Legal Technology Transformation: Going beyond risk and compliance
There is a general consensus that technology can make a big difference to the way legal functions work. In some markets, the legal function has been working with technology for some time and they are on their second or third wave of tooling solutions. In others, legal is exploring how technology might be used and which of the many products available on the market is best aligned with their needs. With the rise of new technology such as blockchain and AI, legal functions appreciate even more the value that technology can play in their operations. Despite this recognition, the pace of adoption has been rather slow.
Deloitte 2018 technology study
Deloitte Legal Management Consulting team has been working closely with in-house Legal teams as they transform their operations. Forward-looking General Counsels (GCs) and their teams are developing or refining their strategies to align with the strategies of their organizations and adapting their operating models as a consequence. A key enabler of this transformation is making better use of advances in technology to maximize efficiency, reduce cost and free lawyers’ time to work more closely with the organization as a trusted business partner.
At Deloitte we see five global trends that are driving changes in the way legal services can be delivered. Globalization and shifts in the business landscape present new risks that legal needs to manage. Technological advances offer legal prospect of a changing workload through automation, analytics and artificial intelligence. At the same time, technology is transforming business models, requiring new legal solutions to these and other complex business challenges. And all of this is happening against a backdrop of rising cost pressure.
In the enterprise
Legal is facing increased pressure from within the organization to do more work with the same or fewer resources, undertake new responsibilities and contribute as a business partner to the organization’s strategy. As legal increasingly strives to provide integrated global services, the GC’s and their team need to examine how the function is positioned internally, which processes could be defined better, what technology should be selected and implemented, and ultimately how to demonstrate the value that the legal departments add to the business.
Technological advancements enabling digital transformation offer new ways of working and open up substantial opportunities for Legal teams to create additional value to the organization. Three themes emerged from the study:
- Are the Legal teams of today sufficiently prepared for rapid technology adoption to keep pace with a fast-changing world?
- Are Legal teams harnessing the power of innovative technologies as an enabler to create value?
- How ready are GCs and their teams to become trusted business advisors that proactively contribute to the company’s overall strategy?
To view the key insights of this fall-2018 study, download the PDF. Deloitte worked with Oxford Economics to survey 300 in-house legal department executives in 9 different countries.
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