As part of my continued pursuit for knowledge, I have learned that the legal profession and industry has not been spared from the “disruption” of how we do business and get remunerated, with the advent of the Fourth Industrial Revolution.

 For instance, blockchain technology has introduced efficiency and cost effectiveness to transactions and this includes the cost of legal counsel in certain transactions. Simply put, this means that the scope of traditionally contracted legal services will inevitably reduce…and so will the money charged for such a service!

 This does not mean that practice will be thrown into oblivion. Far from it! The call for innovation in the service being offered by legal practitioners is getting louder and louder. Intentional implementation of strategies such as the “blue ocean strategy” which is premised on the creation of new markets is a reality for many industries including legal.

 This piece is inspired by an experience I had in a property related matter. I realized that the legal service involved appreciating the technical and legal framework of land surveying, marking and physical demarcation of land. In all this, I started wondering if this was an opportunity to repackage the service offering in this area of practice that could serve as a risk management intervention provided before conclusion of some transactions, as opposed to reacting to the declaration of a dispute over boundaries, easements and so on, as is largely the case in my jurisdiction of practice.

 I would like to hear from colleagues who have any views or pointers in this regard.

 Let’s share!