I think as long as you maintain a tone of formality and don't immediately connect modern with flashy, you'll be alright. That logo is, as stated above, quite timeless, so it shouldn't be hard.
Just as an example:
The Hartford Courant is one of the oldest newspapers in the country, so they know that they have a history they can't ignore. However, they are also one of the most modernly designed newspapers in the country. Look at that whitespace, use of alignment, chunking, and charticleization (totally made up a new word).
My point is, it is entirely possible to be extremely modern and still remain classic. Don't shoehorn a look that you think is cool if it doesn't suit the subject.