Introducing the #Bakers18. It’s like Ocean’s Eleven. Only much better.
You couldn’t miss the sound of the starting pistol in 2017 unless you locked yourself in cave and pulled a pillow around your ears. After years of polite chatter about technology and innovation in law, it simply became more visible and tangible, read: “actual”. Several of the buy-side organizations and General Counsel to whom we spoke during the year described how the needle moved from “talk” to “walk”. As they noted, when you start bumping into innovation, when you start seeing examples of what it could do for you in your office – it’s different. It’s more personal. And it’s here.
2018 will be a landmark year in the legal industry. We see a rising tide and fabulous opportunity for both technology-enabled law firms and alternative legal services providers. Like Ford, we affirm that efficient legal processes are essential to progress but, like Ford also, we anticipate fundamentally new products coming to market.
2018 will be the year of “digital product portfolios”. One or two examples broke out of the nursery when nanny wasn’t watching last year but we think this area of the market moves beyond nascent very quickly now. The genie is out of the bottle on the strategic opportunity (and commercial necessity) for offering this. In turn, this frames our more aggressive view on expected newcomers in the marketplace, including non-typical large organizations that are highly skilled in managing, selling and distributing digital material. How’s your Kindle or iPad doing these days?