Legal Tech, Smart Contracts and Blockchain by Unknown

Legal Tech, Smart Contracts and Blockchain by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9789811360862
Publisher: Springer Singapore


3.4 The Need for Dynamic Capabilities

As technology evolves, however, so do industry characteristics, products, and critical success factors. According to Utterback & Abernathy,98 organizations without the right capabilities are going to be put out of business . Hence, an industry’s structure, attractiveness and crucial capabilities, may vary over time suggesting different strategies for each phase.

This could be tied to a discussion around dynamic capabilities as the key for surviving technology shifts and transformation.99 Teece et al.,100 stresses the ability to learn quickly and to build new strategic assets, the integration of theses new assets into company processes as well as the transformation of existing assets. Huy101 also discusses the capabilities for radical change and put emphasis on capabilities such as learning, commitment and creativity. Moreover, Huy as well as Pregmark102 discuss that those capabilities are connected to a set of positive emotions, such as hope, openness and fun. Fainschmidt & Frasier103 also shows that the social climate of trust is essential for dynamic capabilities and Fredberg & Pregmark104 points towards a need for a climate free from fear of failure. It could be discussed whether traditional law firms are characterized by such social climate. In an organizational system that is based on clear power structures and up or out-models it is easy to assume that openness, trust and safety is not necessarily key features. One could image a climate rather characterized by fear of failure than probing and innovating. This could be said to be in contrast with the capabilities discussed by Huy105 and Pregmark.106 Also, it could be hypothesized that it is contradicting a climate of trust ,107 where employees are not afraid of making mistakes.108 Moreover, Beer109 claims that to create and uphold dynamic capabilities the organization constantly need to learn from the whole system in dialogue. In the legal industry , such ongoing learning from the customer and learning from different employees with different educational background and skillsets is generally not in place.110

According to several authors, the technological shift that we encounter right now will eventually bring new, less hierarchical organizational forms and more network-based models of work.111 This is also touched upon with regards to a possible need for a refined set of dynamic capabilities .112 In a digitally enabled world, the ability to successfully work in a network, guided by a joint purpose rather than a strong hierarchy, is key. Moreover, in this new world, constantly reshaping the organization is necessary and the ability to mobilize organizational energy is critical.113 It seems like this world remains, for the traditional law firms , a world of potential.



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