will change the profile of “legal professionals” as well as the demand for A lot of other books give you so many ideas that you don't know where to start. Legal organizations have a well-deserved reputation for inefficient use of technology and business processes at scale. You have to have a lot of data,” Livermore said. “FATCA and similar transparency initiatives will lead to less tax evasion by individuals, though I temper that with all the question marks around bitcoin.”. By David Lat. The Future of Law Lab is a platform for students, academics, lawyers, and other professionals to participate in collaborative initiatives exploring how the law will evolve in the future. qualified attorneys in general. Courts are increasingly using new machine-learning tools to help make decisions about pretrial release. In the United States, ethics laws generally prevent lawyers and law firms from sharing fees with non-lawyer (e.g. She is the author of “Just Medicine: A Cure for Racial Inequality in American Health Care.”. But as the Internet continues to evolve, so will opportunities for new legal remedies to develop.”, Have expert insights to add to this article? Medical-legal partnerships are helping to change that. Client expectations are growing and they expect a better and more modern experience, delivery and overall service from their attorney or firm.”, “I think virtual support staff are the future of the field. We work within legal systems to catalyse innovation, reimagine education and enhance communication. The 2010 law requires transparency by both foreign financial institutions and the U.S. citizens who collectively sock away billions in their vaults. The Future of African Customary Law - July 2011. Futurist speaker and Advisor to >400 of world's largest companies. These trends collectively form the basis for estimations about what the future of the legal industry will look like. "The value of the paperback edition of "The Future of Law" is twofold, for it contains not only the visionary words Professor Susskind originally wrote, but also a long and entirely new Preface bringing the book right up to date. Futurists have loudly warned that vehicles governed by code and connected to the internet could be rife for hacking by terrorists. “Because military operations face fewer legal strictures and more limited oversight than criminal justice processes do, the military might expect — and hope — that its use of predictive algorithms will remain both unfettered and unseen,” she wrote. Josh Bowers is professor of law. But forming a class in the future may be more of a challenge than in the past. The shift must be made to the automation of the majority of manual decision-making processes through administrative AI-based tools that can help a law firm bill accordingly with greater realization rates and profit margins.”, “The legal industry will continue to have pressure for corporate ownership/management of law firms. Increasingly, to do business of any kind, one must agree to arbitration in case of a dispute. Exclusive market research and insights from leading thought leaders on the front lines of their industry. on September 18, 2020 at 11:04 AM. The technology could be used to clear stock transactions in real time, transforming the current business model of clearance. “The trick is big data. Big insurance has exerted muscle to “own” law firms within their companies. By incorporating appropriate advanced technological innovations into legal workflows, law firms and legal departments will become more efficient, gain tight control over costs and achieve more predictable and consistent results, enabling more creative work and better outcomes by legal teams.”, “The availability of more and more data will change the legal industry,