Professional Services

Impact of Technology on Legal Services: Bridging the Gap Between Technology and Legal Services, Part 2

Blockchains are encrypted public ledgers and the underlying technology behind Bitcoin transactions. The impact of blockchains on legal services is twofold. On one hand, blockchain technology is likely to revolutionize the legal industry by changing the landscape for contract attorneys. It will not only keep records and transcripts immutable, but is also anticipated to bring a structured approach to the whole process. On the other hand, usage of blockchains across industries is driving the need for new regulatory boundaries and serves as a potential driver to a new service line emerging within the legal industry. Services like intellectual property are anticipated to get the most leverage out of this technology, as applicants can submit their trademark-related details through blockchain systems and, based on specific algorithms, the system can grant or dismiss it. An impermeable audit trail is a key trait that will encourage the use of this technology in legal services, with some firms, like Steptoe & Johnson and Hogan Lovells, already showing interest to try out the concept.

Bridging the Gap between Technology and Legal Services

The legal services industry is on the brink of abrupt technological disruptions with the introduction of enhanced technologies making its services cheaper, efficient and accessible. Currently, the legal services market is a fragmented one, with the top 100 law firms having nearly 20% of global market share. To keep themselves ahead, firms are embracing more progressive technological services like virtual law firms, digital platforms such as e-discovery, e-signature, contract life cycle management tools, blockchains and artificial intelligence. These emerging technologies are set to enable law firms to serve clients swiftly and with lower costs, thereby generating more credibility for their work.

Artificial Intelligence in the Staffing Industry

The ever-growing pace of technology advancement brings us closer each day to a new industrial revolution. With many awe-inspiring breakthroughs, the biggest of them all is artificial intelligence (AI). The consensus is that AI is here to stay and will have a lasting effect on our daily lives. The continued advancement of AI brings with it the capability of replacing any human activity comprised of repetitive actions. This is a boon for many industries as it reduces labor, increases productivity, improves quality and provides speedy deliveries. 3D printing in the manufacturing industry is one such example. Also, with these advancements, the cost of computing is set to decrease, which will result in many human jobs becoming computerized. Already, many foresighted HR departments in the staffing industry are aligning themselves with automated tools to help them improve recruiting efficiency. The correct virtual assistant can provide a recruiter with meaningful candidate profiles after sifting through a lot of unstructured data like outdated information, real-time monitoring of performance and behavior, and much more.

Contract Management: Is Shifting Critical Processes In-House the Key to Realizing Process Efficiency and Cost Savings?

Not long ago, contract management services were considered too time-consuming and resource exhaustive by firms who decided to outsource their services to external service providers. However, recently, overall trends indicate that firms are looking toward building their own internal capabilities for managing contracts. Based on a 2016 survey by PayStream Advisors, 46% of firms have an internal team that manages contracts for all departments, 25% use a centralized automated solution and 30% have internal teams for contract creation and negotiation but outsource most of the remaining processes to external firms.

Audit Firms Witnessing the Emergence of New Priorities

While the audit industry “Big 4” (PwC, Deloitte, KPMG and EY) continues to dominate key service lines by occupying close to 60% of revenue share, evolutions in the regulatory landscape and the advent of new features are set to alter the course of how the financial services market moves ahead.

The Advent of Boutique Consulting Firms

Have you ever considered a job that paid $20,000 per consultation for being an “expert” at understanding the career and professional goals of your millennial peers? Well, that’s what consultants from a new area called “intergenerational consulting” are being paid today. Their clientele includes leading multi-national firms such as Coca-Cola and Time Warner, technology firms such as Oracle, and leading Wall Street banks such as Goldman Sachs and J.P Morgan. They all sought help to stem the erosion of millennial employees who wanted careers that would bring meaningful impact to clients and avoid the drudgery of routine work.

HR Services: Category Trends for 2017

While the emergence of people analytics is set to be a game changer in HR services in 2017, decision makers within HR departments will be at loggerheads to identify the right mix of talent, keep up with changing workforce demographics and introduce innovative methods in keeping their existing workforce motivated and engaged.

Legal Services - Key Trends Driving Change

With firms eyeing transforming legal services from a typical low mature procurement line item to a more strategic function requiring constant monitoring and a more futuristic framework, we take a look at key trends to watch out for this year.

Shared Economy as a Pivotal Force in Corporate Ground Transportation Services

The shared economy business model is set to play an integral role in the corporate travel industry, with the likes of Lyft and Uber pegged to live up to their colossal expectations in redefining traditional travel programs.

De-Equitization of Law Firm Partners on the Rise to Curb Costs

Law firms today face declining profits as a result of decreased demand for legal services, increased pressures from clients to lower costs and loss of market share due to increased competition. This has forced firms to undergo corporate restructuring and cut costs in a bid to remain profitable.

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