Anna Babych, partner, head of corporate/M&A, AEQUO, the head of the Committee on corporate law and stock market of the Ukrainian bar Association presented the objectives initiated by the Legal firm Aequo Tech Challenge.
We live in an interesting time when the world is changing thanks to technology. Even such conservative areas as the provision of legal services will certainly change and we will witness these changes.
Research 2015 Law Firms in Transition an American consulting firm Altman Weil provides interesting statistics. For example, one of the most discussed topics — cognitive abilities of the computer. First question, could a machine replace a lawyer that was put in to the top law firms in USA in a study in 2011 when IBM’s Watson beat in the intellectual show Jeopardy! two Champions. Since that time, the capacity of the computer increased by 2400 %, and IBM Watson Group continues to work on its improvement.
The question was: “do you Think it possible that “legally trained” Watson will be able to replace the lawyer a certain level in a law firm in the next five to ten years?” In 2015, the question was repeated. Changes in the responses over four years is staggering.
In 2011, 35% of respondents believed that computer will be able to replace the paralegal in 2015 — 47 %. For lawyers the first year of operation, these figures are 23 % and 35 %, second-third — 14% and 19.2 %, the partner was 8.8% and 13.5 %, respectively.
Confidence that the lawyer as a class is eternal, has significantly decreased. If the earlier opinions were divided almost equally, but now only one in five believes the lawyer is indispensable. But understanding the speed of these changes has increased eight-and-a-half times – in 2015, only 40% believed that such changes do not overtake them in ten years, against 4.5 % in 2011. I wonder what the answers will be in 2020?
We Aequo are not only aware of the inevitability of these changes, but want to be part of them. To be the ones introducing technology to the business of law making legal services more accessible and valuable for clients.
Initiating Aequo Legal Tech Challenge, we aim not only to draw attention to the theme of LegalTech. This is a separate direction of our activity in which we invest. We want to support the best ideas in LegalTech, showing that everyone can change the field of legal services.