Thu, 26 July 2012
If you've kept an eye on the legal industry over the past six months, it comes as no surprise that the buzzword has been Technology Assisted Review. While no one is exactly sure how this new technology will change the legal market, The Cowen Group, through its Leadership Breakfast series, is working to foster dialogue around this topic to help provide clarity to this very question.
Some hypothesize that Technology Assisted Review will take a bite out of traditional linear review while others feel this is not a zero-sum game. The Cowen Group's most recent Critical Trends Report showed an overwhelming increase in both workload and average ESI per case for law firms, corporations and service providers. These numbers suggest that it is too early to know for sure whether an increased use of Technology Assisted Review will cut into linear review's market share at all.
As with all "disruptive innovation", there will be winners and losers, and there will be leaders and laggards. Will law firms who once outsourced first pass review bring the function in-house again, or will outsourcing win the day? Maybe hybrid models will emerge as the ideal solution. How will Technology Assisted Review affect the skills and competencies necessary to further your career? What about the macroeconomics of the industry as a whole?
The Cowen Group intends to gain clarity on this topic in the coming weeks. By better understanding the evolving roles that will emerge due to this game-changing technology, we will be able to better forecast the effects it will have on you and your career. Whether you are a legalist, technologist or executive working inside, outside or for a vendor, the skills, competencies and experience necessary for success are changing. We hope you stay tuned over the next several weeks as we "fill in the blank" about what happens next!