PracticeLeague - Legal Technology Solutions

Is your organization slowing your Legal Department?

by PracticeLeague

Contemporary Legal departments have been part of an evolutionary wave where their position has transformed from a reactive fire-extinguisher to a proactive decision-maker.

Contemporary Legal departments have been part of an evolutionary wave where their position has transformed from a reactive fire-extinguisher to a proactive decision-maker. Today, CEOs are expecting more than just a legal advice from in-house counsels, and more of a strategic plan that helps the company sail smoothly through the rough regulatory waters.

For the longest period of their existence, legal departments have been seen as a cost centre. But with the changing legal landscape, General Counsels are striving to turn their departments into profit centre. As GCs are becoming less dependent on the outside counsels and bringing more work in-house, they are looking for ways not only run the department efficiently, but also to carve out a tactical position for the department in the organisation by supporting business objectives and being a change management agent.

But this transformation requires not only a change in the attitude towards the impact of legal services in the business but also adopting innovative approach to enhance the existing workflows and create not just efficient processes but also add value to the organisation.

Agile legal departments have been leveraging Enterprise Legal Management Platform for various time-consuming and manual works enabling them to focus more on strategic decision-making. While this trend is setting in, the pace at which it is growing is still slow. Research shows that only 2% of legal departments budget go for tech innovation and there is only 20% of adoption rate across legal departments of all sizes. Even if the legal technology spend is increasing, as reported in one study, where 63% of legal departments have access to automated solutions, among them only half or 33% employ them judiciously.

Challenges in Harnessing Technology
Who is Using LegalTech

If we look at the legal technology spend numbers, the situation doesn’t paint a rosy picture. Only 22% of legal departments are keen to increase their legal technology budgets while other 20% have legal tech budget of less than $10,000.

Legal departments often face challenges in their pursuit of digital transformation, including resistance to change, budget constraints and integration concerns. Despite these challenges, 50% of legal operations professionals will be primarily focused on legal technology in the next year, according to Consero Corporate Legal Operations Report 2018.

Cloud Adoption in Legal Tech

PracticeLeague platform hosts an Enterprise Legal Management platform empowering practices like Matter, also called Case or Litigation, Contract Lifecycle, Compliance, IPR and Risk Management All On The Same Platform. The platform can Legal teams collaborate seamlessly with business stakeholders, external partners like Law firms and authorities like courts.

If you wish to know how we have transformed Legal Department of Major Enterprises into fluidic workflow channelling their time for strategic and predictive decisions rather manual updation?

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