What Davos taught us about Legal Tech
Many of you will have heard the superb speech given by Mark Carney at Davos. Some have described it as the speech of a generation. For those who have not heard it I would strongly recommend it to you: https://m.youtube.com/watch?v=btqHDhO4h10&fbclid=IwRlRTSAPeHh5leHRuA2FlbQIxMQBzcnRjBmFwcF9pZAo2NjI4NTY4Mzc5AAEexjheTp5drMAMZuMV5ZH4abMinr0gct6yhslbPsuFsdGOEJN8PG1bzjuakX8_aem_BLqrk43aarIqUs80E3yHIA&d=w
As you might imagine, Legal Tech albeit of ascending importance, did not get a mention at Davos and we are at best a tiny spec in the landscape of world affairs. That being said, anyone with real experience in the Legal Tech market will find Mark Carney’s speech resonates. Many of the points he talks about apply equally to our industry and in particular how we behave in relation to the increasingly powerful suppliers we are dealing with. We have written about the challenges with SaaS before The Silver Lining of Cloud Software? — Hyperscale Group Limited, and you will have also seen our M&A Tracker Hyperscale Trackers — Hyperscale Group Limited. It is no secret that our market is increasingly being dominated by very large suppliers.
As per Mark Carney’s speech, perhaps now is the time to recognise this and start developing different strategies. At the shopkeepers he refers to do we stop putting the signs out? It is unrealistic to pretend (and to go on pretending) that we have influence that we don’t have. As Mark Carney quite rightly says “if we don’t have a seat at the table we are the meal on the table” and so we need to improve our position. There are no simple answers, and any solution is multifaceted but we are finding ourselves engaged in a number of discussions of this nature as firms and in house clients need a plan. Perhaps now is the time to rethink Legal Tech and perhaps to develop different strategies where we have more control over both products and our budgets.
If you want to discuss this and have an open conversation about some of the types of work we are dealing with, with clients, please feel free to reach out to us at dereksouthall@hyperscalegroup.com
Hyperscale Group are an Independent Digital, Innovation, Operational Advisory, and Implementation Business with over 25 years plus deep market experience. We work for In-House Legal teams and Professional Services Firms all around the world and support them developing and implementing their strategies. We help our clients to make the right things happen.
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For more information, please contact Dereksouthall@hyperscalegroup.com
