This article was originally published by IE Law School.
Innovation in law is no longer a trend or mere hype, but a tangible and urgent need. Law firms and corporate counsels are at a crossroad, with changes to the legal landscape in the last few decades preventing them from carrying on business as usual. Lawyers have a choice: ride this wave, or risk missing out on the chance to play in the big league of tomorrow’s law industry.
Across Europe, significant changes in the civil and commercial sphere are forcing law firms and in-house counsel to transform and adapt to this new ecosystem. Large and prominent law firms are still at the top of the pyramid. However, some relatively new firms and legal tech companies are taking on an increasingly prominent role in the market.
For both incumbents and new agents, innovation matters. If lawyers across the board are to remain relevant in this emerging landscape, they must have a firm understanding of why innovation in law matters—an understanding that goes far beyond an appreciation of the hype. Below are some of the most pertinent reasons for the recent shift in the legal industry.
