Driving innovation through collaboration
The Legal Innovation Forum, 2024 Toronto event roundup
Legal leaders forge new directions in a rapidly evolving legal ecosystem
By Lucy Saddleton, Managing Editor, ADB Insights
More than 250 people gathered at the Legal Innovation Forum’s fifth annual flagship event in Toronto on May 15, for a full day of learning and networking. Leaders from legal departments, law firms and third-party partners discussed the hottest topics keeping them up at night as the legal ecosystem experiences a wealth of transformational shifts.
Focused on a unifying theme: Forging new directions in a rapidly evolving legal ecosystem, the event shone a light on the intersection of business, innovation and law through a series of lively panel discussions featuring experts from across the legal landscape.
We also welcomed elevator pitches showcasing the latest legal technology from our partners: FTI Consulting, iManage, Filevine, PwC, Clarilis, LexisNexis, and BridgePoint Financial.
PANELS
LEADING AT THE INTERSECTION OF BUSINESS AND LAW - HOW ARE LEGAL LEADERS HELPING TO DRIVE CANADA’S ECONOMIC INNOVATION STORY?
In our first panel, general counsel and chief legal officers from leading organizations discussed the key challenges on their minds, and they explained how they are acting as agents of change by evolving their innovation strategies to mitigate risk and grasp new opportunities for the business in today’s complex operating environment.
Key challenges:
Talent acquisition and retention: the importance of maintaining workforce engagement; focusing on developing internal talent; the need for versatile skill sets
Managing misinformation and correcting false narratives to avoid reputational risks
Increasing expectations from CEOs mean GC roles are evolving to include enterprise risk management, government affairs, corporate communications and ESG/ sustainability
Geopolitical events: Legal teams need to understand and strategically manage the impact of geopolitical events and tariffs
Sectoral trends & transformations:
Honda: The shift to electric vehicles brings new regulatory and competitive challenges for Honda
Sun Life: Navigating regulatory changes in the insurance sector; using data to deliver client solutions while maintaining data privacy
Kraft Heinz: The impact of food inflation and rising commodity prices on the business
TMX Group: Transformation from an exchange-only business to a data business; developing a central advocacy function to support clients and influence public policy
In association with:
ON THE GROUND WITH GENERATIVE AI: HOW IS GENERATIVE AI TRANSFORMING THE LEGAL LANDSCAPE AND THE WIDER BUSINESS ECOSYSTEM?
While generative artificial intelligence continues upending business models around the world and across sectors, it can also be viewed as a valuable tool to support both the business and practice of law.
Firms and legal departments are scrambling to prepare for both the disruption - and the potential opportunities - that will emerge as GenAI rapidly evolves. Our speakers shared tips for preparing and reaping the rewards of Gen AI.
Client communication and integration of GenAI:
Have open conversations with clients about AI use: Educate clients and help them integrate AI into their own systems
Collaboration among all parties is key to develop a cohesive framework for AI use
Help clients understand where AI can be beneficial and where human intervention is still needed
Pilot testing: Start with small populations to mitigate risk before full deployment
Showcase responsible AI use and the benefits it brings to law firms and legal departments
Regulatory and ethical considerations:
Emphasizing existing ethical principles and adapting them to the context of AI
Questioning whether current legal structures are sufficient to handle new AI technologies
Raising awareness of AI capabilities and demonstrating responsibility in its use
In association with:
STRATEGY & OPERATIONS: HOW LEGAL DEPARTMENTS ARE FOCUSING ON STRATEGY TO CATALYZE OPERATIONAL CHANGE AND DELIVER VALUE FOR THEIR ENTERPRISES
Legal operations professionals are changing the way in-house teams function by introducing innovative solutions to allow them to serve the business more efficiently. This is having a broader effect on the legal sector as a whole - enabling a more structured approach to how external providers (law firms, ALSPs, and technology providers) deliver services and value.
In this session, our panelists shared practical tips for incorporating legal ops into a legal team, driving alignment with business objectives, and measuring the value generated by legal ops.
Highlights:
Relationships & collaboration: Building genuine relationships with executives, boards, law firms and vendor partners
Data and metrics: Using data analytics and metrics to inform decision making, track performance and identify areas for improvement
Integrating legal ops: Aligning with organizational priorities and stakeholder expectations
KPIs and performance measurement: Developing key performance indicators that align with organizational priorities
Tools for legal ops: Implementing tools such as Microsoft Forms, Power Apps, integrated SharePoint systems and Legal Tracker to streamline processes and prioritize initiatives
In association with:
MASTERING DIGITAL RISK: NAVIGATING A COMPLEX DIGITAL RISK LANDSCAPE
Canadian businesses are facing a new era of digital risk as emerging technologies increase fears of cyber crime, intellectual property theft, ransomware, phishing attacks and reputational threats through social media.
