Where to Start with Technology for Legal Transformation
Legal teams are evolving beyond traditional roles to become strategic business advisors, with technology enabling automation of low-value tasks and digital transformation initiatives. Between 50% and 68% of in-house counsel agree that automation and process design could significantly reduce costs and create efficiencies. This white paper identifies five critical areas for legal technology implementation: document and contract management, billing and matter management, risk management, discovery, and registration statement processes. Cloud-based solutions are replacing manual processes, improving collaboration, and enabling real-time visibility across teams. By 2023, Gartner predicts one-third of corporate legal departments will have dedicated legal technology experts on staff.
In this guide, you'll explore
- Between 50% and 68% of in-house counsel believe automation could significantly reduce costs and create efficiencies
- Cloud automation tools enable template creation, workflow automation, analytics application, and centralized document repositories
- Gartner predicts a 50% increase in third-party risk management technology spending by 2023
- AI, natural language processing, and robotic process automation can free up vast amounts of time previously spent on research
- Cloud solutions provide centralized platforms for real-time collaboration, improved data accuracy, and digital signoffs from multiple stakeholders