{"id":44126,"date":"2017-08-01T10:16:03","date_gmt":"2017-08-01T08:16:03","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/legaltech-the-digital-revolution\/"},"modified":"2017-08-01T10:16:03","modified_gmt":"2017-08-01T08:16:03","slug":"legaltech-the-digital-revolution","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/legaltech-the-digital-revolution\/","title":{"rendered":"Legaltech \u2014 The Digital \u00aeEvolution"},"content":{"rendered":"

Dr. Jan Schin\u00adk\u00f6th<\/strong> \u2014 Lawyer and Part\u00adner DLA Piper UK LLP, Munich<\/p>\n

Sebas\u00adtian Walc\u00adzak LL.M. <\/strong> \u2014 Lawyer and Senior Asso\u00adciate DLA Piper UK LLP, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"

Fintechs are present in all media thanks to their econo\u00admic rise and are now widely known. Now the term legal\u00adtech is beco\u00adming more and more popu\u00adlar. But what exactly is behind it? Should compu\u00adters take over the work of lawy\u00aders in the future? What impact does legal\u00adtech have on the legal labor market in gene\u00adral and on the busi\u00adness envi\u00adron\u00adment of large law firms in parti\u00adcu\u00adlar? What are the oppor\u00adtu\u00adni\u00adties and risks? This article attempts to provide a snapshot and ventures an outlook on what further chal\u00adlenges and uphe\u00adavals Legal\u00adtech might bring to the legal market.<\/strong><\/p>\n

Econo\u00admic start\u00ading posi\u00adtion for law firms<\/strong><\/p>\n

Law firms are commer\u00adcial enter\u00adpri\u00adses and as such are funda\u00admen\u00adtally subject to the same market forces as other market parti\u00adci\u00adpants. And as is so often the case, the initia\u00adtive for change comes from the consu\u00admer. Decli\u00adning accep\u00adtance of high hourly rates, increased demand for alter\u00adna\u00adtive compen\u00adsa\u00adtion models, higher requi\u00adre\u00adments for trans\u00adpa\u00adrency and effec\u00adti\u00adve\u00adness, and the growing willing\u00adness to involve in-house lawy\u00aders more closely or to award parts of a mandate to the most favorable provi\u00adder in each case (unbund\u00adling of services) are crea\u00adting a compe\u00adti\u00adtive envi\u00adron\u00adment in which incre\u00adasing effi\u00adci\u00adency is not an end in itself. The U.S. legal market in parti\u00adcu\u00adlar has shown a decli\u00adning demand for (clas\u00adsic) legal advice for years, which indi\u00adca\u00adtes a loss of market share in favor of alter\u00adna\u00adtive provi\u00adders and is accom\u00adpa\u00adnied by a progres\u00adsive frag\u00admen\u00adta\u00adtion of the market.1 In recent years, law firms have respon\u00added to the chal\u00adlenges prima\u00adrily through conso\u00adli\u00adda\u00adtion efforts. As a result of law firm mergers, larger and larger enti\u00adties emer\u00adged that were better able to spread their cost burden in order to survive in the compe\u00adti\u00adtive envi\u00adron\u00adment. Howe\u00adver, growth alone may no longer be enough in view of the new challenges.<\/p>\n

Progres\u00adsive digi\u00adtiza\u00adtion of the labor market<\/strong><\/p>\n

At the begin\u00adning of 2016, the World Econo\u00admic Forum presen\u00adted a study accor\u00adding to which routine office tasks in parti\u00adcu\u00adlar could be massi\u00advely elimi\u00adna\u00adted in the next few years. Respond\u00adents cited the inter\u00adplay of socioe\u00adco\u00adno\u00admic, geopo\u00adli\u00adti\u00adcal and demo\u00adgra\u00adphic factors, as well as the incre\u00adasing inter\u00adac\u00adtion of tech\u00adno\u00adlo\u00adgies such as arti\u00adfi\u00adcial intel\u00adli\u00adgence, nano\u00adtech\u00adno\u00adlogy, 3D prin\u00adting, gene\u00adtics or biotech\u00adno\u00adlogy, as key drivers behind this development.<\/p>\n","protected":false},"featured_media":41317,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2553,2582,2585],"product_tag":[2136,2147,2154,2161,2168,2175,2180,2186,2192,2193,2196],"class_list":{"0":"post-44126","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2017","8":"product_cat-dr-jan-schinkkoeth-en","9":"product_cat-sebastian-walczak-ll-m-en","10":"product_tag-schinkoeth-en","11":"product_tag-jan-en","12":"product_tag-walczak-en","13":"product_tag-sebastian-en","14":"product_tag-economic-rise","15":"product_tag-legaltech-en","16":"product_tag-large-law-firms","17":"product_tag-alternative-remuneration-models","18":"product_tag-efficiency-increase","19":"product_tag-digitization-of-the-labor-market","20":"product_tag-artificial-intelligence","21":"pa_sprache-english-3","22":"pa_sprache-german","24":"first","25":"outofstock","26":"taxable","27":"shipping-taxable","28":"purchasable","29":"product-type-variable"},"yoast_head":"\nLegaltech - The Digital (R)Evolution - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/legaltech-the-digital-revolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legaltech - The Digital (R)Evolution - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Fintechs are present in all media thanks to their economic rise and are now widely known. 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Declining acceptance of high hourly rates, increased demand for alternative compensation models, higher requirements for transparency and effectiveness, and the growing willingness to involve in-house lawyers more closely or to award parts of a mandate to the most favorable provider in each case (unbundling of services) are creating a competitive environment in which increasing efficiency is not an end in itself. The U.S. legal market in particular has shown a declining demand for (classic) legal advice for years, which indicates a loss of market share in favor of alternative providers and is accompanied by a progressive fragmentation of the market.1 In recent years, law firms have responded to the challenges primarily through consolidation efforts. As a result of law firm mergers, larger and larger entities emerged that were better able to spread their cost burden in order to survive in the competitive environment. However, growth alone may no longer be enough in view of the new challenges. Progressive digitization of the labor market At the beginning of 2016, the World Economic Forum presented a study according to which routine office tasks in particular could be massively eliminated in the next few years. 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