Technology and Innovation — time for a Legal Health Check?
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Surviving and thriving in today’s world of constant technological disruption and change is a challenge. And an opportunity.
Technology (including of course the latest buzzwords such as Artificial Intelligence (AI), Machine Learning, Blockchain, Virtual Reality) is changing everything — business models are changing; traditional roles and hierarchies are being disrupted; and new services and platforms are appearing constantly — all fuelled by the incredible pace of change of technology.
“… there will be some incredible developments in the application of AI in important parts of society. As we re-wire businesses and institutions to take advantage of the ‘new machine’, we have unprecedented opportunity to make things […] better…”
BEN PRING, VICE PRESIDENT, COGNIZANT, AND DIRECTOR OF THE CENTER FOR THE FUTURE OF WORK
And how does the law and the role of your lawyer fit into all of this?
The key with any of your ”support” areas that help your business function smoothly — legal, finance, marketing, HR, IT etc is keeping an informed watching brief on the changes and key issues and risks; making appropriate and considered decisions about what to action and what to maintain a watching brief on; and taking a proportionate and risk/reward based view on where the real issues and opportunities lie.
So as the law changes to try and keep pace, or at least needs to be constantly reinterpreted, and whilst acknowledging the heightened scrutiny on things like data protection and gender pay gaps — to pick just two current examples, how do we all keep up, never mind compete?
A good start is having the right inhouse and outsourced team performing a regular review and revise programme around your legal obligations and structure — corporate, regulatory, commercial, contractual or otherwise.
A simple health check — for both day to day activities and specifically in the context of the digital and technological changes, will pay huge dividends in terms of removing the “unknown unknowns”, avoiding significant pitfalls, and spotting opportunities in market trends and industry movements.
At BakerLaw, we regularly help clients with our combined approach across our company, commercial, IP, Employment, Property and Dispute Resolution teams to review and fix issues before they turn into problems or risks; and just as importantly we can offer our expertise and experience to nudge your business in creative directions.
Clients often find that a simple and occasional audit and review can very cost effectively set them up for a significant period of time — giving them peace of mind of knowing everything is taken care of and up to date legally, whilst leaving them to focus on their core business objectives.
If you are interested in one of our packages aimed at SME and growth companies, please get in touch.
