As the legal industry continues to evolve, FutureLaw 2024 stands as a testament to the sector’s unwavering commitment to progress and innovation. Held in the historic city of Tallinn, this year’s conference was a melting pot of ideas, strategies, and discussions that will undoubtedly shape the future of law. This article aims to encapsulate the essence of the event by focusing on the insights shared by four distinguished ELTA ambassadors!
Valentin Feklistov: A New Dawn for Legal Tech
Opening the event, Valentin Feklistov, the organizer of the event, addressed the audience with a powerful message: technology is not the adversary we once feared. Reflecting on the lessons learned in 2023, Feklistov highlighted how legal tech has become a beacon of efficiency, enabling lawyers to achieve a harmonious work-life balance while enhancing their service delivery. His words set the tone for a conference that was all about embracing change.
“For the past year we understood that technology is not an eternal evil, it can actually help us achieve our goals, save our precious time. Isn’t it the main reason people that gather for such events love technology? Because it helps us find work-life balance!”
Valentin Feklistov, ELTA Ambassador Estonia
Tobias Heining: Crafting the Future-Proof Law Firm
In a compelling panel discussion, Tobias Heining delved into the myriad ways law firms can safeguard their future. From alternative ownership models to innovative recruitment and retention strategies, Heining painted a picture of a dynamic industry that is as diverse in its approach as it is united in its goals. He emphasized the importance of succession planning, incentivizing the next generation, and fostering initiatives that bolster long-term sustainability.
“You need to have a framework that incentivizes people to cooperate and support change; change projects mainly fail due to poor communication. Complacency is not a strategy.”
Tobias Heining, ex-Director of Business – Osborne Clarke Germany, co-founder and former president of ELTA
Alan Ragueneau: The Data-Driven Legal Department
Alan Ragueneau’s keynote on data-driven strategies was a wake-up call for legal departments clinging to outdated practices. Drawing an analogy with the oil boom of the 20th century, Ragueneau argued that data is the new frontier for growth and efficiency. He showcased the tangible benefits of leveraging data analytics for operational management and strategic development, urging firms to embrace a data-centric approach.
“If you want to find solutions, you first need to put the problem on the table.”
Alan Ragueneau, ELTA Ambassador Switzerland
In a related panel discussion, Ragueneau tackled the issue of value erosion, citing the World Commerce And Contracting Association’s findings that corporations lose a staggering 9.2% of revenues due to poor contract management. He made a compelling case for why legal departments should shift their focus from mere cost-cutting to addressing the significant revenue losses stemming from inefficient legal workflows.
Heikki Ilvessalo: AI in the Legal Industry – One Year On
Heikki Ilvessalo’s participation in the ‘AI: One Year Later’ panel was a highlight for many attendees. The legal industry’s relationship with AI has been tumultuous, marked by both excitement and apprehension. Ilvessalo provided a retrospective on the year since generative AI entered the market, questioning whether the anticipated efficiency gains had materialized and, more importantly, if they had translated into financial benefits for lawyers.
Conclusion
FutureLaw 2024 was more than just a conference; it was a clarion call for the legal industry to innovate, adapt, and thrive. The insights from our ambassadors Feklistov, Heining, Ragueneau, and Ilvessalo are but a glimpse into the wealth of knowledge shared at the event. As the legal landscape continues to shift, one thing remains clear: those willing to embrace technology and data will lead the charge into a prosperous future.
