Interesting article by FT Technology. If the willingness of large corporations to pay for legal fees are diminishing, how will SMEs fund their legal disputes?
The FT illustrate how IBM’s Ross Intelligence could disrupt legal research, but could the next wave of legal start-ups disrupt the law industry? I would say that the legal system is not disruptive in nature and thus would not facilitate disruptive companies.
Music companies, travel agents, newspapers, taxi drivers. Many sectors have been ravaged by the internet, mobile phone apps and people’s ability to find free information that they used to pay for. Revenues have tumbled and old industries have struggled to find new business models.
Surgery can now be done by robots, or performed remotely. Architects use digital tools to design buildings.
One sector, however, has carried on as if technology had never been invented: the law. Lawyers’ working practices “have not changed much since the time of Charles Dickens”, say father-and-son team Richard and Daniel Susskind in their book, The Future of the Professions.
Lawyers still provide high-cost customised advice. The highest-earning legal partners preside over pyramid-shaped firms, raking in huge fees while teams of junior lawyers do the drudge work of searching for precedents and drawing up contracts.
Could that be about to change?
Continue reading on the FT website: Breaking the law