My old mate Karl Chapman of Riverview Law has posted an article summarising where he thinks the legal market is (or at least is going) following his visit to CodeX 2015. Karl is broadly right subject to the two points. First, Karl is the disrupter in chief of the England and Wales business to business legal market so clearly is at the evangelical end of the spectrum. Second, we always have to keep in mind that there is not one legal market. Law provides a service to lots of actual markets and the way in which legal services will evolve will vary.
However, Karl makes a point in his final paragraph which is absolutely spot on. Businesses such as Riverview are being nurtured in England and Wales because of the advantageous regulatory framework. There seems an inevitability that other jurisdictions will follow but not before Riverview and other businesses have become big enough to have a head start as each market emerges.
Moreover, in England and Wales we have been dealt a good hand by our legislators and regulators. If we can combine the best of our regulatory model with the best of existing and emerging technologies, particularly those coming out of the US, then we are in a good position to dominate the global legal market in the first half of this century. By focusing on Law 3.0 and working with Silicon Valley we can become the new legal giants.