Daniel Payne: Financial services industry, like every other industry in the world, has been greatly impacted by technology, and the way financial services companies service their customers has changed remarkably. We created the innovation lab because Murphy & McGonigle has been a forward thinking, innovative law firm since the day we opened our doors. What makes the Innovation lab so unique is that we've partnered our attorneys and their expertise in the legal field with an IT department that can deliver on the ideas that our attorneys have. The software engineers and IT resources that are in the Innovation Lab, provide feedback to the attorneys for what is technically feasible and what is the most cost efficient way to create these new solutions. The Murphy & McGonigle Defend app is a smartphone application that allows clients to have real time feedback on what they should do in the event that law enforcement shows up with a subpoena or with an interview request. And the Defend app is the first line of guidance that these clients can reference. It's right there on their smartphone. Nowadays, one anecdotal case is not sufficient support before advising the client. Clients want big data support. And so they don't want to know what happened in the one case you had. They want to know what's happened in the 3000 cases that were filed in the last five years. So, part of what the Innovation Lab is doing is undertaking an effort to find technological solutions to deliver analysis that's based on big data. Contracts that were signed on paper are now electronically verified, and Blockchain technology is now replacing old contracts with new distributed ledger contracts. We're going to continue coming up with innovative solutions for our clients. We're going to continue to impress them with the things we're able to do. We're going to do things that other law firms don't do. We're gonna do things that law firms didn't think they could do. And our clients expect the law firms that they hire are going to be thinking this way.
Innovation Lab Video 2017
The Innovation Lab allows Murphy & McGonigle to serve our clients as technology fundamentally transforms the way they do business. We are exploring new ways to deliver services, from proprietary databases to smartphone apps. We will seek to support our advice with more than anecdotal experience as we leverage big data analytics. And we are developing institutional knowledge of the legal technology marketplace.
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