Highly regarded law firms in Jersey have an opportunity to position themselves at the cutting-edge say Jersey Finance and Prof. Lisa Webley in a new report on the opportunities and threats posed by law tech.
The Opportunities and Threats Posed by Lawtech to the Legal Industry in Jersey - a report from CEPLER and Jersey Finance
So say Jersey Finance and Professor Lisa Webley of the University of Birmingham Centre for Professional Legal Education and Research, in a new report released today (26 August 2020).
Law firms are a vital part of Jersey’s political and economic strength. Although Jersey’s professional services sector has a well-founded track record in embracing digital innovation, law firms globally have historically been more risk- averse. To remain successful, law firms will need to know how to harness new technologies effectively.
In collaboration with Jersey Finance, the University of Birmingham’s Centre for Professional Legal Education and Research has produced a report that explores the familiarity and uptake of lawtech in Jersey, and identifies potential practical, regulatory and ethical barriers that may impede successful adoption of, and risks associated with, greater use of lawtech. The report also recommends strategies to overcome and/or mitigate these barriers and risks, so as to enhance the opportunities for responsible use of lawtech by law firms in Jersey.
The research draws upon international academic and grey literature on the emerging use of technology in the legal and allied professional services contexts. It uses a range of interviews with legal professional and technological innovators and current professionals operating in the legal and professional sectors in Jersey. While there is no-one-size-fits-all approach to the adoption of lawtech within Jersey-based law firms; five stages of lawtech maturity have been identified through this research and key to the adoption of lawtech has been a consistent approach towards people, business strategy, and technology.
To learn more, download the full report and a summary factsheet here.
You can also listen to Professor Webley discuss new technology, how it may impact the legal sector, and the legal and ethical use of artificial intelligence in financial services with Fintech Lead at Jersey Finance, Adam Brown on the Jersey Heard Podcast.
