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3:13.67 is no longer the standard to strive for!
During the recent Tokyo Olympic Games many of us were in awe of the outstanding performances of individuals and teams who in total achieved 17 new world records. Reflecting on the 2000 Sydney Olympic Games, some sporting fans still reminisce the excitement and build up to the men’s (4 x 100 metre) freestyle event particularly as the Australian team was considered swimming royalty. It was a thrilling display by Michael Klim, Chris Fydler, Ashley Callus and Ian Thorpe who broke the world record with an amazing time of 3:13.67. Considered such a great achievement, some proud Australians postulated that this record would never be beaten.
Throughout these 21 years, we have been part of the Legal industry’s evolution with globalisation altering the industry’s dynamics forever. However, in many ways there are examples of how the needle has not shifted much at all for some, as technology advancements have not been embraced at the pace of other industries. This is not to say that modern technologies for the Legal industry do not exist – they are abundant. Unfortunately, there are many untapped features that are simply not being leveraged from the investments made to produce greater value for the business.
We often listen to Executives bemoan the lack of digitisation, automation and standardisation from their technology investments, which should be extracting greater efficiencies and cost savings for their businesses. Ironically, we continue to encounter large support teams within private law firms to maintain their technologies with limited improvements a common occurrence. Inefficiency continues to be engrained across the industry with many not using technology to its fullest, nor modernising to the pace or extent that is necessary to bring value to the shareholders, the next generation of lawyers, and to clients; the very essence of their existence.
Since the Sydney Olympic Games, significant technological advancements have occurred across the globe. Systems and processes that served us well two decades ago no longer meet the standard we should be striving for today. To draw a comparison, our magnificent Australian men’s freestyle team of 2000 would have been relegated to tenth position at the Tokyo Olympic Games.
If you would like to be extracting more value from your technology and strive for the benefits the investment intended to achieve, we would be delighted to link up with you for a no-obligation chat.
Robert Wagner, Managing Partner, Harriss Wagner Consultants and Advisers