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Category: automation – Page 2

What are new practice areas that solo, small, and medium firms should prepare for in their 5 to 10-year plans for the future?

In the search for the next wave of growth, future-focused law firms are learning to embrace the futurist perspective as they evaluate the opportunities arising from cutting-edge technologies such as artificial intelligence (AI). These technologies will enable new organizational structures, services, and business models in the business horizon. Here are three new practice areas that firms might want to prepare for in the coming few years.

1. Evidence and liability issues from autonomous machine “testimony”

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Continue reading “Digital Gold – New Legal Opportunities Emerging from Technology Innovation” | >

For millennials and the generations to follow, the future will differ radically from their parents’ world. Massively powerful digital technologies will bring seismic changes in the lifestyles, opportunities, privileges and choices experienced by young people compared to their parents.

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Self Driving Cars and Ethics. It’s a topic that has been debated in blogs, op-eds, academic research papers, and youtube videos. Everyone wants to know, if a self-driving car has to choose between sacrificing its occupant, or terminating a car full of nobel prize winners, who will it pick? Will it be programmed to sacrifice for the greater good, or protect itself — and its occupants — at all costs? But in the swirl of hypothetical discussion around jaywalking Grandmas, buses full of school-children, Kantian Ethics and cost-maps, one crucial question is being forgotten:

What about the Squirrels?

What is your take on the ethics of driverless vehicles? Should programmers attempt to give vehicles the ability to weigh moral problems, or just vehicles only have the aim of self-preservation?

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Exponential Fever. The business world is currently gripped by exponential fever. The concept came to prominence with Moore’s law — the doubling every 18–24 months of the amount of computer power available for $1,000. The phenomenon has since been replicated in many fields of science and technology. We now see the speed, functionality and performance of a range of technologies growing at an exponential rate – encompassing everything from data storage capacity and video download speed to the time taken to map a genome and the cost of producing a laboratory grown hamburger.

New Pretenders. A wave of new economy businesses has now brought exponential thinking to bear in transforming assumptions about how an industry works. For example, AirBnB handles roughly 90 times more bedroom listings per employee than the average hotel group, while Tangerine Bank can service seven times more customers than a typical competitor. In automotive, by adopting 3D printing, Local Motors can develop a new car model 1,000 times cheaper than traditional manufacturers, with each car coming ‘off the line’ 5 to 22 times faster. In response, businesses in literally every sector are pursuing exponential improvement in everything from new product development and order fulfillment through to professional productivity and the rate of revenue growth.

Stepping Up. For law firms, the transformation of other sectors and their accompanying legal frameworks creates a massive growth opportunity, coupled with the potential to bring similar approach to rethinking the way law firms operate. While some might be hesitant about applying these disruptive technologies internally, there is a clear opportunity to be captured from helping clients respond to these developments and from the creation of the industries of the future. To help bring to life the possibilities within legal, we highlight seven scenarios that illustrate how exponential change could transform law firms over the next 5 to 10 years.

Rise of the ‘Exponential Circle’. Our continuing programme of research on the future of law firms suggests that we will see exponential growth for those firms who can both master the legal implications of these technologies for their clients and become adept at their application within the firm. By 2025, we could indeed have witnessed the emergence of an Exponential Circle of law firms who have reached ‘escape velocity’ and left the rest behind.

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Artificial Intelligence (AI) represents both the biggest opportunity and potentially the greatest threat to the legal profession in history.

This is part of a bigger global revolution – where society, business and government are likely to experience more change in the next 20–30 years than in the last 500.

This large-scale disruption is being driven by the combined effects of AI and other disruptive technologies whose speed, power and capability are growing exponentially – or faster.

These technologies, which are all are fed by AI, include quantum computing, blockchain technology, the internet of things (IoT), big data, cloud services, smart cities, and human augmentation. All of these could be hundreds or thousands of times more powerful within a decade.

The resulting changes mean the total transformation of every business sector, the birth of new trillion dollar industries and a complete rethink of law, regulation, legal infrastructures, and the supporting governance systems for every activity on the planet.

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In our last film, we explored how the introduction of autonomous, self-driving cars is likely to kill a lot of jobs. Many millions of jobs, in fact. But is it short sighted to view self-driving vehicles as economic murderers? Is it possible that we got it totally wrong, and automated vehicles won’t be Grim Reapers — but rather the biggest job creators since the internet?

In this video series, the Galactic Public Archives takes bite-sized looks at a variety of terms, technologies, and ideas that are likely to be prominent in the future. Terms are regularly changing and being redefined with the passing of time. With constant breakthroughs and the development of new technology and other resources, we seek to define what these things are and how they will impact our future.

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Self-driving cars are pretty cool. Really, who wouldn’t want to spend their daily commute surfing social media, chatting with friends or finishing the Netflix series they were watching at 4 am the night before? It all sounds virtually utopian. But what if there is a dark side to self-driving cars? What if self-driving cars kill the jobs? ALL the jobs?

In this video series, the Galactic Public Archives takes bite-sized looks at a variety of terms, technologies, and ideas that are likely to be prominent in the future. Terms are regularly changing and being redefined with the passing of time. With constant breakthroughs and the development of new technology and other resources, we seek to define what these things are and how they will impact our future.

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Twitter / Facebook / Instagram