The legal industry needs to adopt the “fail fast” mindset when it comes to technology.
At the working session on the Legal Sector and Technology, held in Palma de Mallorca at ParcBIT, Dr. Antonio Tejeda Encinas CEO of Meta Channel Corp .Europe and president of the Euro-American Committee of Digital Law – CEA Comite Euro Americano Digital Law delivered in his address an analysis entitled “The Legal Sector and Corporate Failure: the Silent Technological Audience”
NOTE: ParcBit (Balearic Park of Technological Innovation) is a business park located in Mallorca (Balearic Islands), which hosts companies in the technological and scientific fields, and where a knowledge-based economy is promoted.
In the Innovation Sector, they carry out innovation diagnostics for companies and establish action plans for the incorporation of innovation.
According to Tejeda, commercial law firms need to get comfortable with “failing fast” in technology. The legal sector could learn a great deal from the world of technology, and he added: “Culturally, we are very bad at failing”.
Law firms must be prepared to recognize when an attempt to innovate is not working or a particular product is not serving a firm’s interests.
“As an industry, we struggle with the concept of failure since it goes against our training to offer the best to our clients. Rather than prolonging something that does not work, I would rather things fail fast than slowly, but I have yet to see examples of people doing it well”.
Why should the legal sector adopt a “fail fast” attitude toward technology?
The legal sector is at a moment of change in which technology is transforming the way lawyers work and provide services to their clients. From process automation to artificial intelligence and blockchain, technology offers great potential to improve the efficiency, accuracy and quality of legal services.
However, adopting new technologies is not easy, and the legal sector has often been reluctant to innovate. This is due in part to the traditionally conservative culture of the legal profession and the importance of maintaining high levels of accuracy and quality in the work.
To overcome this reluctance, the legal sector must adopt a more proactive attitude toward technological innovation, and learn to “fail fast” in technology. This means that legal firms must be prepared to recognize when an innovation is not working or a product is not serving their interests, and be willing to stop using it and look for alternatives.
The “fail fast” attitude is common in the technology industry, where companies experiment with new technologies and business models, and quickly discard those that do not work. This trial-and-error mindset is essential for innovation and the development of new ideas.
In the legal sector, this attitude may seem risky, since lawyers are trained to minimize risk and maintain high levels of accuracy in their work. However, adopting a more proactive attitude toward technological innovation can be beneficial for the legal sector.
First, the adoption of new technologies can help law firms improve the efficiency and quality of the services they provide to their clients, which in turn can increase client satisfaction and client retention.
Second, the adoption of new technologies can help law firms stay competitive in an increasingly saturated market. Firms that are able to adapt quickly to new technologies have a competitive advantage over those that move more slowly.
Finally, the adoption of new technologies can help law firms reduce costs and increase profitability. By automating tasks and processes, lawyers can reduce the time they spend on administrative tasks and focus on more strategic tasks that bring greater value to clients.
