The legal industry needs to adopt a ‘fail fast’ mindset when it comes to technology.
At a working session on the legal sector and technology held at ParcBIT in Palma de Mallorca, Dr Antonio Tejeda Encinas, CEO of Meta Channel Corp Europe and President of the Euro-American Committee of Digital Law - CEA Digital Law, presented an analysis entitled ‘Sector Legal y Fracaso Corporativo: la Audiencia Tecnológica Silenciosa’ (The Legal Sector and Corporate Failure: The Silent Technology Audience).
Note: ParcBIT (Parque Balear de Innovación Tecnológica, the Balearic Technology Innovation Park) is a business park in Mallorca (Balearic Islands) that is home to technology and science companies and promotes a knowledge-based economy.
Its Innovation Sector carries out innovation assessments for companies and draws up action plans to help them build innovation into their business.
According to Tejeda, commercial law firms need to become comfortable with ‘failing fast’ when it comes to technology. The legal sector could learn a great deal from the tech world, he said, adding: ‘Culturally, we are very bad at failing.’
Law firms must be prepared to recognise when an attempt to innovate is not working or when a particular product is not serving the firm’s interests.
‘As an industry, we struggle with the concept of failure, because it runs counter to our training to deliver the best for our clients. Rather than drag out something that isn’t working, I would rather things failed fast than slowly – but I have yet to see examples of people doing it well.’
Why should the legal sector adopt a ‘fail fast’ approach to technology?
The legal sector is going through a period of change in which technology is transforming the way lawyers work and serve their clients. From process automation to artificial intelligence and blockchain, technology offers great potential to improve the efficiency, accuracy and quality of legal services.
Adopting new technologies is not easy, however, and the legal sector has often been reluctant to innovate. This is partly due to the traditionally conservative culture of the legal profession and to the importance of maintaining high standards of accuracy and quality in its work.
To overcome this reluctance, the legal sector must take a more proactive approach to technological innovation and learn to ‘fail fast’. This means that legal businesses must be ready to recognise 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’ approach is common in the technology industry, where companies experiment with new technologies and business models and quickly drop 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 approach may seem risky, as lawyers are trained to minimise risk and maintain high standards of accuracy in their work. Nevertheless, a more proactive approach to technological innovation can benefit the legal sector.
First, adopting new technologies can help law firms improve the efficiency and quality of the services they provide to their clients, which in turn can boost client satisfaction and retention.
Second, adopting new technologies can help law firms stay competitive in an increasingly crowded market. Firms that can adapt quickly to new technologies have a competitive edge over those that move more slowly.
Finally, adopting new technologies can help law firms cut costs and increase profitability. By automating tasks and processes, lawyers can reduce the time they spend on administrative work and focus on more strategic tasks that add greater value for clients.
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