Insight Series #3: LMA’s Think Tank Live! Events at the Annual Conference -- Disruptive Legal Trends and Big Data

This year’s LMA Annual Conference once again gathered some of the best and brightest minds in our field to explore two transformational issues facing our industry, Disruptive Legal Trends: More Than a Passing Fad and Big Data: Qualified Hope. Short summaries on the key points are below.

Disruptive Legal Trends: More Than a Passing Fad
The imperative to maintain competitiveness in an innovative and arguably disrupted marketplace will continue to drive changes to the traditional legal services business model. “We, as an industry (and a professional association), keep talking in terms that amount to nothing more than ‘rearranging the deckchairs on the Titanic.’ How are we going to change the conversation?”

Big Data: Qualified Hope
Big data should generate substantial actionable intelligence for all businesses, including law firms. To date within the legal services sector, however, the procedures for manipulating the date, interpreting the results, and extracting the value of that data are lacking. While challenges do exist, overcoming these challenges could unlock significant value from both big and small data – it is a worthwhile endeavor. In our role as marketing leaders – and perhaps though the LMA in some form – we can establish a framework for converting the data available to law firms into actionable leads and insights.

Think Tank Live! was sponsored by ShiftCentral, a provider of outsourced market intelligence services for major organizations across the globe. Representatives of ShiftCentral helped us capture the many great points made during our discussion, and they have prepared informative summaries of our facilitated conversations in report sections labeled "What We Heard." Thank you to everyone who participated and provided their observations, insights and shared knowledge. We hope that the attached discussion summary sparks new ideas and future innovations. Please help us keep the discussion on these transformational issues alive by sharing the summary with others and by sharing your thoughts with the Think Tank Committee.

To read the full discussion summary, please click here.