Our expert speakers outlined the best approach for building an effective cybersecurity plan across the entire enterprise to minimize risk against increasingly sophisticated attacks, and they explained how to take advantage of the digital environment to seize opportunities for innovation and growth.
Highlights:
Distinction between cybersecurity program and incident response plan: Important to have both, and to update them regularly
Conduct tabletop exercises to simulate scenarios and test the plan: identify gaps and weaknesses through simulations
Regulatory requirements for public disclosures: develop a script for rapid communications during an incident
Pre-established relationships are key: Ensure proactive engagement with vendors and advisors, such as ransomware negotiators and crypto providers, before an incident occurs
Cross-functional collaboration between legal, IT and other departments, and between different jurisdictions
In association with:
THE HUMAN EQUATION - ATTRACTING, RETAINING AND DEVELOPING TALENT, AND NAVIGATING GENERATIONAL SHIFTS
Speakers in this session explored the generational shifts and hiring obstacles that are shaping the role of legal leaders. They gave advice for overcoming roadblocks to attracting and retaining talent and for aligning with the generational shift in leadership by challenging long-standing business models.
Highlights:
Empathy in leadership: Understanding different perspectives of employees
Educate staff about communication differences across different generations
Keep experienced employees engaged while integrating new viewpoints from the younger generation: Junior associates expect more involvement in the operations of the firm
Offer a value-proposition that resonates with different motivations, such as compensation, work-life balance and flexible work
Encourage ongoing dialogue within the organization to meet the changing needs of a diverse workforce
In association with:
DELIVERING VALUE: LEVERAGING CONTRACTS TO DRIVE YOUR ORGANIZATION’S BOTTOM LINE
An effective contract management system will not only minimize risk and improve compliance and visibility, but it will maximize value for the business or firm by reducing time and costs in the rapidly evolving legal landscape.
Panelists in this session discussed best practices for making the contract management system more efficient, and they explored the value of automation to reduce the risk of human error and ensure consistency in documentation.
Highlights:
Building a business case for contract management: Optimizing the contract process enhances organizational value; contracts are the connective tissue for the business, Team should use ROI models to communicate benefits
Managing risks: Importance of following contract compliance and acceptance criteria; teams should have a plan in place for crisis risk management; Ensure a detailed understanding of contract details
Contract management maturity model: Progress through each step methodically (most companies are currently in the early stages)
Work with tech partners that understand your evolving needs: ensure technology aligns with strategic goals
In association with:
THE NEW BUSINESS OF LAW: NEW MODELS, ENTRANTS & AGENTS OF CHANGE
As competition grows fiercer with the threat of new market entrants, the legal industry continues to shift and reinvent itself in line with societal changes and client demands. The evolving business landscape has created new priorities for the legal sector, generating a rise in alternative business models that allow for flexibility and remote or hybrid work.
Our panelists in the final session discussed the evolution of an industry that strives to adapt and thrive in line with a rapidly changing business world - and the risk associated with such changes.
In association with:
Highlights:
Advantages of ALSPs: they fulfill the client demand for innovative solutions and entrepreneurial approaches; they allow for agility and the avoidance of traditional law firm constraints’ they offer on-demand legal talent through flexibility and cost-effective solutions
Preparing for new market entrants: leveraging existing client relationships and understanding client needs; building trust through demonstrations of capability
Mitigating risk: Test ALSPs with small projects first
ALSP potential: the role of ALSPs in tech consulting and business transformation
With special thanks to our presenting sponsor BLG Beyond, and our national strategic partner Alexa Translations.
We also thank our gold sponsors FTI Consulting, Clarilis, PwC, Filevine, LexisNexis, Dye & Durham, and iManage;
our breakfast & breaks sponsor BridgePoint Financial; and our lunch sponsor DiliTrust;
our exhibition sponsors goodfact, legal suite, ClearyX, CiteRight, Catylex, LawVu, MinuteBox and Osgood Hall Law School;
our reception partner Simplex Legal; education partner ACEDS; and logistics partner Digicast.