Exploiting the opportunities of what’s to come
Rajesh Sreenivasan has long been a champion of change. He was an early advocate of the use of internet and email for lawyers, before either were considered mainstream by the profession. Rajesh now heads the Technology, Media and Telecommunications practice of Singapore-based Rajah & Tann, one of the largest full-service law firms in the Asian region. In addition, he is a Director of Rajah & Tann Technologies, the legaltech division of the firm.
Rajesh believes the legal profession has remained somewhat insulated from the slew of technological developments that have transformed other industries.
“While legal practitioners have become increasingly aware and receptive of the significant benefits to be gained from incorporating technological innovations into legal services, the actual adoption rate among law firms beyond utilising basic email and word processing functions remains relatively low.”
He believes the traditionalist nature of the profession renders it quite resistant to change.
“On the other hand, our clientele has not been equally insulated from such technological developments. On the financial front, the traditional time-based billing model is becoming increasingly obsolete, with many clients expecting to receive legal services in a cost-effective, commoditized form. In this regard, law firms must be cognisant of their clients’ evolving demands and the need to adapt accordingly.
“Rajah & Tann has chosen to tackle the challenge of modernising our legal practice head on, by implementing major upgrades to the firm’s technological capabilities in an aggressive but targeted manner. This includes a recent adoption of the UK-based Luminance’s artificial intelligence technology to enhance our due diligence process for mergers and acquisitions, and the migration of our entire firm’s server and software capabilities onto a cloud-based format using a native secure cloud-based document management system.”
Disruption is an opportunity
Ever the forward thinker, Rajesh prefers to think of the challenges of legal innovation not as threats, but as opportunities to be exploited.
“While legal innovation certainly poses a competing threat to the traditional conception of legal services, law firms that are able to take advantage of legal innovation will thrive in the new digital economy. In March 2018, Rajah & Tann launched a legaltech business initiative (Rajah & Tann Technologies) to cater for the technical and legal needs of clients in the digital economy. Under this initiative, we offer a range of services with the future in mind. One key area is data breach readiness and response. This is particularly timely given the recent Singhealth data breach.
“Rajah & Tann Technologies equips clients with the knowledge and capabilities to act appropriately in the event of a data breach, while also providing a suite of cybersecurity services to assist clients in prevention of cyber threats and risks. Ultimately, we see such disruption as an opportunity.”
Bespoke data analytics and increased access to justice
Like many involved in legal innovation, Rajesh predicts the biggest technological disruptions will occur within the next decade. Increased access to justice has already been seen by AI chatbot, Do Not Pay, which has achieved a 64% success rate for parking violation appeals. Rajesh expects other innovations to follow.
“Another future area of development could be using bespoke algorithms and data analytics to assist clients in meeting their legal and regulatory requirements. This approach would have the benefit of lowering costs for clients while increasing the efficiency of lawyers,” said Rajesh.
Meeting the challenge head-on
Rajesh encourages lawyers, regardless of rank, to meet the challenges of disruption head on.
“Technology is not a means to an end but a catalyst and an enabler for legal process re-engineering,” said Rajesh. While up-skilling in new technology and a shift in mindset is important, it is imperative to fundamentally challenge how lawyers work.
“At Rajah & Tann, in conjunction with the many technological solutions we have implemented recently, we place a strong emphasis on weaning our lawyers off their established working styles and habits and encouraging them to embrace and take advantage of the manifold efficiencies that such technological tools can provide through ongoing training sessions and providing e-learning modules.”
For junior lawyers, Rajesh said it’s best to keep an open mind and stay adaptable.
“The younger generation is by nature better equipped to take advantage of technological innovation, and young lawyers should not be afraid to challenge existing traditions and processes at their firms in favour of more efficient technology-driven methods. Young lawyers must also be creative in recognising how legal innovation has the potential to open up new legal service models, and they must be bold and savvy enough to take advantage of such potential and Partners in law firms need to be ready to listen and themselves learn and respond to these changes.”
Exchanging ideas to drive innovation
“Organisations such as the Centre for Legal Innovation (CLI) play a paramount role in assisting lawyers to respond to disruption and change,” said Rajesh. “As an innovation-focused think tank, the CLI aims to prepare, develop and connect legal professionals across the region. For legal professionals, the CLI network provides greater access to cross-sector knowledge as well as a platform to collaborate and brainstorm on the needed reforms and changes to the profession. This exchange of ideas is mutually beneficial and promotes cohesiveness within the profession. Another strength of the CLI is the extensive research it conducts and shares with its members. Such cutting edge and in-depth research reflects an insider’s view to disruption and relevant change, and provides a macro overview of how technological disruption affects the legal industry as a whole.”