Thomson Reuters Legal SYNERGY2021: Emerging Technology and its Impact on the Legal Industry
The Thomson Reuters Legal SYNERGY user conference is in the final stretch, where legal professionals from the U.S., Canada, the UK and Europe have gathered virtually for product sessions and continuing legal education as well as opportunities to network with peers and hear from fascinating guests. Throughout the conference, Legal Current is sharing presenters’ SYNERGY session recaps.
Today’s guest post was written by Eric Seader, technical client manager at Thomson Reuters, who shares top takeaways from his SYNERGY session, Emerging technology and its impact on the legal industry.
In 2007, securities analyst Michael Patcher said he could not “conceive of their [Apple] gaining a significant share of the handheld market. The iPhone is unlikely to ever compete effectively, as it is unlikely to attract the level of third-party developer support afforded the [Nintendo] DS.” As of 2020 Q4, the iPhone enjoys a 65% share of the smartphone market … followed next by Samsung, with 16%.
Accurately predicting the future in a time of exponential technological growth has proven to be quite difficult. However, there is certainly nothing wrong with imagining the future of technology and embracing our current reality.
By 2040, it is predicted that an average $1,000 computer – or whatever kind of device we will be using by then – will be able to process as fast and as powerfully as all of the brains of all humanity, estimated to be about 9 billion people by then. Imagine the change that will occur to legal documents, search, and workflow with this power. The magnitude of this technological evolution will absolutely have an impact on the legal industry. But focusing on “the now,” staying on top of new technology, trends, and strategies that best serve your clients is not only an ABA requirement, but critical to your business and new business development.
My SYNERGY session focused on providing attendees with a greater understanding of the contemporary digital landscape, including an introduction to blockchain and cryptocurrency. I shared the effect current and emerging technologies are having on law firms, such as legal platforms and smart contracts, as well as the potential impact of major innovations in the future, including autonomous vehicles and mind-reading technology. We also covered the three major forces driving exponential growth, including cloud storage, processing power, and AI.
My goal was to give attendees insights into the tools available to improve their workflows, and a stronger understanding of present and potential future of courtroom presentation technology.