An interesting example that Peter presented was the story of Kodak. The first ever digital camera was created by a team member at Kodak in the 1970’s… too bad the company, at that time, did not embrace technology! Instead they chose to stick with classic film and the development of paper and chemicals. Kodak went from being a $28 Billion dollar company to filing for bankruptcy in 2011. Imagine what can happen when you don’t embrace technology? Imagine how the fate of this company would have changed? The world in evolving by embracing technology in every form, from “AI” driven cars to 3D printers to space travel! What’s next?
Technology is the catalyst (last years ILTA theme!) to change in all professions and business but how can #big law expect to stay competitive if they do not embrace technology and evolve into a newer, better version of themselves? The only constant in anything is change and the rate of change is increasing rapidly… big law has to evolve and embrace technology or risk running the same fate as Kodak!
One piece of technology that cannot be ignored is a robust intelligence driven contract management solution. Imagine a solution where with the click of a few buttons you can have a holistic view of all of your contractual obligations in the future… no need to keep imagining… the solution is here!
Written by Clare Smith, Associate Director (Canada) Exigent Group Limited
