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Are you still continuing with your traditional methods? What have you missed!

Legal departments in organizations face the major issue in procuring tech budgets. Visionary and innovative organizations who realize the need for tech to drive transformation in their business know that the core systems like the Legal also need major shifts with technology to align with business and strategic goals.
Enterprises that are good to spend on Legal tech often face challenges with -

  1. Lack of time:
    Having had a bad experience in the past with various technology solutions, mostly outdated and bulky technology, in-house counsels are hesitant to further waste their time and resources on learning and adopting new technologies every instance.

    Being overburdened and under-resourced has already put the counsels under tremendous pressure to perform up-to speed. Majority of the respondents have argued that they don’t have time to explore (which we have simplified in the next point), understand, and go through the entire process of adoption cycle and yet be dissatisfied with the outcome.

    Similarly, There has been respondents who would not likely to explore technology due to lack of time. While this is quite a persistent issue with the Legal Department, there will be no change in this state if actions are delayed.

  2. Which Legal Technology to invest:

    Tasks like searching for contracts or running standard reports can be painstakingly slow if your information is not centralised in single software. Many GCs spend as much as 50% of their time on admin tasks like filing, searching for documents and sending emails. It’s important that the software you choose helps you reduce the time you waste on admin tasks.

    Technology needs to empower the legal departments to quickly pull together accurate reports on legal matters. Reporting and monitoring functionality provides an overview of the operations of a legal firm and therefore better control over potential risks. Armed with insights to inform strategies to protect and grow the business, the GC can elevate the position of Legal and rise to the expectations of the CEO and the Board.

    Additionally, software should also enable you to standardise routine processes. The right technology can help you be an efficient project manager, even as your workloads increases. Instead of re-inventing the wheel, you can standardise automated processes for routine projects, assign and prioritise tasks, and keep track of deadlines. Also, insights on legal department performance can help with multiple aspects of legal operations management like resource allocation, vendor management, budgeting and more.

    Around 929 Legal Tech start-ups are registered on Angel List, where more than 30-40% is creating technology niche in different legal processes and 5% in integrated platforms. Most of the Niche technology companies have made good in this industry but do not give a consolidated view of the entire legal department or give core competency to silo products. Such technologies need heavy investments and time for understanding the system.

    Integrated Legal Technology Platforms like PracticeLeague provides visibility to every process of the Legal Department improving the overall efficiency and cost effectiveness of the legal department.

Let us know your complications in managing your Legal department

 

Insights for General Counsel