Fit 4 Legal Tech
While not a new direction, data security is a top priority for most in-house legal teams. In-house legal teams believe that the growing threat to cybersecurity as the number one in litigation poses a risk to their businesses. Information protection controls are now a daily topic for the legal department. Meet regularly to discuss technology: The Technology Champion should hold a regular meeting with key stakeholders in technology, marketing, operations, and partners to share what they learn from different members of the company about their needs/weaknesses, and then discover technology solutions that could be valuable. Although the payout is potentially massive, the probability of losing all your money is high. In recent years, money has flowed into technology as if there is no end, especially at the beginning of the pandemic, when people had money left behind and the situation favored digital technologies. LawNext Legal Tech Centers organize products according to the purposes for which they were designed, providing information and resources to learn more about these broad types of technology products. Start at one of these legal tech centers to get a broader view of an area, then look for products that meet your needs. Law firms are starting to use new technologies. In the past, law firms have relied on human capital, law firms have been slightly slower than other industries to accommodate the transition to digitalization, but this is starting to change. With the pandemic forcing many law firms to use a variety of new technologies to keep business online, it`s clearer than ever that legal technology can improve accuracy and efficiency, free lawyers to close more deals, focus on strategic work, and improve outcomes for clients. As law firms continue their transition to digitization, deciding which legal technology to implement requires some planning. Innovation is everywhere, but not all legal technologies are suitable for all law firms.
In this guide, you`ll learn how to choose the right legal technology. Attend industry events: As digital transformation in the legal field intensifies, more and more time is being devoted to the benefits and barriers associated with this change at industry events. Hearing colleagues talk about their own experiences and having the opportunity to ask tough questions can help prepare a company for the process. While every law firm has unique needs, legal technology offers a number of important benefits. It`s important to know this before choosing the right legal technology. Each company must first carry out an internal assessment of the areas that could benefit most from the introduction of new technologies. This process is actually a two-way exercise, as many partners and members of the company may not even know what technology is available. While it`s a bit complex, managing both assessments at the same time can shake things up: As with most professional service providers, lawyers tend to get into the “If it`s not broken…” » Attitude.
This is largely why many law firms have been slow to adopt new technologies in the past. As in-house counsel, you will encounter many hurdles and advise on various legal issues in a variety of business and legal areas. You`ll experience too many repetitive daily tasks like creating contracts and managing documents. Gartner research highlights the impact of technology innovation on internal legal teams and compliance goals. It is a crisis. It will be painful. However, it`s also important to remember that the legal tech movement as a whole is still in a good position. It wasn`t a bad idea to digitize and automate day-to-day legal processes just because the market is getting cooler. The legal technology market continues to mature and people are increasingly aware of the benefits of legal technology.
“Many companies buy suppliers, terminate the product and migrate customers. But there are different needs at different stages of the market, the Fortune 100 legal department has different needs than a solo GC,” Elfman explained. The introduction of different business and business units allows the company to pursue different strategies to serve a business defined by long sales cycles, a business with a sales model and rapid implementation. “We focus on different types of buyers with different leaders in these business units. This allows us to focus more on how we can measure the company to get a better idea of what it needs. Once you have a general idea of the type of solution(s) you might want to implement, your next step is to answer a few questions about the practice itself, as well as your goals and expectations regarding the technology: Finding the answers to these questions will help you determine which legal technology software makes the most sense for your business. This exercise is crucial to understanding where technology fits into your operation and to setting realistic expectations about what you can achieve with technology. The technology champion and everyone involved must consider the costs and benefits of each technology when choosing the right legal technology.
It is important to keep an eye on what has the greatest positive effect with the least effort and effort. When these benefits add up, the company will start to see the rewards, and choosing the right technology (and implementing it) will become easier. This thought came to mind when I met Eric Elfman, founder and CEO of Onit, after the CLOC Global Institute. Onit has made many acquisitions in recent years to create end-to-end solutions for legal services, but recently, the company has reorganized internally to create two different business units to provide the right solution to the right client.
