The Artificial Lawyer reports that a group of smaller firms in Austria – most with fewer than 100 lawyers – are applying a “business incubator” approach to the technological growth of their legal practices.
Smaller law firms often do not have the time and money necessary to accelerate their firms’ technological expertise. But The Artificial Lawyer reports that “By pooling resources between seven firms, and then bringing in the support of local universities and other bodies, [Austrian law firms] which include major local brands such as Dorda, Schönherr and Wolf Theiss, have been able to put together what they may not have been able to do on their own.”
Their group, called the Legal Tech Hub in Vienna (LTHV), recently completed its first “incubator cohort,” which involved working with companies from around the world that specialize in such areas as contract management and tax information technology, case preparation tools, and “access to justice” (A2J) platforms.
The Artificial Lawyer interviewed members of the group regarding what they have achieved so far, and their plans for future cohorts. If you can envision working with other law firms to accelerate your firm’s proficiency in legal technology, efficiency or other areas related to legal practice, I highly recommend the article.
I welcome your thoughts on this or any other matter relating to the management of your law firm, either in the comments section below, or directly via email.