encompass at the LegalEx Conference 2018
The first, largest and fastest growing legal event in the UK, LegalEx is specifically designed to help nurture ambitious law firms and develop the most talented individuals within the legal profession.
With keynote speakers including the likes of Richard Tromans who offered a masterclass in Legaltech and AI; Chris Fawcett of Lloyds speaking on financial fraud and Chris Bull speaking on how to modernise a law firm in 2018, it was two days that we have been anticipating for some time.
encompass industry advisor and compliance expert Amy Bell led a particularly insightful presentation on how to Unlock AML and KYC with Compliance Technologies.
Amy’s talk investigated the challenges faced by legal and professional services firms as they adapt to the fourth Money Laundering Directive (4MLD). The session covered the current state of Know Your Customer (KYC) processes and investigated RegTech’s potential to improve compliance performance and reduce costs.
Another notable session was New Legal Tech & AI are Changing the Game led by Richard Tromans of Tromans Consultancy. During this session, Richard covered the innovations and transformations of tech in the legal sector and used the analogy of horse and cart transportation in relation to the small innovations that can bring about bigger changes. Regarding the horse and cart comparison, Richard discussed how innovation would be advances such as blinkers, feeding bags and suspension and how in the legal world, innovations in technology such as the Microsoft Office suite and CMS are allowing legal firms to take advantage and use these innovations to continue growth. Richard also explained the four fundamental elements that AI is improving; efficiency, value, convenience and collaboration.
Chris Bull, another industry advisor to encompass, led a session named Master of Modernising the Law Firm, in which he discussed the old and new models of a law firm, particularly with governance and executive matters. Chris draws on the differences in the old governance anatomy, in which the function of executives and ownership is blurred to the new anatomy in which a group of companies is run more akin to a group of businesses. The Executive also, has changed beyond all recognition with a full time CEO, COO and ExCo running the business, professional managers leading practice groups and functions rather than only partners. There have been myriad new roles also created recognising the importance and rising role of technology
With a vast array of exhibitors, encompass was honoured to be part of Legalex 2018 and to have the opportunity to discuss how we can help firms streamline time-consuming onboarding, mitigate reputational risk, and improve the client experience through robotic process automation.
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