Industry news on legal tech, digital transformation & innovation in law and professional growth.
In this month’s Digital Lawyer:
Digital transformation & legal tech
#1
Turning your legal work inefficiency into an opportunity to improve processes with the help of automation. Here are some pro tips to take away:
- Listing out your requirements will provide you with a clear guideline around what your perfect solution should look like;
- MoSCoW prioritisation technique helps to prioritise the requirements that are “must-have” for your solution;
- “Minimum Viable Product (MVP) mindset will break down potentially high effort use cases into something more achievable and realistic”.
👉 Learn more about how to achieve success with automation in just three months on the example of Njord’s law firm pilot project.
#2
Three key KPIs every legal department should track: volume, turnaround time, and value.
- Apply contract complexity classification to contract volume: using categories “Simple,” “Moderate,” and “Complex” helps understand which types of contracts are on your table and how to manage team workload based on that;
- Be careful including the time spent obtaining business approvals or signatures in your legal review turnaround time – these aspects are entirely outside the legal department’s control;
- Prepare an ideal term sheet that outlines all the “must-have” and “nice-to-have” terms in a deal – this is a baseline for valuing your contract.
The future of law
#3
An intensive survey called “Legal Operations Health Check” was done to help in-house lawyers evaluate the health of their departments and plan operational improvements. It showed that lawyers’ focus in 2021 will be on these three areas:
- “alignment of legal operations strategy with company strategy;
- self-help tools and guides for customers for regular and low-risk work that doesn’t necessarily warrant legal department involvement;
- updated precedent documents available to the internal team, external legal service providers and business customers”.
#4
The future of contracting: more UX writing in contracts, 100% digital contracts that are integrated with digital onboarding or electronic signatures, audio contracts for voice devices or voice interfaces.
Professional growth and personal productivity
#5
Companies started to run anti-burnout experiments such as establishing meeting-free days, a day off to the company’s relatively small workforce or the entire company day off. Read more here.
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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