As the legal industry pushes to adopt a more automated approach, it’s essential to evaluate the different ways that technology can help manage workloads and drive value through change. With the introduction of in-house legal operations and the use of big data and artificial intelligence technology, it’s becoming clear that innovative strategies are transforming the way firms conduct business and stay above the competition.
According to the Association of Corporate Counsel, about 30% of corporate legal departments intend to add in-house layers to meet the growing privacy and legal concerns that come with new emerging technology.
This highlights the growing importance of having a dedicated team that identifies opportunities inside of the legal department to increase efficiency and productivity through implementing new processes & changing the mindset and strategies of lawyers.
Let’s examine a few use cases of technology that you can implement within your legal team:
Smart Contracts
Contract lifecycle management is a fast-growing area of legal technology that can really help free the valuable time of your lawyers. It can streamline contracting processes and provide input on improving processes such as creating, negotiating, and storing contracts to cut down operation time.
Data Analytics & Automation
Data analytics can provide visibility and insight in all operations to gather actionable intelligence and inform better legal decision-making about budgets, cost allocation and resourcing needs. By using data-driven insights you can select the areas where automation can be applied and deliver increased operational efficiency. Companies that transition this work in-house will also have better control over their data and not have to worry about the data is with a third party.
Documentation Management
Legal teams often need to reference multiple documents at once and having a document management system can help filter files by categories to ensure you have the right files when you need them. Having this in place can also help shift the focus of lawyers to legal tasks as opposed to administrative ones, which leads to better time management and helps with business growth.
With legal operation departments exploring the best practices of implementing legal technologies, what does the legal department of the future look like?
In order to stay up-to-date with the changing landscape of the industry, we will host the 2nd World Legal Operations Summit on April 7th and 8th which will bring together legal professionals from global brands to share their insights on building an efficient legal operations team & running the legal department like a business. The summit will also explore the latest technologies supporting legal operations' development & much more.
We have the honor of hearing from keynote speakers from global brands such as FrieslandCampina, ASML, Unilever, Volvo Group, Booking.com, HEINEKEN International and many more to discuss the importance of legal department optimization to ensure maximum functionality within the legal department.
The summit is a can’t miss opportunity to hear real experiences from leading executives on moving away from single-function application towards complete digitizing of legal operations while also exploring the future of legal operations innovations.
Aside from the valuable knowledge our speakers will share, you will also have several networking opportunities to build beneficial business connections and find solutions to the current challenges you are facing.
Request your free brochure today to discover the full lineup of speakers and see the complete event agenda.
Tickets are available now! We can’t wait to see you whether you join us in Berlin or virtually.
