Driving Legal Innovation In Asia And Beyond
The business of law is at a cross-roads. It is an industry steeped in tradition, but ripe for reinvention. With the rapid pace of digitisation, globalisation and changing client expectations the race is now on for law firms of all shapes and sizes to disrupt or be disrupted.
Disruption breeds innovation and we are already seeing exciting developments which require support from fundamental legal constructs. We are also seeing technologies which are reshaping legal service delivery such as Artificial Intelligence, including machine learning and expert systems. We expect to see these technologies become more sophisticated over the next few years and see a proliferation of new technologies not currently thought of.
Technology is certainly a critical driver of the change we will see over the next several years. It is reshaping our industry whether we like it or not. However, technology should not be seen as a solution on its own. Digitisation, artificial intelligence and machine learning will become staples in the delivery of legal services replacing processes, but not the entire profession. It will influence how we engage with clients, how legal work is produced, how services are delivered and the type of services we offer, but the humans behind the technology will remain critical for many aspects of legal services where judgement, care, experience and agility are still paramount given the complexity of many real world problems.
With the rise of Agile as a way to work the speed and cadence that legal providers need to work and service many corporations is evolving. These changes need to be understood, trained for and then services calibrated to work alongside the legal functions undergoing transformations.
Lawyers with empathy who truly understand the challenges their clients are facing and can design solutions that are driven by insights not just a programmed set of assumptions will continue to be valued by clients.
The firms that emerge as innovation leaders will be the ones who can create a hybrid offering where they leverage new technology, for example, to create efficiency tools for clients, while also embedding a culture where new ideas are encouraged and rewarded and their people are equipped with client-centric problem solving skills to continue to deliver value in the areas that technology can’t.
King & Wood Mallesons is a new breed of law firm reshaping the global legal market – centred in centered in Asia, positioned for emerging market growth and designed to support regional clients as they internationalise and western clients as they do business in Asia. We are committed to technical excellence but we don’t think in black and white. We challenge our clients to think differently about what a law firm can be today, tomorrow and beyond and we encourage our people to create, innovate and differentiate.
We are constantly designing new legal frameworks and financial products, creating new market infrastructure and deploying new technologies and tools to help our clients adapt, reinvent and grow against a backdrop of increasing disruption.