Consider this: Law is an abstraction until its enforcement takes place.
Law represents individual responsibility in the context of cohabitation in a society. Where this cohabitation is enforced by institutions within that society, that is when the law moves from an abstraction into reality.
This presents a challenge when we consider how Law might change and adapt. If at its base layer it is a collectively (or socially) acknowledged abstraction, then how do we affect this organic, dynamic phenomena and give momentum to its change?
Logically, we would look to another vehicle of society to see if it has the elements necessary to manifest Law ‘in motion’ before enforcement takes place.
Understanding this, and exploring what comes below will re-frame your efforts, helping you think differently about what can be done.
Trade and Commerce: A core function of society
Individuals interacting within a ‘typically formed society’ function on the basis of trade and commerce. We cultivate, bring forth and exchange the skills and talents we have either directly as services or through secondary vehicles like products. We offer these as our contribution to society and take satisfaction in doing so for various reasons.
Our contributions are recognised and rewarded via an exchange of value, usually currency which allows us the freedom to take that currency spend it on other services, products and experiences that we may benefit and enjoy from. This is trade, the beginnings of an economy based on currency.
So, if Law is an abstraction until its enforcement takes place, then the next most likely place where the law moves from abstraction to impress Its effect upon society is through the action of Trade and Commerce.
This is a key point to recognize, it is through our means of trading our resources for currency that this abstraction called Law finds tangible effect. It does so far more pervasively than through mere enforcement; where enforcement can be seen as “punishment” or having a “push effect”.
More directly, Trade and Commerce is what Lawyers and members of the Legal Industry engage in order to facilitate their work for fellow members of their society. There is no special treatment, we all engage in this process and our sustainability via these means is not insulated from the wider society.
So, If Law is an abstraction until it’s enforcement, but the most likely and pervasive way in which it takes tangible effect in society is through Trade and Commerce, How does technology serve the intersection?
More specifically, my question is:
Where is the Breakpoint in Technology significant enough to usher in a decisive shift in the way things are done?
Technology: The ingenuity of society
Consider this: Technology serves convenience, and over time becomes heavily commoditized.
Lawyers can build a base on technology to improve the Human quality of their service.
Technology aligns with the human aspect of the work standards by way of reducing repetitive menial tasks, increasing mental health standards and further promoting quality of work.
Again, Convenience.
Importantly, It allows for more income to be generated by automating actions that typically would be priced into the ‘cost of service’, which is what makes the work as expensive as it is now.
Taking away that traditional value scale of ‘cost of service’ is what makes lawyers scared of technology and change in general.
However.
The emerging challenge to this status quo, to this fear and resistance, is the following:
The standards in Commerce and Trade, the way in which we facilitate by currency is changing.
It is based on capturing the energy of money through a decentralised, highly transportable asset. By introducing this level of access to currency and that it can carry more than traditional value (ie. other data points such as metadata, immutable representation, proof of work etc.) we bring a completely new set of rules and opportunities to the way in which we carry out Trade and Commerce.
This new opportunity in Trade and Commerce is therefore a Breakpoint in changing legal services:
When the concept of Trade and Commerce fundamentally changes through new forms of currency that bring massive accessibility, portability and other benefits, then;
The fundamental structure and efficiency underpinning that currency becomes the socially accepted bedrock of Trade and Commerce.
When Trade and Commerce pervasively influence in that new way and bring with it new opportunities and (socially accepted) behaviours and expectations, then;
Law as an abstraction finds its most likely manifestation in that new form of Trade and Commerce.
Our cost of service is measured against both the new expectations brought by new currency (which is underpinned by new technology) and the forms of interactions produced by it (Trade and Commerce).
I have pursued the systemic challenges with change in the Legal Industry moving into the Future of Law. In the simplest terms:
I believe a change in the form of currency and therefore Trade and Commerce will be a major driver ushering in the Future of Law.
Whether we individually and collectively, as a business or profession, heed the call and make our efforts to respond and adapt is up to us.
Which ship are you on: Sinking or Sailing?
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As always, the future of law is in our hands 🔥
Q.
Photo by Hans Eiskonen on Unsplash