Industry news on legal tech, digital transformation & innovation in law and professional growth.
In this month’s Digital Lawyer:
Digital transformation & legal tech
#1
Since the pandemic, the use of legal technologies has been on the rise. Management is more open to tech solutions than they were before and organisations’ efficiency has risen by nearly 50%. However, lawyers are not experiencing legal tech’s impact on their day-to-day workflows to the fullest. While tech is supposed to enable most lawyers to spend more time on higher-level tasks, only 7% of lawyers can take advantage of it. The Bloomberlaw article reveals what stands behind the real efficiency for legal workflows.
👉 Check out more legaltech stats that affected law business in 2020.
#2
Do you know where all your contracts are? If you don’t, you’re not alone. According to a report in the Journal of Contract Management, 71% of companies couldn’t find at least 10% of their contracts. Misplaced contracts increase risks of missed deadlines or overlooked terms, leading to at least a damaged business reputation, and worse, legal damages and court costs. Check out how modern contract management systems help companies store contracts effectively and avoid risks.
The future of law
#3
Moving to the cloud enables legal teams to set up time-efficient and transparent collaboration when working with corporate clients. Cloud-based legal tech solutions such as digital document management or contract lifecycle management offer a high degree of flexibility and mobility, as data can be accessed and shared from anywhere. Find out how to future-proof your cloud and technology strategy.
#4
Better manage third-party risk. Operate more effectively in an uncertain risk environment. Leverage data and analytics to improve performance. Legal and compliance leaders will focus on these three priorities in coming months, according to the Gartner 2020 Legal and Compliance Agenda Poll.
Professional growth and personal productivity
#5
Sterling Miller, a General Counsel with 25 years of in-house legal experience, shares his method to set goals for a legal department using “Big Five” top-level goals:
- Building and retaining a team with exceptional people;
- Meeting budget targets;
- Prioritising and completing high revenue/cost saving and strategic commercial agreements;
- Delivering on strategic transactions and initiatives (mergers, joint ventures, acquisitions and key deal activity);
- Defending and protecting the interests of the Company (litigation, IP, government affairs, compliance).
On a mission to constantly deliver operational intelligence to our customers, each month we publish a carefully curated list of news we find important.
Focused on legal tech, digital transformation & innovation in law and professional growth, the Digital Lawyer newsletter includes the month’s most notable updates in the market.
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