THE future of Australian law is couched in collaboration and the online realm, according to a recent address by Craig Laundy MP.
The Victorian Assistant Minister for Industry, Innovation and Science told attendees at the GlobalX 'A Shifting Legal Landscape' event that online platforms would soon revolutionise the way law firms go about business, as clients continue to seek more bang for their buck.
"Clients and consumers increasingly demand more for less," says Laundy.
"Companies who invest in digitised platforms now, will see the long-term benefits of intuitive technology, functionality and enhanced productivity for users."
Laundy says reinventing is no longer a matter of choice for firms who want to stay afloat in the competitive market.
What's more, firms who fail to collaborate with others run an even greater risk of becoming obsolete.
"Australian businesses, particularly in the legal and conveyancing sectors, have traditionally operated in silos, but collaboration is essential if businesses want to stay relevant in an era of digital disruption," says Laundy.
"The challenge we have in this country is that we need to embrace disruption and run with innovation, as well as invest time andmoney in collaborative efforts."
Laundy advises that leaders should invest in research and engage with universities and other experts to tap their business' full potential.
"There's huge potential for businesses to expand their offering through engaging with research institutions and getting PhDstudents to consult with industry professionals to enact change," he says.
"It's no longer a choice whether to innovate or not. Companies that fail to innovate will simply become obsolete if they fail toget on board with new changes."
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