A press announcement came out last Thursday that I think sends an exciting message about the future of legal practice and more broadly the professions.
It was made by our partner Clifford Chance LLP about their newly launched Mifid II regulatory technology solution that will be providing online advice and compliance tools powered by Neota Logic to address the forthcoming Mifid II rule changes.
Clearly this is an exciting and laudable innovation, but there were two other aspects of the announcement that caught my eye.
First, there was a point made about an established and possibly soon-to-be-obsolete practice in the professions, namely that of providing technical information to clients that they need to wade through to establish what a rule change means to them. Perhaps in the form of a briefing note.
“Handing over reams of technical information is blunt and outdated“, commented Cliffords Partner Monica Sah in the Press Release.
In my opinion, this is spot on. Clients don’t want long, wordy documents that complicate things and require them to pick up the phone to their lawyer any more. It is arguably more self-serving than helpful. They want answers. Now. In a form they (or preferably the organisation) can self-apply immediately – scalable, affordable, intelligent, containing of all your legal and corporate knowledge and expertise – delivered by smart technology directly into the organisation at the point of need.
Which is, of course, the second interesting point about this.
While the rest of the world moved on from publishing information online a decade ago to offering services online, it appears the professions are finally starting to follow.
And this is where things potentially get very transformative. For this is not automationof legal services for the sake of perpetuating the incumbent model – contract review technologies, research technologies, predictive tools et al. This is completely RE-IMAGINING legal services.
Knowledge, processes and documents, as Ms Sah says, “packaged into powerful products”.
Truly disruptive, forward-thinking and modern. Algorithmic and ambient.