. This means that approximately 9,000 lawyers limit the use of legal technology to a minimum. Many of them will find it increasingly difficult to compete with their more advanced counterparts. This is partly due to the provision of faster and cheaper services. More important, however, is the ease with which clients can interact with lawyers with the technology, particularly through online access and other innovative forms of technology use. 2×4/7 is quickly becoming the new norm, including for legal services. Do you understand how technological innovations are shaking up finance? Covering topics such as cryptocurrencies, personal fintech, blockchain, and govcoins will give you a clear picture of the disruptions and opportunities impacting the future of finance.

In most European countries, the UK, the US and elsewhere, there are peer groups of legal technologists who meet regularly and keep each other abreast of innovations in the field of LegalTech. There are also a number of publications, all online, that regularly address the topic. It`s more about sifting through too much information than too little. In addition, there are a number of high-level conferences where law firms and in-house teams cover their LegalTech experience. Some of these events also involve customers, which is particularly valuable. Even large law firms may need fewer employees in the future, which can help them protect their partners` profits. We have seen a number of companies where the number of partners is gradually decreasing. Much of the menial work is transferred to technology-driven legal service providers, and only high-margin, high-quality work remains with law firms. Cultivate effective and climate-friendly business strategies in our six-week online course.

Gain practical groundwork in climate change science and economics, examine business risks, and analyze companies` decarbonization strategies. Copyright © The Economist Newspaper Limited 2022. All rights reserved. Develop your skills and understanding with online courses created by The Economist editors and visiting experts, including global thought leaders and innovators. A company/start-up/member of scientific research introduces itself in a short presentation and gives an overview of the LegalTech applications it uses in practice. Then students can exchange ideas with other students and representatives of the subject in a relaxed atmosphere. A practical, up-to-date approach and information based on the latest developments should always keep you one step ahead in business. Follow the SLTA St.

Student Chapter Gallen on social networks so you don`t miss the latest events and developments in the field of LegalTech! You can pay your course fee in full before the course starts or use a partial payment option to pay your course fee for the duration of the course. Please note that the installment payment option incurs a processing fee of 3% of the course fee. Courses do not include credits for a university degree or degree. The money isn`t just for Biglaw. One of the stories of the recent wage wars is that elite law firms have quickly moved up the dominant ladder of large firms – even if the big firms don`t fit up yet. And that`s exactly what`s happening at Holwell Shuster & Goldberg LLP. One or more activity submissions must be submitted each week. All submissions will be shared in advance after each module is published so you can plan accordingly.

You`ll browse online educational materials consisting of notes, videos, podcasts, infographics, surveys, quizzes, real-life case studies, and evaluations. Our courses are like The Economist itself – comprehensive, concise and rigorous. They want to provide leaders and leaders with practical ideas and skills as they shape the future of their organizations. As one of the world`s leading business schools, the University of St. Gallen offers excellent international degrees and continuing education in the fields of business administration, economics, law and social sciences as well as international relations. As a member of the Student Chapter St. Gallen, you can participate for free or at a very reduced price in Student Chapter events at other universities or at the SLTA. Wondering if the grass on the side of the house is greener? Click here to take a look at the Corporate Counsel Compensation Black Box in our 2021 Internal Compensation Report. What options does a law firm have to stay up to date on LegalTech? The SLTA Student Chapter St.

Gallen is the student association of the University of St. Gallen that deals with the possibilities and opportunities of digitalization of the legal sector. Our association was founded in May 2020 and has since served as a bridge between legal education and digitization efforts at Paxis.