Why Legal Tech is a Game Changer for Modern Legal Departments

by PracticeLeague

AI has impacted various industries such as banking, insurance, healthcare and has transformed the way organisations do business today. So, when Technology has impacted every industry in new and largely positive ways, can the Legal Industry be left behind? Can Legal afford to be an ostrich escaping from reality by hiding its head in the sand? No way! There are several reasons why the legal industry must embrace technology as it is proving to be a game changer and is becoming the next strategic partner in the organisation.

Legal tech has acted as an ally for the modern legal departments where legal functions such as contract review have become faster and more reliable than when it is done manually. This has resulted in a speedier and more accurate contract management process. Faster legal workflows also allow for more work to be done by the in-house counsels in less stipulated time which means more visibility into legal risks, thus impacting the revenue and reputation of the organisations.

Legal tech allows in-house counsels to automate all the repetitive and manual administrative work that in-house counsels have been inundated with so far. All this work can be done by tech-enabled solutions thereby freeing up in-house counsels to do more strategic and value-added work. Rather than making in-house counsels redundant, legal tech has empowered them to do enriched and value-driven work, thereby increasing their productivity and overall output.

Adopting legal tech has benefitted legal departments immensely in terms of cost to revenue. While some may baulk at the initial cost of buying and using technology in their department, this investment will pay off in the long run. The improved legal efficiency will lead to enhanced workflows, which in turn will increase productivity, improve visibility into legal risks and more value addition to the business.

Agile legal departments have already adopted legal technology and are reaping the benefits. In no less than a decade, legal tech will become indispensable to industry as everybody will jump on the bandwagon. Late entrants in adopting legal tech will be left behind, impacting the efficiency, productivity and collaboration in legal workflows as early adopters rake in the moolah! Therefore, it makes good business sense to adopt tech-enabled solutions as it is going to become an industry standard soon.

Legal tech is a gravy train that is going to change the legal industry completely and bring positive impact to its adopters. The time for the Hamlet-like dilemma “Should I adopt legal tech or not” is over. Legal tech is here to stay and will take the legal business to a whole new level of efficiency, accuracy and speed. So, get on the gravy train before it leaves from the station!

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